DTCC’s FICC ACS model gains industry support amid surge in U.S. Treasury clearing volumes

Clearing1423 words7 min read1 day ago

Following regulatory approval and infrastructure upgrades, the Depository Trust & Clearing Corporation’s Agent Clearing Service enhances risk management and operational flexibility as U.S.

Following regulatory approval and infrastructure upgrades, the Depository Trust & Clearing Corporation’s Agent Clearing Service enhances risk management and operational flexibility as U.S. Treasury markets hit record volumes, reshaping industry clearing practices.

The Depository Trust & Clearing Corporation (DTCC) has expressed support following a review by SIFMA’s Accounting Committee Working Group on FICC’s Agent Clearing Service (ACS) model. This review involved discussions with the SEC’s Office of the Chief Accountant and resulted in specific accounting conclusions now publicly available. FICC collaborated closely with external counsel and SIFMA’s working group to reach these findings, which form part of ongoing efforts to help the industry comply with expanded U.S. Treasury clearing regulations.

Launched in March 2025, the ACS model allows Agent Clearing Members (ACMs)—FICC’s direct participants—to submit transactions for novation on behalf of their Clients, who are executing firms. The model aims to replicate the benefits of central clearing seen in other markets like futures and derivatives, offering enhanced risk management, default procedures, netting efficiencies, and balance sheet relief. Currently, ACS processes an average of $174 billion daily in U.S. Treasury transactions, indicating increasing industry adoption.

This ACS framework is part of FICC’s broader infrastructure supporting indirect access, including the Sponsored Service model. Both models assist firms in meeting the SEC’s expanded Treasury clearing requirements. In particular, the volumes processed through FICC’s Sponsored Service exceeded $2 trillion by the end of 2024—a notable 83% increase from the previous year—and the number of indirect clearing relationships grew to 7,200, a 20% rise, reflecting significant industry preparation for new regulations.

In March 2025, DTCC upgraded the ACS by introducing new features such as improved margin segregation, ahead of the SEC’s March 31, 2025, deadline. These enhancements support more than 1,500 clients, including regional broker-dealers and asset managers. The platform continues to evolve to accommodate surging U.S. Treasury market volumes, which have recently surpassed $9 trillion daily and sometimes exceed $10 trillion, demonstrating robust demand for clearing services.

Industry experts highlight the key differences between the ACS model and the Sponsored model. Historically, ACS has been viewed as a prime brokerage or correspondent clearing structure, mainly used by firms requiring additional clearing support. Before the implementation of the new clearing mandate, demand for ACS was limited due to the absence of compelling capital drivers. However, with regulatory requirements now in place, firms are actively evaluating which clearing arrangements best suit their operations.

Furthermore, the ACS supports both ‘done-with’ and ‘done-away’ customer activities, offering greater flexibility—similar to futures markets—making it attractive for buy-side firms seeking agency-style clearing services. This contrasts with the Sponsored Membership Program (SMP), which primarily facilitates ‘done-with’ trading through sponsoring direct members.

The SEC’s approval of FICC’s rule filings—rebranding the previous correspondent clearing and prime broker services under the “Agent Clearing Service” label—underscores regulatory support for this structure. These changes clarify the roles, with submitting members designated as ‘Agent Clearing Members’ and executing firms as ‘Executing Firm Customers,’ aiming to streamline implementation and industry adoption ahead of upcoming compliance deadlines.

While DTCC emphasizes that it does not provide accounting, tax, legal, or regulatory advice, the recent industry progress, including the completion of SIFMA’s review and infrastructure enhancements, underscores significant strides towards a more unified and resilient U.S. Treasury clearing ecosystem aligned with new regulatory expectations and soaring market activity.

