Clearing Corp Speeds Up Intraday Risk Payments
Published Date: 6/11/2025
Notice
Summary
The Fixed Income Clearing Corporation (FICC) is updating its rules to collect margin payments during the trading day, helping manage risks better for government and mortgage-backed securities. This change affects financial firms using FICC’s services and aims to keep the market safer without adding extra costs. The Securities and Exchange Commission quickly approved this update, so it’s set to roll out soon!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
FICC can collect intraday margin more often
FICC can require members to deposit intraday margin "as frequently as circumstances warrant," potentially more often than the current twice-daily calls at the Government Securities Division (GSD) and once-daily calls at the Mortgage-Backed Securities Division (MBSD). FICC may re-calculate VaR and other intraday charges at times and frequencies it sets and will communicate those times on its public website.
Rules let FICC waive or reduce intraday charges
FICC can waive, reduce, or decide not to collect intraday Supplemental Fund Deposits, Intraday VaR Charges, or Intraday Mark-to-Market Charges in certain circumstances (for example, offsetting trades later in the day or erroneous trade/data submissions). Such waiver or reduction decisions must be approved, documented, and reviewed regularly under FICC's procedures.
FICC to publish intraday monitoring times and parameters
FICC will post on its public website the times and frequencies for its intraday risk monitoring, and the parameters, payment form, and timing for intraday margin calls. The filing notes FICC currently monitors every 15 minutes at GSD and hourly at MBSD and expects MBSD monitoring to move to 15-minute increments by the fourth quarter of 2025.
Indirect participants explicitly covered
The Proposed Rule Change clarifies that Netting Members, Clearing Members, Segregated Indirect Participants, Sponsored Members, and other indirect participants are subject to the intraday monitoring and potential intraday margin collection and that FICC may require deposits from Segregated Indirect Participants and Sponsored Members under the amended rules.
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