NEW YORK - The Securities Industry and Financial Markets Association may ask regulators for more time to implement a rule requiring centralized Treasury clearing as Wall Street faces a 2026 deadline.
"We will ultimately have to go back, I'm fairly confident of that, and ask for more time," he said on the sidelines of the ISDA/SIFMA Treasury Forum in New York on Wednesday. Banks and brokers that are FICC members now tend to bundle execution and clearing for their clients in a so-called "done with" trading model, where the trade is done with a bank that uses its FICC membership to give clients access to the central clearing agency.
"I personally don't believe that central clearing can be implemented successfully without the development of done-away trading models," said Nathaniel Wuerffel, head of market structure at BNY Mellon.
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