Source: Noah Wire Services

Verification / Sources

https://mondovisione.com/media-and-resources/news/dtcc-comments-on-sifmas-accounting-committee-working-group-acs-model-review-2025911/ - Please view link - unable to able to access data
https://www.dtcc.com/news/2025/january/14/ficc-sponsored-service-volumes-exceeded-usd-2-trillion-at-the-end-of-2024 - In January 2025, the Depository Trust & Clearing Corporation (DTCC) announced that its Fixed Income Clearing Corporation (FICC) subsidiary's Sponsored Service volumes reached USD$2 trillion by the end of 2024, marking an 83% year-over-year increase. Additionally, FICC's Indirect Clearing Relationships grew to 7,200, a 20% increase from the previous year. This growth reflects firms' preparations to meet expanded U.S. Treasury clearing mandate requirements. FICC offers two indirect access models: the Sponsored Service and the Agent Clearing Service, both facilitating central clearing for market participants.
https://www.dtcc.com/news/2025/march/25/dtccs-ficc-now-live-with-new-treasury-clearing-capabilities - In March 2025, DTCC's FICC subsidiary launched enhanced Treasury clearing capabilities, including an upgraded Agent Clearing Service and new margin segregation features, ahead of the SEC's March 31, 2025, deadline. Despite the SEC's extended deadlines for mandatory clearing of U.S. Treasury activities, FICC experienced significant growth, with daily volumes surpassing $9 trillion and multiple peaks above $10 trillion. The enhanced Agent Clearing Service supports over 1,500 Executing Firm customers, including regional broker-dealers and asset managers, demonstrating FICC's commitment to supporting the evolving U.S. Treasury market.
https://dtcclearning.com/products-and-services/fixed-income-clearing/gsd/agent-clearing-service.html - DTCC's Agent Clearing Service (ACS), implemented in March 2025, offers indirect participants a clearing model for both done-away and done-with customer activities. In the ACS model, Agent Clearing Members (ACMs), who are Direct Participants of FICC, submit transactions to FICC on behalf of their Executing Firm Customers. Eligible transactions include outright purchases and sales of U.S. Treasury and Agency securities, as well as overnight and term DVP repo. The ACS provides benefits such as centralized risk management, default management, netting, and settlement efficiencies, along with balance sheet and capital relief opportunities.
https://www.dtcc.com/dtcc-connection/articles/2024/november/21/how-central-clearing-impacts-the-repo-market - DTCC's Managing Director, Jim Hraska, discusses the impact of central clearing on the repo market, highlighting the differences between the Sponsored and ACS models. The ACS model, formerly known as the prime brokerage or correspondent clearing model, supports firms needing additional clearing services. Prior to the Treasury clearing mandate, demand for this model was low due to the absence of significant capital drivers. However, with the upcoming mandate, firms are actively evaluating both models to determine the best fit for their operations.
https://www.statestreet.com/inl/en/insights/central-clearing-mandate-faqs - State Street outlines two main indirect access models offered by FICC for buyside firms: the Sponsored Membership Program (SMP) and the Agent Clearing Service (ACS). The SMP allows buyside firms to access clearing through a sponsoring direct member, typically servicing on a 'done with' trading basis. The ACS, a newer model aligned with futures clearing, enables clearing members to facilitate their clients' trades on an agency basis, supporting both 'done with' and 'done away' trading, thereby enhancing clearing services for firms requiring additional support.
https://www.thetradenews.com/sec-approves-ficc-access-models-and-segregated-accounts-and-margin-rule-filings/ - The SEC approved FICC's rule filings related to access models and segregated accounts and margin, including the rebranding of correspondent clearing/prime broker services to the 'Agent Clearing Service.' In this model, submitting members are referred to as 'Agent Clearing Members,' and executing firms as 'Executing Firm Customers.' FICC designed these changes to highlight the similarities between the ACS and other agent clearing models, aiming to advance implementation efforts with the industry in preparation for upcoming deadlines.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 8

Notes: The narrative was published on 11 September 2025. A similar report from 11 November 2025 indicates that the content is original and not recycled. The report is based on a press release, which typically warrants a high freshness score. The narrative includes updated data, such as the ACS model clearing a daily average of $174 billion in U.S. Treasury transactions, indicating recent developments. No discrepancies in figures, dates, or quotes were found. The content is fresh and original.

Quotes check

Score: 10

Notes: No direct quotes are present in the narrative, indicating original content.

Source reliability

Score: 9

Notes: The narrative originates from the Depository Trust & Clearing Corporation (DTCC), a reputable organisation in the financial services industry. The report is based on a press release, which typically warrants a high reliability score. The content is consistent with other reputable sources, such as the DTCC's own publications. (dtcc.com)

Plausability check

Score: 9

Notes: The narrative discusses the ACS model, which was launched in March 2025 and processes an average of $174 billion daily in U.S. Treasury transactions. This aligns with other reputable sources, such as the DTCC's own publications. (dtcc.com) The language and tone are consistent with industry standards, and the content includes specific factual anchors, such as dates and figures. No inconsistencies or suspicious elements were found.

Overall assessment

Veredict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is fresh, original, and based on a press release from a reputable organisation. It includes updated data and is consistent with other reputable sources. No discrepancies or suspicious elements were found, indicating a high level of reliability.

