The U.S. Treasury market’s shift to central clearing is advancing rapidly ahead of the SEC’s mandatory deadlines, with daily cleared Treasury volumes approximately 165% higher than before the regulator’s proposal. More than $1.2 trillion of average daily Treasury cash activity is already centrally cleared, leaving an estimated $300 billion to $400 billion to migrate before the Dec. 31, 2026 cash deadline. FICC clears more than $12 trillion in average daily cash and repo transactions. The SEC has expanded margin-efficiency tools, approved CME Securities Clearing and ICE Clear Credit as additional clearing agencies, issued guidance on customer protection and operational issues, and granted relief for private funds using wholly owned clearing subsidiaries. The agency is still considering requests from the Institute of International Bankers and SIFMA involving overseas and inter-affiliate repo transactions. The SEC says it does not currently intend to extend the cash and repo deadlines, which are Dec. 31, 2026, and June 30, 2027, respectively.