The Depository Trust & Clearing Corporation (DTCC) estimates that $300 billion to $400 billion in average daily US Treasury cash activity remains outside central clearing, five months before expanded clearing requirements take effect. More than $1.2 trillion is already cleared through its Fixed Income Clearing Corporation (FICC).

Elsewhere, BNY extended its transfer-agency platform to digitally native funds, Malaysia priced a $1.5 billion global sukuk at record-tight spreads and ESMA authorised EuroCTP to operate the European Union’s consolidated tape for shares and exchange-traded funds.

Read more on the week's key developments:

1. DTCC clears more than $1.2 trillion of Treasury cash activity daily

DTCC published its latest Treasury clearing-readiness survey on 27 July, finding that more than $1.2 trillion of daily Treasury cash activity is already centrally cleared through FICC. Respondents estimated that a further $300 billion to $400 billion in average daily par value is not currently submitted for clearing. Some 79% of Government Securities Division netting-member respondents already have the necessary FICC account structures in place, while nearly all respondents requiring an account have either established one or entered onboarding ahead of the 31 December 2026 compliance date.

The remaining uncleared volume provides a measurable test of how efficiently DTCC and its members can absorb additional activity before the mandate takes effect. With much of the required account infrastructure already established, the focus is shifting toward onboarding capacity, sponsored access and operational readiness. The amount already processed through FICC also establishes a substantial scale benchmark for Treasury post-trade infrastructure.

2. BNY launches digital transfer agency for digitally native funds

BNY launched new digital transfer-agency capabilities on 29 July to support digitally native funds alongside traditional structures across multiple jurisdictions and blockchains. BNY Investments Dreyfus, Baillie Gifford and BlackRock are among the first issuers using or expected to use the capabilities. Baillie Gifford has already launched its Enhanced Yield Fund using the service, while BNY said its broader transfer-agency platform supports approximately $8.6 trillion in assets serviced and more than 7.6 million investor accounts.

The launch moves tokenisation deeper into fund servicing by placing legal ownership records on blockchain infrastructure instead of limiting the model to digital representations of conventionally recorded funds. BNY is connecting transfer agency with its custody, distribution and tokenisation capabilities within the same servicing environment. Adoption by established asset managers will provide a clearer indication of whether digitally native structures can progress from individual launches into scalable institutional fund infrastructure.

3. Deutsche Bank reports 16% growth in Fixed Income and Currencies revenue

Deutsche Bank reported on 29 July that second-quarter Fixed Income and Currencies (FIC) revenue increased 16% year on year to EUR 2.6 billion ($3 billion), with FIC Markets revenue up 27% on stronger rates and credit activity. Investment Banking and Capital Markets (IBCM) revenue rose 36%, driven by equity origination and advisory, while its IBCM market share in Europe, the Middle East and Africa increased to 4.1%.

Growth across both trading and capital formation gives Deutsche Bank a broader performance base than a quarter driven by a single market segment. The increase in IBCM market share provides a specific competitive benchmark, while continued rates, credit and origination growth would strengthen evidence that recent gains reflect franchise development beyond short-term market conditions. The bank’s ability to sustain both revenue pools will be important as trading conditions evolve.

4. HKEX lowers thresholds and extends non-public filing under IPO framework reform

Hong Kong Exchanges and Clearing (HKEX) lowered the financial thresholds for companies seeking to list with weighted voting rights on 24 July. One route now requires a market capitalisation of at least HKD 20 billion ($2.5 billion), down from HKD 40 billion ($5.1 billion). Another requires HKD 6 billion ($765 million) in market capitalisation and HKD 600 million ($76.5 million) in annual revenue, down from HKD 10 billion ($1.3 billion) and HKD 1 billion ($127.5 million), respectively. HKEX also extended non-public filing to all new applicants.

The changes widen access to weighted-voting-right structures and align Hong Kong’s filing process more closely with other major markets. Applicants can protect sensitive information during initial vetting but must publish a post-hearing information pack before bookbuilding. Application numbers and completed listings will indicate whether the reforms strengthen Hong Kong’s appeal as a listing venue. A further consultation is planned.

