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Please note: this episode was recorded towards the end of 2025. Since recording, ICE is now operationally live for US Treasury clearing and is currently awaiting final regulatory approval.

This episode is hosted by Tonic’s CEO Chris Watts, alongside Tonic’s clearing and collateral specialist Philip Forkan. They’re joined by Helen Fermor, COO of ICE Clear US, to unpack one of the most significant regulatory developments to hit global markets in recent years: US Treasury clearing.

It’s a great opportunity to hear directly from a market leader at the centre of one of the most dynamic and consequential changes underway in global capital markets.

With the SEC mandate set to fundamentally change how the world’s largest government bond market operates, the discussion explores why expanded clearing has become a regulatory priority, how the industry has responded so far, and what market participants need to be thinking about as compliance deadlines approach.

Drawing on ICE’s deep experience operating systemically important clearing houses, Helen shares insight into ICE’s treasury clearing offering, including its agency-style model, approach to customer access, margin flexibility, and risk management - and how this differs from existing clearing solutions.

You’ll hear:

• Why US Treasury clearing is central to reducing systemic risk and improving market transparency
• How ICE’s agency-style clearing model expands execution choice and access to liquidity
• What margin, collateral, and account structure options firms need to evaluate
• The technology, onboarding, and documentation challenges firms should address now
• Why early adoption can unlock liquidity, capital efficiency, and operational resilience

Whether you’re a dealer, buy-side firm, principal trading firm, or clearing broker, this episode offers practical insight into how Treasury market structure is evolving - and how to prepare for a cleared future.

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