US Treasury Done-Away Clearing Model Design Considerations
Summary
SIFMA has published a report outlining design considerations for a US Treasury done-away clearing model, intended to support market participants in implementing the upcoming SEC Treasury Clearing rule. The report addresses eight industry challenges and provides a framework for baseline requirements, roles, and data needs.
What changed
SIFMA, in collaboration with EY and industry participants, has released a report detailing design considerations for a US Treasury done-away clearing model. This guidance addresses eight key industry challenges and aims to provide a consistent and functional framework for Covered Clearing Agencies (CCAs), trading venues, and technology vendors in advance of the SEC's upcoming Treasury Clearing rule compliance dates. The report focuses on transactions not requiring allocations and outlines desired done-away flows, roles and responsibilities across the trade lifecycle, and essential core capabilities and data requirements.
This document serves as a guideline for industry-wide consumption to prepare for the new regulatory requirements. While it is non-binding, it offers practical insights and a framework for building and refining clearing models. Market participants, including buy-side and sell-side firms, CCAs, and technology vendors, should review this report to understand the proposed flows and requirements to ensure readiness for the upcoming compliance deadlines, which are anticipated to begin around December 15, 2025. The report aims to foster a controlled and resilient done-away model.
What to do next
- Review the SIFMA report on US Treasury done-away clearing model design considerations.
- Assess current systems and processes against the outlined core capabilities and data requirements.
- Prepare for implementation of done-away clearing models in anticipation of SEC rule compliance dates.
Source document (simplified)
- Guides & Playbooks # Done-away Model Design Considerations
For US Treasury and Repo Clearing December 15, 2025 Issue:
- Treasury Clearing
Committee:
- Operations & Technology
This report provides a guideline and framework for baseline U.S. Treasury done-away clearing requirements under the Securities and Exchange Commission’s (SEC) upcoming Treasury Clearing rule.
Summary
Through input collected for the USTC Considerations Report , eight total industry challenges were highlighted related to open concerns and specific elements to design a controlled and resilient USTC done-away model.
This initiative began in summer 2025 with a Steerco comprised of representative buy-side and sell-side firms and supported by EY. Input for the done-away flows and core requirements was provided through:
- Working sessions with SIFMA done-away Steerco and broader SIFMA members firms
- Bilateral conversations with various types of market participants, and
- Informational sessions with CCAs, trading venues, and technology vendors
Scope
- This document is for industry-wide consumption to support CCAs, technology vendors, and broader market participants to build, refine, and implement a consistent and functional done-away model in advance of the upcoming compliance dates
- The scope of this document focuses on transactions that do not require allocations; flows and requirements for bunched order allocations continue to be discussed and refined
- Flows and requirements documented are agnostic to products (Cash and Repo), clearing access models, and CCAs
Primary Objectives
- Outline the desired done-away flows for different execution paths as defined by market participants;
- Describe roles and responsibilities of market participants, covered clearing agencies (CCAs), trading venues, and other technology platforms across the trade lifecycle;
- Identify the core capabilities and data requirements need to be established to enable the desired done-away flows; and
- Indicate proposed owners for developing and implementing the defined core capabilities.
Related Resources
SIFMA Publishes US Treasury and Repo Done-Away Model Design Considerations
US Treasury Central Clearing: Industry Considerations Report
Market Practices and Model Documentation
Treasury Clearing Documentation
Details
Download
More Content
Guides & Playbooks Jan 29, 2026
MBS Notification and Settlement Dates
Readiness Exercises Jan 01, 2026
Emergency Crisis Management Command Center
Guides & Playbooks Dec 16, 2025
Reconnection Framework
Download
More Content
Named provisions
Related changes
Source
Classification
Who this affects
Taxonomy
Browse Categories
Get Securities & Markets alerts
Weekly digest. AI-summarized, no noise.
Free. Unsubscribe anytime.
Get alerts for this source
We'll email you when SIFMA Resources publishes new changes.