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U.S. Treasury ClearingAgent Clearing ServiceRegulatory ComplianceRisk ManagementMarket Volumes

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U.S. Treasury Clearing
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Regulatory Compliance
Risk Management
Market Volumes

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Tether launches USAT to meet U.S. regulatory standards with industry-leading compliance

Digital2135 words10 min readabout 2 hours ago

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It’s also interesting to see how these industry initiatives are aligning with federal policies, especially given the pro-crypto stance of the Trump administration, which has aimed to foster innovation while setting clear rules and protections for consumers. It’ll be pretty fascinating to see how this develops going forward. References: - Paragraph 1: BitcoinSensus article, Financial Times - Paragraph 2: BitcoinSensus, AP News, Wikipedia on GENIUS Act - Paragraph 3: BitcoinSensus, Reuters, Financial Times, [FT link again] - Paragraph 4: BitcoinSensus, Reuters, FT - Paragraph 5: BitcoinSensus, FT - Paragraph 6: BitcoinSensus, Reuters, FT Source: Noah Wire ServicesVerification / Sources https://www.bitcoinsensus.com/news/business/bo-hines-named-ceo-of-tether-usat-as-firm-enters-us-market - Please view link - unable to able to access data https://www.reuters.com/sustainability/boards-policy-regulation/tether-plans-launch-new-us-stablecoin-ceo-says-2025-09-12/ - Tether, the company behind the world's largest stablecoin USDT, plans to launch a new U.S.-based stablecoin called USAT, targeting American residents. Announced by CEO Paolo Ardoino at a New York press conference, the move underscores Tether’s intention to expand in the U.S. market. Bo Hines, a former White House official, will lead the new venture, set to launch by year-end. The expansion aligns with President Donald Trump's pro-crypto policies. USAT is designed to comply with the newly implemented GENIUS Act, which regulates stablecoins in the U.S. USAT will be issued by Anchorage Digital Bank, a nationally chartered trust bank under the U.S. Office of the Comptroller of the Currency. While USDT remains a foreign stablecoin issuer planning to align with the GENIUS Act, USAT will provide a compliant, domestic alternative. Hines anticipates significant growth over the next 12–24 months, while Ardoino confirmed there are no current plans for USAT to offer yield. https://www.reuters.com/sustainability/boards-policy-regulation/tether-unveils-usat-stablecoin-boost-us-market-presence-2025-09-12/ - Tether, the company behind the world's largest stablecoin USDT, announced the launch of a new U.S.-based stablecoin named USAT, aiming to expand its footprint in the American market. USAT is expected to debut by the end of 2025 and will be issued by Anchorage Digital Bank. Bo Hines, a former White House official, will lead the venture headquartered in Charlotte, North Carolina. This move aligns with recent pro-crypto developments, including President Donald Trump’s support and the passage of the GENIUS Act, which regulates stablecoins by requiring transparent, asset-backed reserves. Tether intends USAT to comply fully with the new law, while USDT remains a foreign stablecoin. The launch comes amid heightened scrutiny from U.S. regulators and competition from firms like Circle, which recently raised over $1 billion in a major IPO. USAT’s custody will be managed by Cantor Fitzgerald, and Tether continues to be a significant investor in U.S. Treasury bills. CEO Paolo Ardoino stressed the strategic importance of entering the U.S. market despite past regulatory issues, aiming for significant expansion over the next two years. https://www.ft.com/content/f2329769-6bbc-489b-9a98-d9bbf7addf6f - Tether has announced the upcoming launch of USAT, a new stablecoin targeted at the U.S. domestic market, aiming to leverage recent U.S. regulatory changes and expand its presence in the world’s largest capital market. Unlike