With the first SEC mandate deadline now less than a year away (December 31, 2026), the industry has moved into a critical phase of operational execution. For market participants, the priority has transitioned from high-level scoping to the practical implementation of “Done-Away” clearing workflows.

To meet this challenge, OSTTRA is providing a gateway to mandated clearing. Rather than addressing these changes in silos, we are mobilising our established clearing expertise across two core pillars – limit management and lifecycle orchestration. This end-to-end approach helps firms maintain high-speed risk checks while establishing a robust, transparent workflow for submission into clearing.

1. Certainty of Acceptance: Real-Time Risk Validation

The move to an agency model introduces a critical bottleneck: the need for near-instant credit validation before a trade is accepted for clearing. OSTTRA facilitates this through LimitHub, a high-performance risk engine that bridges the gap between execution and the clearing member.

Following the successful rollout of our Repo and Cash UAT environments, we are working with firms to achieve certainty of clearing member acceptance. By validating trades against limits in real-time controlled by FCMs (Futures Commission Merchants) and ACMs (Agent Clearing Members), we provide several key performance and connectivity advantages:

• Performance at Scale: Supporting low latency RFQ (limit checks often responded to in milliseconds) and a carved out Push Limit to support ultra-low-latency models such as CLOB and Streaming Pricing.
• Broad Connectivity: An established network connecting 16 clearing members, 15+ venues, and over 900 investment firms.
• Flexible Risk Guardrails: Support for Notional, Initial Margin, and DV01 limit methodologies across the full spectrum of US Government instruments.

2. Operational Resilience: Standardising the Repo Lifecycle

Beyond the point of execution, the complexity of matching and affirmation requires a standardised middleware layer. OSTTRA MarkitWire serves as this orchestration layer, leveraging the same architecture that has underpinned the OTC derivatives market for over two decades.

Furthermore, OSTTRA Trade Manager offers seamless native integration with OSTTRA MarkitWire, providing  the investment management community with a consolidated view of their trading activity across multiple asset classes and workflows.

By centralising the post-trade workflow, we offer a definitive, transparent workflow for every trade, encompassing:

• Real-Time Affirmation: Advanced matching capabilities that allow trade details to be confirmed with counterparties as close to execution as possible. For both cleared and non-cleared repo, our service normalises real-time data and tracks lifecycle events to enhance data integrity ahead of CCP submission or to prevent settlement fails – a critical safeguard in the current T+1 environment.
• CCP Connectivity: Streamlined submission of matched UST repo (including triparty) to CCPs, with real-time tracking of clearing status.
• Flexible Allocation Models: Proven workflows for both pre-trade block and allocation workflows, as well as post-trade bunched order processing. By providing standardised fund allocation splits, we enable seamless straight-through processing for buy-side participants across all execution styles.

A Collaborative Path to Your Compliance

As the 2026 and 2027 deadlines approach, the window for testing and implementation is narrowing. At OSTTRA, we believe that industry readiness is a collective effort. We are currently leading active working groups with a broad range of FCMs/ACMs and Trading Venues to ensure our integrated platform aligns with the evolving needs of the US Treasury market.

Get Involved: We invite you to join our ongoing industry working groups or begin your own transition within our UST-ready UAT environment.

Contact our Treasury Clearing Experts to map your path to your compliance.

We acknowledge the industry’s concerns regarding scalability, profitability, and technology investment. We are working closely with market participants to develop solutions that address these challenges.

As the industry prepares for these regulatory changes, OSTTRA is committed to providing adaptable and efficient solutions.

This page will be updated as regulatory developments and industry needs evolve.

We encourage you to contact us to discuss your specific requirements and how we can help you navigate the evolving landscape of US Treasury clearing. For more information, please complete the form below.