On December 13, 2023, the Securities and Exchange Commission (the “SEC” or the “Commission”) voted 4-1 to approve Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule With Respect to U.S. Treasury Securities (the “Clearing Rule”) which requires the majority of transactions in U.S Treasury securities (“USTs”), including repurchase and reverse repurchase (or “repo”) transactions in USTs, to be cleared via a central clearing agency (“CCA”). The Clearing Rule has significant implications for buy side participants in the market for USTs, and has been the subject of much comment and robust discussion around its impact and implementation...