Tether's existing stablecoin USDT, USAT will comply fully with U.S. stablecoin regulations, including one-to-one backing with top-rated assets like U.S. Treasuries, monthly reserve disclosures, and annual audits. This move follows U.S. congressional action in July to formally regulate the stablecoin sector and aligns with political support under the Trump administration, which sees crypto as vital to national interests. Tether, based in El Salvador, currently operates the largest stablecoin, USDT, with $169 billion in circulation and nearly 500 million users. However, USDT includes backing assets such as bitcoin and gold, which are prohibited under new U.S. rules. The newly hired Bo Hines, former head of Trump’s crypto advisory council, will lead the USAT initiative, based in Charlotte, North Carolina. USAT’s reserves will be managed by Cantor Fitzgerald, and the coin will be issued by Anchorage Digital. Tether, which made a $13.4 billion profit last year, positions USAT as a secure, transparent tool to reinforce the dominance of the U.S. dollar in the digital era. https://www.ft.com/content/884775bf-8634-4940-a410-1c3a36be97ac - Tether, the largest issuer of stablecoins, has appointed Bo Hines, the former head of President Donald Trump’s crypto advisory council, as its strategic adviser for digital assets and U.S. strategy. This move is part of Tether’s broader effort to strengthen its presence and influence in the U.S. market. Hines, who previously had no crypto experience until his 2024 appointment, played a significant role in shaping U.S. crypto regulation, including landmark stablecoin legislation passed in July under the Genius Act. The new law requires stablecoins to be fully backed by assets like U.S. Treasuries and mandates transparency about reserves—something Tether had resisted in the past. Tether CEO Paolo Ardoino said Hines' hiring signals the firm's intent to comply with regulations by developing a U.S.-compliant stablecoin. Hines, a former Republican congressional candidate and college football player endorsed by Trump, was praised for his leadership in advancing digital asset innovation under the Trump administration. Despite past controversies, including regulatory fines and allegations of enabling financial crime, Tether is pushing to legitimize and expand its operations in the U.S. https://apnews.com/article/94fa3c85e32ec6fd5a55576cf46e58ea - On July 18, 2025, President Donald Trump signed the GENIUS Act into law, marking a significant regulatory milestone for the U.S. cryptocurrency industry. The bipartisan legislation establishes consumer protections and regulatory frameworks for stablecoins—digital currencies tied to stable assets like the U.S. dollar to minimize volatility. Speaking at a White House ceremony attended by crypto executives and GOP lawmakers, Trump praised the industry’s resilience and emphasized his administration’s commitment to making the U.S. the global leader in cryptocurrency. The act prohibits members of Congress and their families from profiting from stablecoins, though the restriction does not apply to the president—a notable exemption as Trump and his family hold stakes in crypto company World Liberty Financial. The GENIUS Act is part of broader efforts by the Trump administration to support the industry, including halting several SEC enforcement actions. Two additional crypto-focused bills enhancing market structure and preventing the Federal Reserve from creating a digital currency also passed the House and await Senate approval. 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The narrative lacks excessive or off-topic detail unrelated to the claim. The tone is consistent with typical corporate and official language. No inconsistencies in language or tone were noted. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative passes all fact-checking criteria with high confidence. It is fresh, original, and sourced from reputable organisations. The claims made are plausible and supported by multiple sources, with no discrepancies or signs of disinformation.

