SEC Delays Decision on Sponsored GC Trade Clearing Overhaul
Published Date: 9/30/2025
Notice
Summary
The Fixed Income Clearing Corporation wants to add a new way for members to use collateral and let sponsoring members clear special "done-away" trades in their Sponsored GC Service. The SEC is taking extra time to review this change, which could affect financial firms that use these services. No money changes yet, but the decision deadline is extended to give the SEC more time to make sure everything’s solid.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
New Collateral-in-Lieu Offering
On August 29, 2025, the Fixed Income Clearing Corporation (FICC) filed proposed rule change SR-FICC-2025-019 to add a new Collateral-in-Lieu offering within its Sponsored GC Service. The proposal was published in the Federal Register on September 15, 2025 and is under SEC review but has not been approved.
Allowing 'Done-Away' Sponsored GC Trades
FICC's proposed rule change SR-FICC-2025-019, filed August 29, 2025 and published September 15, 2025, would expand the Sponsored GC Service to allow a Sponsoring Member to submit a "done-away" Sponsored GC Trade for clearing. The SEC is reviewing the proposal and has set December 14, 2025 as the date by which it will decide whether to approve or take other action.
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