DTCC’s record-breaking 2025 growth reshapes global asset clearing
The Depository Trust & Clearing Corporation (DTCC) saw major growth in 2025, with its Fixed Income Clearing Corporation (FICC) handling record trading volumes. Daily averages climbed from USD9.1 trillion to over USD13.2 trillion. The company also expanded its digital asset initiatives and outlined plans for further innovation in 2026.
FICC’s Sponsored and Agent Clearing Services played a key role in the surge, with buyside daily volumes hitting USD3.1 trillion. This activity freed up USD1.4 trillion in balance sheet capacity for the industry. Meanwhile, the number of indirect participant relationships in these services grew to more than 8,000.
In 2025, DTCC introduced the Collateral-in-Lieu service under its Sponsored General Collateral offering. The move aimed to reduce double-margining issues while improving margin and capital efficiency. Regulators also greenlit the launch of the Agent Clearing Service (ACS), allowing cleared triparty repo transactions for Agent Clearing Members and their clients.
Looking ahead to 2026, DTCC plans to roll out new access models and capabilities, pending regulatory approval. These include extending its cross-margining agreement with CME Group to end-users. The goal is to boost capital and liquidity efficiency without adding risk, strengthening market stability.
DTCC’s digital asset strategy will see collaboration with Euroclear and Digital Asset, leveraging the Canton Network. BNY Mellon will also support efforts as a key partner through DTCC’s new Agent Clearing Triparty Service. Together, these institutions will focus on improving client liquidity, resilience, and progress in digital securities.
DTCC’s 2026 roadmap centres on tokenisation and expanding access to cleared markets. The company will continue working with regulators and industry partners to enhance financial infrastructure. These steps aim to increase funding capacity while maintaining stability across global markets.
