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Expanded SEC clearing rules will see daily DTCC Treasury activity increase by $4 trillion, survey finds

The TRADE

First announced in December last year, the SEC’s new rules are designed to enhance risk management practices for central counterparties in the US Treasury market and facilitate additional clearing of securities transactions in this market segment. The amendments will go into effect in two phases.

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A look into the centrally cleared future

The TRADE

Clearing obligations will become stricter, with enhanced oversight of margin requirements and risk management processes. Despite these new potentially arduous compliance pressures, trading desks are also likely to benefit from reduced counterparty risk and improved market confidence thanks to the changes.

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StoneX acquires US clearing broker R.J. O’Brien

The TRADE

StoneX is set to acquire the global businesses of US clearing broker R.J. Gerry Corcoran The merger is expected to be completed in Q3 2025 and marks an important step for StoneX as it seeks to provide greater access to liquidity in fixed income markets. The post StoneX acquires US clearing broker R.J.

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The TRADE predictions series 2025: Foreign exchange

The TRADE

According to the recent Coalition Greenwich report, multi-dealer platforms (MDPs) are poised to overtake single-dealer platforms (SDPs) in spot FX trading in 2025 – a stark reversal of recent years where SDPs dominated. A key focus for Digital Vega in 2025 is to continue to roll out our white label electronic platform to client banks.

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The TRADE predictions series 2025: What’s on the horizon for trading venues

The TRADE

Hayley McDowell, EU equity electronic sales trader and market structure consultant, RBC In 2025, we will see momentum in European dark trading continue to build. CBOE, Nasdaq and Aquis are launching between Q4 2024 and Q1 2025. The differentiator in Europe at the moment is the trajectory cross, following its success in AMRS.

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The TRADE predictions series 2025: Post-trade and the shift to T+1

The TRADE

Vikesh Patel, global head of clearing, president, Cboe Clear Europe There will be greater focus in 2025 on European competitiveness, with regulators needing to strike the right balance between fostering growth, competition and innovation in clearing on one hand and maintaining regulatory oversight and financial stability on the other.

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The TRADE predictions series 2025: The liquidity landscape

The TRADE

James Baugh, managing director, head of European market structure, TD Securities Market consolidation versus liquidity fragmentation will be a point of discussion into next year. The selection procedure for the European equities tape starts next June, with a decision made by the end of 2025.

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