5. Malaysia prices $1.5 billion global sukuk at record-tight spreads

Malaysia's Ministry of Finance said on 24 July that the government priced a $1.5 billion global sukuk comprising $850 million of 5.75-year certificates and $650 million of 10-year certificates. The ministry described the issue as 4.7 times oversubscribed, with peak orders exceeding $9.5 billion. Final pricing tightened by 30 basis points from initial guidance to Treasury spreads of 15 and 25 basis points respectively, which the ministry said were Malaysia's tightest global sukuk spreads to date.

The transaction gives Malaysian government-linked and corporate borrowers a new international sovereign pricing reference. Distribution extended beyond bank balance sheets, with asset and fund managers taking 59% of the 10-year tranche and more than 140 international investors participating overall. Subsequent issuance will show how much of the sovereign’s tighter pricing can be transferred to other Malaysian borrowers accessing international debt markets.

6. ESMA authorises EuroCTP to operate Europe's equities consolidated tape

The European Securities and Markets Authority (ESMA) authorised EuroCTP on 27 July to operate the consolidated tape for European shares and exchange-traded funds. The service will combine pre-trade and post-trade information from multiple data contributors into one stream. ESMA granted EuroCTP a transition period until 30 September to complete operational and technical preparations. Its five-year term will begin when the service starts operations under ESMA's direct supervision.

The authorisation shifts Europe’s equity tape from provider selection to implementation. By combining trading information from multiple venues, the service is intended to give market participants a more consolidated view of European equity activity. Its practical value will depend on the completeness, timeliness and quality of the data when operations begin.

7. LCH SwapClear records $1,165 trillion in first-half swap clearing

UK-based clearing house LCH reported that its SwapClear service cleared $1,165 trillion in cumulative notional across over-the-counter (OTC) interest-rate derivatives in the first half of 2026, up 29% year on year. Client clearing reached a record $414 trillion, an increase of 36%, while the number of trades cleared rose 29% to 8.5 million. The notional figure represents the reference value used to calculate swap payments, not cash exchanged or exposure held by LCH.

Client notional grew 36%, faster than the 24% increase in client trades, indicating a rise in average notional per transaction. This shows higher client activity but does not establish broader participation. Cumulative notional measures transaction flow and does not represent the amount currently outstanding or at risk.

8. MarketAxess Post Trade lifts repurchase-agreement average daily volume 30% to $670 billion

MarketAxess Post Trade recorded average daily matched repurchase-agreement volume of $670 billion in the second quarter, up 30% year on year, according to Securities Finance Times. Total quarterly trade volume increased 30% to $40 trillion, averaging around 7,000 matched repurchase agreements each day. The service supported 124 matching participants, with additional buy-side and sell-side firms scheduled to join in the following quarter.

Higher volume and a broader participant base indicate increased use of MarketAxess Post Trade’s matching service. Additional participants would increase the value of the matching network, while continued volume growth would indicate greater use of automated matching and reconciliation across repurchase-agreement workflows.

9. LSEG reduces foreign-exchange application latency by more than 70%

LSEG said on 23 July that it had deployed its PriceStream foreign-exchange platform on Amazon Web Services Outposts infrastructure inside Equinix's NY6 data centre. The hybrid architecture combines cloud-aligned infrastructure with the low-latency requirements of institutional foreign-exchange trading. Early results showed average application latency improvements of more than 70% across migrated environments, with similar capabilities planned for Singapore and London.

The measured latency improvement provides a direct performance benchmark for LSEG’s infrastructure strategy. Replicating the result in Singapore and London would show whether the architecture can deliver consistent performance across trading centres and latency-sensitive foreign-exchange applications.

10. Mubadala Capital’s tokenised strategy attracts about $75 million in on-chain assets

Mubadala Capital brought one of its private-markets investment strategies on-chain with Abu Dhabi technology provider KAIO, according to CoinDesk on 23 July. The product is available to qualified investors across Base, Solana and Sui and had attracted about $75 million in on-chain assets. Coinbase also took exposure to the strategy on its own balance sheet, although the size of its investment was not disclosed.

The $75 million in on-chain assets distinguishes the initiative from tokenisation projects that remain at pilot stage. Further asset growth, broader investor participation and evidence of improved distribution or operating efficiency will indicate whether the structure offers meaningful advantages over conventional private-markets fund infrastructure.