FICC Tweaks Emergency Rules to Avoid Crisis Confusion
Published Date: 9/30/2025
Notice
Summary
The Fixed Income Clearing Corporation (FICC) is updating its emergency rules to make it clearer when and how they can pause certain operations during unusual situations. This change affects firms using FICC’s Government Securities and Mortgage-Backed Securities services, helping everyone stay safe and sound when things get tricky. The new rules took effect right away on September 25, 2025, with no extra costs involved.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
GSD Rule 42: New 'Reasonable and Appropriate' Standard
If your firm uses FICC's Government Securities Division (GSD) services, GSD Rule 42 now uses a "reasonable and appropriate" standard (replacing "necessary or expedient") for when FICC may extend, waive, or suspend a rule. The change (effective September 25, 2025) requires FICC to consider its clearing-agency obligations and lists examples like extending monthly bill payment deadlines, waiving certain charges during unusual market activity, or extending funds-only settlement to capture mark-to-market pricing.
MBSD Rule 33: Clarifies Coverage of Procedures and Regulations
If your firm uses FICC's Mortgage-Backed Securities Division (MBSD) services, MBSD Rule 33 was amended (effective September 25, 2025) to add missing language clarifying that the authority to extend, waive, or suspend applies to MBSD Rules as well as FICC Procedures or any regulations. The change harmonizes MBSD Rule 33 with the other Clearing Agencies' waiver rules.
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