ICMA Quarterly Briefing Q2 2026: SEC mandatory clearing for US Treasuries

Zhan Chen, Associate Director, Market Practice and Regulatory Policy, updates on ICMA's engagement with the U.S. Securities and Exchange Commission regarding the U.S. Treasury clearing mandate, highlighting cross-border implementation challenges, supporting proposed exemptions to limit extraterritorial scope, and calling for further clarification to reduce complexity and ensure a level playing field.