ICE Enters U.S. Treasury Clearing Market with SEC Approval

Intercontinental Exchange (ICE) has received SEC approval for a new U.S. Treasury clearinghouse, creating a rival in the roughly $30 trillion market. The clearinghouse is now live, and ICE plans to extend clearing to repurchase agreements tied to Treasuries by the end of the year. This move puts ICE deeper into the core plumbing of the U.S. financial system, introducing competition in an area that has long been concentrated. The expansion into repo clearing could further integrate ICE into day-to-day funding and trading activity in Treasuries.