SIFMA today issued the following statement from Kevin Zambrowicz, managing director and deputy general counsel, on accounting matters related to Treasury clearing:
“SIFMA is pleased to announce that its Accounting Committee Working Group has completed its review of FICC’s Agent Clearing Service model, and has consulted with the Staff of the Securities and Exchange Commission’s Office of the Chief Accountant regarding its conclusions on certain accounting questions that arose from the model. Both the Working Group’s conclusions and the concluding correspondence with the SEC Staff is available on the SIFMA website.
SIFMA is also pleased that this step in the path towards central clearing of U.S. Treasury securities has been completed. On behalf of our members, SIFMA is working to advance multiple workstreams and short-term deliverables in the Treasury clearing space that will set the stage for long-term implementation. These include development of market standard documentation, enhancements to market structure, further needed regulatory reforms, and an operations timeline. We look forward to continuing our work with market participants on these important preparations ahead of the effective date of the SEC’s clearing rules.”