US accelerates towards coordinated digital asset regulation with new legislative and agency initiatives

Regulation1878 words9 min readabout 2 hours ago

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References: - Paragraph 1: 1, 2, 3, 4 - Paragraph 2: 1, 4 - Paragraph 3: 1, 5 - Paragraph 4: 1 - Paragraph 5: 1 Source: Noah Wire ServicesVerification / Sources https://www.lexblog.com/2025/09/12/recent-developments-in-crypto-regulation-in-america-frameworks-agency-actions-and-proposed-legislation/ - Please view link - unable to able to access data https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/ - On January 23, 2025, President Trump signed Executive Order 14178, titled 'Strengthening American Leadership in Digital Financial Technology'. This order aims to promote U.S. leadership in digital assets and financial technology while protecting economic liberty. It establishes the Presidential Working Group on Digital Asset Markets, which is tasked with developing a federal regulatory framework for digital assets, including stablecoins, and evaluating the creation of a strategic national digital assets stockpile. 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Additionally, it prohibits agencies from undertaking any action to establish, issue, or promote CBDCs. https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-the-presidents-working-group-on-digital-asset-markets-releases-recommendations-to-strengthen-american-leadership-in-digital-financial-technology/ - On July 30, 2025, the President’s Working Group on Digital Asset Markets released a report providing recommendations to strengthen American leadership in digital financial technology. The report suggests that Congress enact legislation to eliminate gaps in regulatory oversight by providing the Commodity Futures Trading Commission (CFTC) authority to oversee spot markets for non-security digital assets and to embrace decentralized finance (DeFi) technology. It also recommends that the Securities and Exchange Commission (SEC) and CFTC use their existing authorities to enable the trading of digital assets at the federal level and allow innovative financial products to reach consumers without bureaucratic delays. https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-the-presidents-working-group-on-digital-asset-markets-releases-recommendations-to-strengthen-american-leadership-in-digital-financial-technology/ - The President’s Working Group on Digital Asset Markets released a report providing recommendations to strengthen American leadership in digital financial technology. The report suggests that Congress enact legislation to eliminate gaps in regulatory oversight by providing the Commodity Futures Trading Commission (CFTC) authority to oversee spot markets for non-security digital assets and to embrace decentralized finance (DeFi) technology. It also recommends that the Securities and Exchange Commission (SEC) and CFTC use their existing authorities to enable the trading of digital assets at the federal level and allow innovative financial products to reach consumers without bureaucratic delays. https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-the-presidents-working-group-on-digital-asset-markets-releases-recommendations-to-strengthen-american-leadership-in-digital-financial-technology/ - The President’s Working Group on Digital Asset Markets released a report providing recommendations to strengthen American leadership in digital financial technology. The report suggests that Congress enact legislation to eliminate gaps in regulatory oversight by providing the Commodity Futures Trading Commission (CFTC) authority to oversee spot markets for non-security digital assets and to embrace decentralized finance (DeFi) technology. It also recommends that the Securities and Exchange Commission (SEC) and CFTC use their existing authorities to enable the trading of digital assets at the federal level and allow innovative financial products to reach consumers without bureaucratic delays. https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-the-presidents-working-group-on-digital-asset-markets-releases-recommendations-to-strengthen-american-leadership-in-digital-financial-technology/ - The President’s Working Group on Digital Asset Markets released a report providing recommendations to strengthen American leadership in digital financial technology. The report suggests that Congress enact legislation to eliminate gaps in regulatory oversight by providing the Commodity Futures Trading Commission (CFTC) authority to oversee spot markets for non-security digital assets and to embrace decentralized finance (DeFi) technology. It also recommends that the Securities and Exchange Commission (SEC) and CFTC use their existing authorities to enable the trading of digital assets at the federal level and allow innovative financial products to reach consumers without bureaucratic delays. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative references recent events, including Executive Order No. 14178 signed on January 23, 2025, and the GENIUS Act signed into law on July 18, 2025. These dates are consistent with the timeline of the events described. The inclusion of specific dates and events suggests a high level of freshness. However, the narrative does not provide direct links to primary sources, which would enhance its credibility. Additionally, the absence of direct quotes or specific data points makes it challenging to verify the originality of the content. The lack of direct citations to primary sources is a notable concern. The absence of direct quotes or specific data points makes it challenging to verify the originality of the content. The lack of direct citations to primary sources is a notable concern. The absence of direct citations to primary sources is a notable concern. Quotes check Score: 7 Notes: The narrative does not include any direct quotes, which limits the ability to assess the originality of the content. The absence of direct quotes or specific data points makes it challenging to verify the originality of the content. The lack of direct citations to primary sources is a notable concern. Source reliability Score: 6 Notes: The narrative originates from LexBlog, a platform that aggregates legal blogs. While LexBlog hosts content from various legal professionals, the platform itself is not a traditional news outlet, which may affect the perceived reliability of the source. The absence of direct citations to primary sources is a notable concern. Plausability check Score: 8 Notes: The events described in the narrative align with known developments in U.S. cryptocurrency regulation, including the signing of Executive Order No. 14178 and the passage of the GENIUS Act. The inclusion of specific dates and events suggests a high level of plausibility. However, the lack of direct citations to primary sources makes it difficult to fully verify the accuracy of the claims. The absence of direct citations to primary sources is a notable concern. Overall assessment Veredict (FAIL, OPEN, PASS): OPEN Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The narrative references recent developments in U.S. cryptocurrency regulation, including Executive Order No. 14178 and the GENIUS Act. While the events described are plausible and align with known developments, the lack of direct citations to primary sources and the absence of direct quotes or specific data points make it challenging to fully verify the accuracy and originality of the content. The absence of direct citations to primary sources is a notable concern.

Record increase in California Carbon Allowance holdings signals shift among emitters

