Clearing Houses Tweak Backup Deals – Business as Usual
Published Date: 1/23/2025
Notice
Summary
The Depository Trust Company (DTC) and the National Securities Clearing Corporation (NSCC) are updating their agreement to make how they back each other up clearer and simpler. These changes reflect how they actually work today, help manage money and securities better, and let them settle some obligations more efficiently. This update is effective immediately and affects both clearing agencies, helping keep the financial system smooth and secure.
No Economic Impacts Identified for this Document
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Previous / Next Documents
Previous: 2025-01546, Self-Regulatory Organizations; LCH SA; Order Granting Approval of Proposed Rule Change by LCH SA Relating to Dealer Status
LCH SA just got the green light from the SEC to update its rules so that affiliates of Clearing Members can have their transactions registered under the main Clearing Member’s name. This change makes things smoother for dealers involved in credit default swaps and related trades, with no extra costs or delays announced. It’s a win for banks and traders who want clearer, simpler dealer status rules starting now.
Next: 2025-01548, Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend and Restate the Second Amended and Restated Netting Contract and Limited Cross-Guaranty Between NSCC and DTC
The National Securities Clearing Corporation (NSCC) and the Depository Trust Company (DTC) are updating their agreement to make how they back each other up clearer and simpler. These changes reflect how they actually work today, improve how they handle money and securities, and help keep things running smoothly without delays. This update took effect right away on January 2, 2025, with no immediate cost impact for the public.