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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
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!
2026-16853, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
The New York Stock Exchange is changing its price rules starting August 11, 2026. They’re tweaking the share amount needed to get free late D Orders at the market close and cleaning up some wording. This affects traders using these order types and could save or cost them money depending on their order size.
2026-16855, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Equity 4, Rule 3100 Regarding Trading Halts
Previous / Next Documents
Previous: 2025-10530, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Increase Its Fees for Certain Cboe Legacy Silexx Platform Versions
Starting June 2, 2025, Cboe Exchange is raising fees for certain older versions of its Silexx trading platform, called the Legacy Platforms. Traders using these versions will pay more to keep using them, while newer platform users aren’t affected. This change helps Cboe keep up with costs and encourages users to upgrade to the latest tech.
Next: 2025-10532, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Bitwise Bitcoin ETF Trust and the Bitwise Ethereum ETF in Order To Permit In-Kind Creations and Redemptions
NYSE Arca wants to update the Bitwise Bitcoin and Ethereum ETFs so investors can create and redeem shares using the actual cryptocurrencies instead of cash. This change makes trading smoother and could save money on fees for ETF holders. The proposal was filed in May 2025 and is now open for public comments before any final decision.