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U.S. Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda on Feb. 9 delivered remarks at the Asset Management Derivatives Forum 2026 in Austin, Texas, outlining where the SEC stands on implementing mandatory central clearing in U.S. Treasury markets and how the agency is thinking about “tokenization of the securities markets,” according to the SEC-posted text of his speech. The forum was hosted by the Futures Industry Association and SIFMA’s Asset Management Group.
In the Treasury market portion, Uyeda pointed to the SEC’s extended compliance timeline—Dec. 31, 2026 for cash Treasury transactions and June 30, 2027 for repo—as the key near-term milestone for market participants, reflecting the Commission’s 2025 action to extend the original deadlines. The SEC has positioned these updates as part of a broader implementation effort.
Uyeda also cataloged operational and interpretive issues he said remain unresolved, including questions around inter-affiliate transactions, extraterritorial scope, how to handle CCP unavailability, failed trades, and what qualifies as “of a type accepted for clearing” under the eligible-transaction definition, and said he has asked staff to compile a working list of issues. Separately, SEC Trading and Markets staff have issued guidance aimed at broker-dealers’ financial responsibility requirements in connection with Treasury clearing, including FAQs and a related press release .
The remarks sit within the SEC’s 2023 rulemaking framework that amended Exchange Act standards for covered clearing agencies and expanded the scope of transactions expected to be centrally cleared in the U.S. Treasury market. Uyeda highlighted that the SEC has recently approved additional Treasury CCP clearing agency registrations beyond the historically dominant provider, naming CME Securities Clearing and ICE Clear Credit, with related SEC materials documenting those registrations. Parallel workstreams include a pending SEC notice of an application by FICC and CME seeking exemptive relief to extend cross-margining to customer positions and a CFTC staff request for comment on a proposal to facilitate such cross-margining relief.
For market participants and RWA/tokenization operators, the immediate practical impact remains concentrated in Treasury-market plumbing rather than a new tokenization rule: broker-dealers, clearing agencies, and buy-side firms face defined compliance dates and a growing body of staff guidance tied to how Treasuries must be cleared and how customer protection and margin treatment are handled. Uyeda’s inclusion of “tokenization of the securities markets” in a forum focused on derivatives operations and clearing places tokenized securities activity alongside core market-structure priorities—where custody, clearing, and settlement mechanics are already under active regulatory implementation for a key RWA benchmark asset, U.S. Treasuries.
