# 2025-11184: Clearing Firms Refine Securities Valuation Framework

2025-11184, Self-Regulatory Organizations; The Depository Trust Company; Fixed Income Clearing Corporation; National Securities Clearing Corporation; Notice of Filing of Partial Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Partial Amendment No. 1, To Update the Clearing Agency Securities Valuation Framework To Include Use of Substantive Inputs, is a Federal Register notice from Securities and Exchange Commission published 2025-06-18; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-11184
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-11184
- Title: Self-Regulatory Organizations; The Depository Trust Company; Fixed Income Clearing Corporation; National Securities Clearing Corporation; Notice of Filing of Partial Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Partial Amendment No. 1, To Update the Clearing Agency Securities Valuation Framework To Include Use of Substantive Inputs
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 26080
- Published: 2025-06-18
- Effective: unknown
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Clearing Firms Refine Securities Valuation Framework

## Summary

The Depository Trust Company, Fixed Income Clearing Corporation, and National Securities Clearing Corporation are updating how they value securities by using more detailed and timely price info. This change helps keep the system fair and accurate for everyone involved in clearing trades. The update got quick approval and starts soon, with no extra costs expected.

## Effects PRIA read

- Clearing Agencies Add Non-Price Inputs: benefit, medium. The Depository Trust Company, Fixed Income Clearing Corporation, and National Securities Clearing Corporation updated their valuation framework to add non-price “Substantive Inputs” (data other than prices) used in margin calculations. The change (filed April 15, 2025 with a Partial Amendment on Ju…
- Stronger Margin Rules Limit Mutualized Losses: benefit, high. The Commission approved changes that strengthen CCP margin systems and DTC risk tools so the clearing agencies can better collect margin and use backup inputs. The filing says these changes should help limit the exposure of non-defaulting members to mutualized Clearing Fund losses and reduce the ch…

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## Sources
- [2025-11184 on federalregister.gov](https://www.federalregister.gov/documents/2025/06/18/2025-11184/self-regulatory-organizations-the-depository-trust-company-fixed-income-clearing-corporation)
- [2025-11184 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-06-18/pdf/2025-11184.pdf)

## Related
- [Previous: 2025-11183, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediat…](https://policyrisk.com/federal-register/2025-11183)
- [Next: 2025-11185, Center for Scientific Review; Notice of Closed Meetings](https://policyrisk.com/federal-register/2025-11185)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-11184 (as of 2026-06-08).