UST repo clearing mandate a looming issue for firms locked out of FICC membership

Some international banks and their dealer affiliates are locked out of FICC membership for reasons outside of their control. With an expected mandate for US Treasury repo clearing from the US Securities and Exchange Commission on the horizon, that has the potential to cause liquidity and/or higher cost issues. This is another unintended consequence of a sweeping regulation that hasn’t looked into expected results all that well so far.
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