FICC Launches Triparty Tool to Smooth Repo Transactions
Published Date: 9/30/2025
Notice
Summary
The Fixed Income Clearing Corporation (FICC) is adding a cool new service called the ACS Triparty Service to make it easier for certain members to handle repo transactions with special securities. This change affects Agent Clearing Members and their customers by updating rules to improve how trades are processed and settled. The new service kicks off soon, aiming to speed up and simplify money moves without extra costs.
Analyzed Economic Effects
6 provisions identified: 2 benefits, 2 costs, 2 mixed.
FICC launches ACS Triparty Service
FICC is adding a new ACS Triparty Service that lets an Agent Clearing Member submit triparty repo transactions (ACS Triparty Trades) involving securities represented by Generic CUSIP Numbers to FICC for comparison and Novation. The service accommodates both done-with and done-away trades and is described in the proposed amendments to Rule 8.
Only End Leg Novated; Start Leg settles gross
Under the ACS Triparty Service, only the End Leg of a triparty repo may be novated to FICC; the Start Leg must settle on a gross (trade-for-trade) basis between the pre-Novation counterparties on the ACS Triparty Clearing Agent Bank's triparty platform. FICC will only Novate if the Start Leg has fully settled and other specified conditions are met.
Margin and account recording rules for ACS trades
ACS Triparty Trades will be treated as GCF Repo Transactions for initial margin purposes and will be recorded in an Agent Clearing Member Omnibus Account unless the Executing Firm Customer and Agent Clearing Member elect a Segregated Indirect Participants Account. FICC is not changing the calculation of the Required Fund Deposit or Segregated Customer Margin.
Exclusion from proposed liquidation mechanism
ACS Triparty Trades would be excluded from a proposed Rule 8 mechanism (the Default Management Proposal) that would allow Agent Clearing Members to record an offsetting Agent Clearing Transaction to liquidate an Executing Firm Customer's positions. FICC would instead exclude ACS Triparty Trades because they settle on a gross basis and an offsetting trade would not effectively liquidate them.
New settlement timeframes and deadlines
FICC will add a Schedule of ACS Triparty Trade Timeframes: the deadline for full Start Leg settlement for same-day Novation is 7:00 p.m. (instead of 5:30 p.m.), substitutions and collateral return/cash obligations deadline is 5:30 p.m., reports for end-of-day Clearing Fund requirements will be available from 10:30 p.m. to 2:00 a.m., intraday reports at 2:00 p.m., Federal Reserve NSS executions at 10:00 a.m. and 4:30 p.m., 9:00 a.m. is the deadline to deliver additional GC Comparable Securities, and 12:00 p.m. is the deadline to pay accrued GC Daily Repo Interest.
Fees and late-payment treatment for ACS trades
ACS Triparty Trades recorded in Agent Clearing Member accounts will be subject to applicable charges under the Margin Component Schedule and, if an ACS Triparty Funds Borrower fails to satisfy cash payment obligations within the Schedule timeframes, it will be subject to a late fee treated as if it were a Net Funds Payor under the Fee Structure (Late Fee Related to GCF Repo Transactions).
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