SEC Shake-Up: Commissioner Uyeda Takes Charge of High-Stakes Treasuries Clearing Overhaul

The SEC just put Commissioner Uyeda in the driver's seat for its Treasuries clearing revamp—because nothing says 'stable financial system' like reshuffling deck chairs mid-storm.

Clearing the (Regulatory) Fog

Uyeda's now leading the charge to streamline Treasuries settlement—a market so vast even Wall Street occasionally loses track of the decimal points. The move comes as legacy systems creak under the weight of $700B+ daily trades.

Blockchain's Ghost at the Feast

While TradFi plays paperwork Tetris, crypto's settlement rails hum along at T+0. No wonder the SEC's scrambling to modernize—though we'll believe it when we see actual API endpoints instead of fax machine upgrades.

Watch this space: if Uyeda pulls this off, it might just prevent the next 'once-in-a-generation' meltdown. Until then, enjoy the bureaucratic theater.

The Securities and Exchange Commission’s Division of Trading and Markets issued answers to Frequently Asked Questions (FAQs) that broker-dealers have posed to the staff regarding rule amendments to the customer protection rule related to the clearing of U.S. Treasury securities.

“The staff is committed to assisting broker-dealers and other market participants on the path to central clearing in the U.S. Treasury market,” said Jamie Selway, Director of the Division of Trading and Markets. “FAQs are one of the numerous ways in which Commission staff is continuing to engage to provide clarity to market participants as the compliance dates of Dec. 31, 2026, and June 30, 2027, approach, for cash and repo respectively.”

Separately, Chairman Paul S. Atkins announced that Commissioner Mark T. Uyeda will lead the agency’s continued efforts related to central clearing of U.S. Treasuries.

“It is critical that the transition to clearing U.S. Treasury securities goes smoothly,” said Chairman Atkins. “To that end, I am pleased Commissioner Uyeda has agreed to coordinate the ongoing work being done across the SEC to prepare. Industry has raised a number of areas where the transition effort could benefit from further guidance, and today the staff made progress on providing clarification. There’s work still to be done, both at the agency and within industry, and Commissioner Uyeda and I look forward to engaging with stakeholders to make sure we get this right.”

Commissioner Uyeda said, “The U.S. Treasury market plays a key role in global finance and is of central importance to our country and the world. The SEC is committed to engaging with market participants, central banks, and fellow regulators to make sure the policies we implement enhance the Treasury market’s functioning.”

Source: SEC