FICC Boots Inactive Members: Six Months Silent Means You're Out
Published Date: 1/29/2025
Notice
Summary
The Fixed Income Clearing Corporation (FICC) updated its rules so if a member hasn’t used its services for 6 months and can’t be reached, they’ll be considered to have left voluntarily. This change affects members of FICC’s Mortgage-Backed Securities and Government Securities divisions and helps keep the membership list current without delays. The new rule took effect immediately on January 13, 2025, with no direct cost impact.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Inactive Members May Be Deemed Withdrawn
If you are an EPN User (MBSD) or CCIT Member (GSD) and you have not used FICC's services for at least 6 months and FICC cannot reach you using your last known contacts, FICC may deem you to have voluntarily withdrawn or terminated your membership. This rule applies to members of the Mortgage-Backed Securities Division and Government Securities Division and took effect January 13, 2025. The filing states there is no direct cost impact from this change.
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