即将到来的美国.S. Treasury clearing mandate involves one of the most significant changes to the largest and most liquid market in the world.
在经历了美国经济的几次剧烈波动之后.S. 美国国债市场——2014年的闪电反弹, 2019年回购市场波动, 新型冠状病毒肺炎, 以及去年春天的地区银行危机——美国.S. regulators began to consider the safety and liquidity of the Treasury market. The central clearing mandate could be seen as part of a broader set of U.S. Treasury 市场 reforms, and this one in particular was proposed by the 财政市场监督机构间工作组 提高市场弹性.1
相关:FICC推出CCLF计算器以支持美国.S. 扩充库务结算
The final rule was adopted by the 美国证券交易委员会 (SEC) in 2023年12月, and is scheduled to come into effect in December 2025 for cash transactions and June 2026 for repo transactions. 有趣的是，美国.S. ruling is agnostic to geography; it may therefore impact transactions that involve FICC members in Europe.
Today, only about 15% of the interdealer cash market is centrally cleared at FICC. 但事情并不总是这样. The introduction of high frequency trading firms in the interdealer 市场 in the early 2000s saw a dramatic drop in centrally cleared trades and a subsequent increase in risk.
The amount of non-cleared trades poses a serious contagion risk to the centrally cleared market in the event of a default of a non-cleared member. 同样，在4美元.每天5万亿美元的回购市场, 只有大约1万亿美元是中央清算的, 呈现杠杆风险, 特别是在没有收取保证金的双边贸易中. The new mandate aims to increase the amount of central clearing in these 市场.
FICC结算模型
By acting as a central counterparty, FICC guarantees every transaction it clears. 协助结算, FICC offers four broad models to both direct participants of its Government Securities Division (GSD) and eligible clients of those participants:
- 净会员(直接):包括注册经销商, 银行或信托公司, 以及符合适用会员资格要求的外国实体.
- Central Cleared Institutional Triparty: Limited Direct membership for triparty cash lenders.
- Sponsored Membership (Indirect): For eligible clients that are not Direct members, FICC offers central clearing through sponsored membership with a Direct member.
- Agent-Cleared Models (Indirect): A rebranding of the FICC correspondent clearing/prime broker services, 在fcm风格的清除模型中允许间接访问.
更多信息请参考 UST清算.com.
挑战 & 中央结算的好处
中央结算提供U.S. 国债市场具有更大的弹性. The benefits of clearing outweigh the costs: the more clients come into clearing, 存就能更好地管理成本部分.
尽管欧洲的辩论不像美国那么成熟.S.在美国，一些权威机构一直在考虑美国金融危机的影响.S. 库务署中央结算任务. 最近的一次 英格兰银行的研究报告 强制性清算对英国国债的潜在影响.K. government bond) and gilt repo trading during March 2020’s “dash for cash” showed the effect of central clearing. 虽然对现金交易影响不大, the impact on repos was significant: adding approximately 40% more balance sheet, 而标准化的日期将释放60%的资产负债表.
即使你.S. 美国国债被视为相对无风险的资产, in a T+1 world there could still be settlement risk in times of market stress. Central counterparties offer risk transparency that helps with default management, 反信用方风险, 保证金, 流动vns6060威尼斯城官网. 在压力下获得这些好处, the costs of central clearing are necessary during the regular cost of business. 中央交易对手使系统更加安全, 更有弹性, and allow trading for a longer time before official intervention is needed.
The cost of this added resiliency is the 保证金 premium that is paid even during normal circumstances. 因为该规则的目标是高交易量, 低利润交易, 这些交易在交易商间市场将更加昂贵. 另外, 法律文件和GSD规则将会有变化, 并补充说，FICC将与会员一起澄清这些变化.
欧洲vns6060威尼斯城官网保证金可预测性的辩论
利润应该是可预测的，而不是被动的. In times of crisis, 保证金 deposits act as a buffer at all times to make 保证金 more predictable.
The debate in Europe is about 保证金 transparency and predictability; the 存 clearing agencies have been publishing their VAR methodology and calculations to bring stability and predictability to participants as we communicate the 保证金 methodology to our members – and eventually to a broader set of constituents.
作为具有系统重要性的金融市场基础设施, FICC受到严格监管, 作为一个自律的组织, 是否受附加规章制度的约束. 实施最佳实践, FICC has proposed enhancements to its 保证金ing practices to enhance predictability, 这在美国是没有强制要求的.S. 我们相信审查, 治理, 和监督, adds to our unique ownership structure gives a longer-term perspective on risk.
对欧洲的影响
Despite their differences, the European 市场 are very much connected with the U.S. 市场. 美国的清算授权.S. will inevitably affect market participants in Europe and across the globe. 欧盟对清算的规定，通过最新的EMIR 3.0立法文本和即将到来的英国埃米尔审议, 是否最终会涉及到回购结算的讨论.
事实上，美国.S. 中央清算授权引起了监管机构的多次讨论, 中央银行, 企业, 托管人, 代理, broker dealers and investment managers about the possibilities of central clearing mandates in Europe. There is momentum already underway as political discussions in Europe place clearing at the heart of capital 市场 integration.
美国.S. final rule has a broad scope not bound by the geographical location of the counterparties. It will therefore impact FICC members and their customers regardless of their location. The impact reaches into Europe as well, as dealer to dealer trades will need to be cleared. In a way, firms attempting to avoid central clearing will be subject to added regulatory risk.
Preparation is necessary as the implementation dates are just around the corner. FICC已经提交了vns6060威尼斯城官网访问模型的拟议规则变更文件, 账户隔离规则, and the rules-based trade submission requirement and related monitoring and enforcement.
1美国证券交易委员会, “SEC Adopts Rules to Include Certain Significant Market Participants as ‘Dealers’ or ‘Government Securities Dealers’” (Feb. 6, 2024)，可在 http://www.sec.gov/news/press-release/2024-14.
Federal Reserve, “Principal Trading Firm Activity in Treasury Cash Markets” (Aug. 4, 2020)，可在 http://www.federalreserve.gov/econres/notes/feds-notes/principal-trading-firm-activity-in-treasury-cash-markets-20200804.html.
美国证券交易委员会, “SEC Proposes Rules to Extend Regulations ATS and SCI to Treasuries and Other Government Securities Markets” (Sept. 28, 2020)，可在 http://www.sec.gov/news/press-release/2020-227.
美国证券交易委员会, “SEC Proposes Amendments to Include Significant Treasury Markets Platforms Within Regulation ATS” (Jan. 26,2022)，可在 http://www.sec.gov/news/press-release/2022-10.