SEC Nods to $10B Cash Boost for Bond Clearing
Published Date: 4/30/2026
Notice
Summary
The Fixed Income Clearing Corporation (FICC) got the green light to raise up to $10 billion by selling short-term commercial paper to big investors. This extra cash will boost FICC’s safety net to handle member defaults and keep the financial system steady. The change kicks in soon, helping FICC stay ready for any surprises in the market.
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Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Adds Liquidity to Reduce Systemic Risk
FICC is allowed to raise up to $10 billion by selling short-term commercial paper to institutional investors to build prefunded default liquidity. The program (authorized April 27, 2026) will provide extra cash that FICC can draw on to complete end-of-day settlements if a member defaults, with maturities up to 397 days and expected average outstanding levels of about $2–3 billion.
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