SEC Greenlights Cloud Shift for Major Clearing Corporations
Published Date: 6/12/2025
Notice
Summary
The big financial helpers DTC, FICC, and NSCC got the green light to move their important money-checking computer systems to a public cloud run by one trusted tech company. This change means faster, smarter, and more flexible ways to handle trades and settlements, with no extra costs or delays announced. Everyone who trades or clears money through these groups will benefit from this tech upgrade starting soon!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Clearing systems approved for public cloud
If you have investments, the SEC issued a notice of no objection on June 6, 2025 allowing DTC, FICC, and NSCC to host a specified set of core clearance and settlement systems (including Reg. SCI systems) on a public cloud. The Cloud setup will use two geographically separate Cloud regions, each with three availability zones (six availability zones total).
Single cloud provider raises concentration risk
The three Clearing Agencies propose to use the same single third-party cloud service provider (CSP) to host Core C&S Systems, which introduces concentration risk. The Clearing Agencies and the CSP agreed to contractual protections such as quarterly compliance briefings, the CSP providing SOC-2 and other audit materials, immediate intrusion notifications, and the Clearing Agencies' audit and review rights.
Faster scaling and risk calculations in the cloud
If you trade securities, the Clearing Agencies say moving some core systems to the Cloud will let them pre-provision capacity, scale workloads quickly, and run more frequent and compute-intensive risk calculations. The agencies say this improves their ability to handle elevated trade volumes and respond to events such as a global pandemic.
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