SEC grants targeted relief from Treasury clearing rules

The SEC issued exemptive relief on Friday excluding certain inter-affiliate repo trades and repo trades with non-US counterparties from the transactions that must move to central clearing under its Treasury clearing rules.

Why it matters: The carve-outs narrow the scope of the December 2023 clearing mandate at its cross-border edges, where dealers had warned the rules would be hardest to implement, while leaving the core central-clearing requirement intact.

Data as of SEC press release 2026-111, October 30, 2026, read in full in this run; all wording and scope details are from the release itself.

The Securities and Exchange Commission on Friday issued exemptive relief from its Treasury clearing rules, excluding two categories of repo transactions from the definition of eligible secondary market transactions: certain repo trades involving non-US counterparties, subject to specified limits and conditions, and certain repo trades between a direct participant of a US Treasury securities clearing agency and an affiliated entity that is not an investment company.

The relief follows the compliance-date extensions the Commission has already granted under the rules it adopted in December 2023. Commissioner Mark Uyeda, who leads the agency’s clearing-transition initiative, said the targeted relief “addresses practical concerns while preserving the important benefits of central clearing,” and that implementation has to account for the realities of cross-border transactions.

SEC grants targeted relief from Treasury clearing rules

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