FICC's Daytime Money Grab: Intraday Margin Rules Get a Tune-Up
Published Date: 4/25/2025
Notice
Summary
The Fixed Income Clearing Corporation (FICC) wants to update its rules to follow new government standards about collecting money during the day to cover risks (called intraday margin). This change affects banks and traders using FICC’s services and aims to keep the system safer without big cost surprises. The new rules could start soon after public feedback, so everyone should get ready for quicker money checks during the trading day.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
More frequent intraday monitoring
FICC will monitor member exposures intraday more often. At GSD it monitors generally every 15 minutes between 8:00 a.m. and 4:30 p.m. (extended to 5:00 p.m. on the last business day of each month), and MBSD is monitored hourly now but FICC expects to increase MBSD monitoring to 15-minute increments during the fourth quarter of 2025.
Intraday margin calls with thresholds and timing
FICC may make intraday margin calls when risk thresholds are breached or markets show elevated volatility and members must satisfy any such amounts within the timeframe specified by FICC. FICC will publish on its public website the times and frequencies for intraday recalculations, the threshold parameters that require payment, and the form and time by which payment is due.
Waiver and reduction authority with documentation
FICC may waive or reduce intraday margin calls in circumstances where the volatility-based exposure or threshold breaches do not reflect actual risk, including examples like offsetting trades, portfolio composition changes, or erroneous trades/data. Any waiver, reduction, or decision not to collect must be approved, documented, and reviewed regularly under FICC procedures.
Segregated indirect participant margin clarified
The rules clarify that Sponsoring Members and Agent Clearing Members remain responsible for Clearing Fund obligations arising from Sponsored Members and Executing Firm Customers and that Segregated Customer Margin Requirements will be recalculated intraday as applicable. FICC will reference Segregated Indirect Participants explicitly in the GSD intraday margin definitions for clarity.
Implementation deadline announced
FICC expects to implement these rule changes by no later than December 15, 2025 and will announce the effective date by an Important Notice on its website. Members should be prepared for the changes to take effect by that date or earlier if announced.
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