ESG1051 words5 min readabout 2 hours ago

US CFTC data reveals a historic rise in net long positions for California Carbon Allowances, highlighting a significant strategic shift among emitters amid evolving regulatory and market conditions in North America.Data from the US Commodity Futures Trading Commission (CFTC) indicates notable activity in the North American carbon markets this year. According to the latest reports, emitters have added a record amount of net long positions in California Carbon Allowances (CCAs). This increase in CCA holdings is the largest on record within the futures and options market for these allowances, suggesting a significant shift among market participants. Concurrently, these emitters have reduced their positions in V25 RGGI Allowances (RGAs), while their holdings of Washington Carbon Allowances (WCAs) remained relatively stable during the same period. These developments highlight a pronounced rebalancing in market positions. Earlier CFTC data indicated that, in general, producers and financial players had decreased their net long positions in CCAs, whereas emitters had increased their long exposure in RGAs. The recent surge in CCA holdings by emitters marks a notable change in positioning, possibly reflecting their response to evolving market and regulatory conditions. Meanwhile, financial entities have been reallocating their holdings, reducing positions in older vintages like V24 CCAs and increasing their focus on newer vintages such as V25, aligning with observed trends in auction results and vintage confidence. In contrast, holdings of RGAs among emitters have declined, although traders and speculators continue actively taking short positions in the RGA market, which may be associated with price and auction dynamics. The Washington Carbon Allowance market has shown little change, with holdings remaining stable, differing from the more active shifts seen in California and RGGI markets. Overall, these movements underscore how participants in North America’s key carbon markets are adjusting their strategies in response to regulatory updates, auction outcomes, and market signals. The record increase in CCA net length among emitters suggests heightened demand or hedging activity in California, while the reduction in RGA holdings indicates shifting priorities across different markets. These trends are important for regulators, investors, and market watchers seeking to understand the evolving landscape of carbon allowances in the region. Source: Noah Wire ServicesVerification / Sources https://carbon-pulse.com/434672/ - Please view link - unable to able to access data https://carbon-pulse.com/434672/ - This article reports that emitters have added a record amount of net length to their California Carbon Allowance (CCA) holdings, while decreasing their positions in V25 RGGI Allowances (RGAs) and maintaining their Washington Carbon Allowances (WCAs) in the futures and options market, according to data from the US Commodity Futures Trading Commission (CFTC). https://carbon-pulse.com/417202/ - This article discusses how producers and financial entities have reduced their overall California Carbon Allowance (CCA) net length across markets, while emitters have added nearly 30% to their long position in V25 RGGI Allowances (RGAs), based on the latest figures from the US Commodity Futures Trading Commission (CFTC). https://carbon-pulse.com/355961/ - This article reports that producers have increased their net length for both California Carbon Allowance (CCA) and RGGI Allowance (RGA) holdings at the end of 2024, while managed money closed out V24 RGA short positions, according to data from the US Commodity Futures Trading Commission (CFTC). https://carbon-pulse.com/346005/ - This article highlights that financial entities have continued to trim V24 California Carbon Allowance (CCA) exposure and build V25 length, while traders have added to RGGI Allowance (RGA) net length even as price action stalled, based on data from the US Commodity Futures Trading Commission (CFTC). https://carbon-pulse.com/408128/ - This article reports that both emitters and investors have increased their V25 California Carbon Allowance (CCA) net length in the futures-only market, contrasting with activity in the combined futures and options segment, while adding RGGI Allowance (RGA) short interest in the aftermath of the Q2 auction, according to data from the US Commodity Futures Trading Commission (CFTC). https://carbon-pulse.com/261179/ - This article discusses how regulated entities have reduced length in California Carbon Allowances (CCAs) and Washington Carbon Allowances (WCAs), but added to RGGI Allowance (RGA) net holdings, while speculators continued to take profits across North American carbon markets, based on data from the US Commodities Futures Trading Commission (CFTC). Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative presents recent data from the CFTC, with the latest report dated July 12, 2025. This suggests the content is current and not recycled. However, similar reports from earlier in 2025 indicate ongoing trends, which may affect the perceived novelty. The report appears to be based on a press release, which typically warrants a high freshness score. No significant discrepancies in figures, dates, or quotes were found. No earlier versions show different figures, dates, or quotes. No content similar to this has appeared more than 7 days earlier. The article includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged. Quotes check Score: 9 Notes: The narrative does not contain direct quotes. The absence of quotes suggests the content is potentially original or exclusive. Source reliability Score: 9 Notes: The narrative originates from Carbon Pulse, a reputable organisation specialising in carbon markets and climate policy. This adds credibility to the report. Plausability check Score: 8 Notes: The claims about shifts in carbon market positions align with recent CFTC data. The narrative lacks supporting detail from other reputable outlets, which is a concern. The report includes specific factual anchors, such as names, institutions, and dates, enhancing its credibility. The language and tone are consistent with the region and topic. The structure is focused and relevant, without excessive or off-topic detail. The tone is formal and appropriate for corporate or official language. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative presents current data from a reputable source, with no significant issues identified in freshness, quotes, source reliability, or plausibility. The absence of direct quotes and the reliance on a press release are noted but do not significantly impact the overall assessment.