In this special live episode of AFME Voices, recorded at AFME's OPTIC Conference 2026 in London, Elisabeth Mauguy, Media Relations and Digital Content Manager at AFME, is joined by Pete Tomlinson, AFME's Head of Equities and Post-Trade, and Ingrid Garin, EMEA Head of Liquidity and Financing at BNY, for a discussion on the move towards mandatory central clearing in the US Treasury market. The conversation explores what the SEC's reforms mean in practice, why greater central clearing is being introduced and which transactions and market participants will be affected. The implications for European banks, asset managers, dealers and investors are touched upon, including clearing access models and considerations around margin, collateral and operational readiness. The discussion also considers the potential benefits of greater central clearing for market resilience and multilateral netting, the possible costs and concentration risks, and whether developments in the US could offer lessons for the future of clearing in European markets.
In this special live recording of AFME Voices from AFME's OPTIC Conference 2026, AFME's Elisabeth Mauguy speaks with Pete Tomlinson, AFME Head of Equities and Post-Trade, and Ingrid Garin, EMEA Head of Liquidity and Financing at BNY, about one of the most significant structural changes underway in the US Treasury market: the move towards mandatory central clearing.
The conversation begins by looking at what is changing and the policy rationale behind the SEC's reforms, including the role of central clearing in supporting the resilience of the US Treasury market. We also explore the scope of the mandate, considering which Treasury cash and repo transactions will be affected and what different types of market participants need to know.
A key focus of the discussion is what the reforms will mean in practice for European firms participating in US Treasury markets. The conversation considers different routes to clearing, including direct and sponsored access, as well as the implications for margin, collateral, documentation and operational readiness.
Looking beyond implementation in the US, the discussion concludes by considering whether similar approaches could emerge in Europe and how differences between US and European market structures could shape the future development of clearing.
Pete Tomlinson, Head of Equities and Post-Trade, AFME
Ingrid Garin, EMEA Head of Liquidity and Financing, BNY
Hosted by Elisabeth Mauguy, Media Relations and Digital Content Manager, AFME.
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