© Reuters. FILE PHOTO: The seal of the U.S. Securities and Exchange Commission is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew Kelly/File Photo
The U.S. Securities and Exchange Commission rule, which was first proposed in September last year, would force much more of the trading in the $25 trillion Treasuries market, including a market for short-term financing called repurchase agreements , to central clearing. A central clearer acts as the buyer to every seller, and seller to every buyer.
But crucial details are unclear, including whether the SEC would want the industry to shift to central clearing in one go or allow it to do so in phases, and how much time the industry would have to implement it, the sources said.
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