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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2025-07103 — Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change Concerning the Collection of Intraday Margin
The National Securities Clearing Corporation (NSCC) wants to update its rules to collect money during the day to cover risks better, following new government standards. This change affects financial firms that use NSCC’s services and aims to keep the system safer without causing big money surprises. The new rules could start soon after public feedback, helping everyone stay on top of risk in real time.
Next: 2025-07105 — Self-Regulatory Organizations; Investors Exchange LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To Adopt Rules To Govern the Trading of Options on the Exchange for a New Facility Called IEX Options
The Investors Exchange (IEX) wants to start a new options trading platform called IEX Options. The SEC is now deciding whether to approve or reject the rules that would govern this new trading spot. This affects investors and traders who use IEX, and the decision could impact how and when they trade options, possibly changing costs or opportunities soon.