SEC Reopens Comments on Foreign Treasury Trade Exemptions—Yawn
Published Date: 4/22/2026
Notice
Summary
The SEC is reopening the comment period to hear thoughts on a request to ease certain trade rules for foreign financial firms using U.S. Treasury securities clearing services. This change could help these firms skip some paperwork when dealing with non-U.S. clients, potentially speeding up trades without extra costs. If approved, it affects big financial players and could shake up how some international trades get cleared.
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Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Possible Exemption for Foreign Treasury Trades
The SEC received a request to exempt certain Non-U.S. Transactions by foreign financial institutions from Rule 17ad-22(e)(18)(iv)'s Trade Submission Requirement. If granted, direct participants that are foreign financial firms could be relieved from submitting certain transactions in U.S. Treasury securities CCAs (Fixed Income Clearing Corporation, CME Securities Clearing Corp., and ICE Clear Credit, LLC) for clearance and settlement under that Rule.
Commission Solicits Comments on Market Effects
The SEC is asking for public comment through May 29, 2026 on whether the requested relief interacts with relief sought by SIFMA and whether granting it could create competitive concerns, including potential effects on liquidity in the U.S. Treasury market. The Commission specifically listed possible impacts on liquidity and competition as topics for comment.
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