TONIC BOOM

With the US Treasury repo clearing deadline fast approaching, the focus is shifting from understanding the mandate to making sure firms are operationally ready.

In the latest episode of Tonic Boom, Tonic’s Philip Forkan is joined by Laura Klimpel, Head of Fixed Income and Financing Solutions at DTCC, Travis Keltner, Global Head of Secured Financing at State Street, and Ryan Barrett, Head of Securities Finance for North America at Northern Trust.

Together, they get into the practical realities of preparing for June 2027, including onboarding and access models, operational readiness, margin and capacity considerations, and the open questions still facing the market.

The key takeaway? June isn’t really June. Firms need a clear day-one plan well ahead of the deadline.

Tune in for a practical discussion on what firms should be doing now to prepare for US Treasury repo clearing.

0:39 Introduction & overview of the repo clearing mandate
2:33 Summer repo market update - liquidity, T-bills, and basis trading
4:31 FICC onboarding progress & the cash clearing deadline (end of 2026)
8:35 Market readiness for the June 2027 repo mandate - "sharpening the axe"
11:59 Bifurcated market: client sophistication split & geographic differences
15:01 What to expect for repo onboarding in 2027 - intermediation trends
20:09 Operating model considerations - access models, platform approach & scalability
22:19 Cross-margining & capital efficiency - the "$6 to $2" margin analogy
24:54 Extraterritoriality & interaffiliate clearing - SEC reopening the rule
27:30 Final takeaways: key advice for clients before June 2027

So here we are, episode two of Tonic Titans! 

And we’re delighted to say we’ve hunted down another fantastic Titan… 

Host Chris Watts - CEO of Tonic - sits down with Pete Cherecwich, COO at Northern Trust, for a candid chat about his career journey, leadership style and what it takes to operate at the top of global financial services. 

Pete shares his pathway from early days in fund accounting, to international leadership roles in Japan, and his subsequent career growth across custody, operations, middle office, technology and executive leadership. 

Along the way, Pete reflects on the lessons that have shaped him, from taking risks and learning through experience, to leading through complexity and staying competitive in a constantly evolving industry.  

There’s also time for lighter moments, including Pete’s ambition to become “the worst golfer to play the best courses in the world.” 

A thoughtful, entertaining and insightful episode with a hugely respected industry leader, a real Tonic Titan. 

Please do have a listen. 

Hosted by Tonic’s Co-Founder Craig Pearson, this episode of Tonic Boom in partnership with BNY - explores the growing shift towards non-cash collateral for variation margin and what it means for liquidity, funding, and collateral strategy. 

Craig is joined by Mark Higgins (BNY) and Alan Baxter (XVA & capital markets SME) for a timely discussion on why firms are revisiting their approach to variation margin in today’s rate and liquidity environment. 

It’s a great opportunity to hear directly from market experts at the forefront of this shift, as the industry rethinks long-standing collateral practices in a more dynamic and cost-sensitive landscape. 

The conversation covers: 

With millions in potential funding benefits and increasing pressure to optimise asset usage, this is a practical look at how firms can move from theory to implementation. 

If variation margin optimisation is on your agenda, this episode offers clear, actionable insight into what’s changing - and what to do next. 

So here it is, our inaugural episode of Tonic Titans! 

And we’re delighted to say we’ve hunted down a fantastic Titan to kick off with... 

Here host Chris Watts - CEO of Tonic - sits down with Nadine Chakar, Global Head of Digital Assets at DTCC, for a candid chat about her journey, leadership and future innovation within financial markets.  

Nadine shares her personal pathway, from a childhood in Lebanon, to her move to the US for college, and her subsequent career growth within financial markets, across C-suite leadership roles in global custody, capital markets, fintech and market infrastructure. 

Along the way, Nadine manages to zoom-in on her current role at DTCC - at the forefront of the market’s accelerated transition to Digital Assets - as well as sharing key lessons learnt that have shaped her, plus her advice for the next generation. 

A thoughtful and inspiring debut Tonic Titans episode, with a true industry leader who continues to move the dial for the industry. 

Please do have a listen.  

Hosted by Tonic’s Head of Digital Steven Czarnota, this episode of Tonic Boom explores how DLT adoption is enabling real-time repo liquidity - and what that means for the future of collateral markets. 

Steven is joined by Anthony Woolley (Ownera), Richard Glen (HQLAX), and Dan Phillips (J.P. Morgan) for a dynamic discussion at the intersection of traditional finance and digital infrastructure. 

It’s a great opportunity to hear directly from market leaders who are actively building and scaling solutions in one of the most fast-moving and transformative areas of capital markets. 

The conversation covers: 
• The business case driving intraday and real-time repo 
• The progress already made moving assets and liquidity on-chain  
•  What the next phase of digital collateral interoperability and 24/7 liquidity looks like 

With production platforms already live and volumes accelerating, this isn’t a future-state conversation - it’s a look at a market transition happening right now. 

If digital repo, collateral mobility, and on-chain liquidity are on your roadmap, this episode is essential listening. 

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. 

If US Treasury clearing is on your 2025–2027 roadmap, this is one you won’t want to miss.