The record Treasury volumes were triggered by Trump’s tariffs policy moves.
Financial markets endured turbulence last week as Trump’s tariffs policy triggered sell-offs in equity markets.
At the same time, the Depository Trust & Clearing Corp. (DTCC) and its Fixed Income Clearing Corp. (FICC) subsidiary processed an all-time high in volumes of U.S. Treasury transactions.
On April 9, FICC reports that it posted more than $11 trillion in U.S. Treasury transactions, “a significant milestone,” according to officials from the U.S. clearing, settlement, and trade reporting services provider.
Laura Klimpel, managing director and general manager, and head of the FICC and agency business development, notes that these eye-popping volumes demonstrate the importance that the clearing provider plays in stabilizing markets, particularly during times of heightened market volatility like last week’s.
Officials add that the record activity shows why market participants continue to rely on central clearing during volatile periods. While equity markets sold off, Treasury markets continued to function smoothly thanks to the infrastructure at DTCC and FICC, officials argue. The milestone reinforces the group’s confidence in its ability to handle large-scale stress scenarios and maintain essential services as market conditions shift.
Laura Klimpel
In 2024, securities worth $3.7 quadrillion moved through the systems operated by DTCC’s subsidiaries. Its depository unit also safeguards and manages assets from upwards of 150 global markets, with a total value reaching $99 trillion, officials say.
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