SEC exempts more affiliate and capped non-US repo from Treasury clearing; cap falls to 10% by 2030
A single order answers requests from the IIB and SIFMA. Non-US repo can stay uncleared below a firm-wide share of cleared repo or below $5bn, and repo with majority-owned, consolidated affiliates now falls outside the mandate even where the affiliate is not a bank, broker-dealer or futures commission merchant, unless it is an investment company.