SEC Takes Extra Time on NSCC Settlement Fees
Published Date: 9/30/2025
Notice
Summary
The National Securities Clearing Corporation (NSCC) wants to change the rules about fees charged when members don’t settle trades on time. The Securities and Exchange Commission (SEC) is taking extra time to review this proposal, pushing the decision deadline from October 31 to a later date. This affects financial firms that use NSCC’s services and could impact how much they pay if they miss settlement deadlines.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
NSCC proposes change to CNS Fails
On September 5, 2025, NSCC filed a proposal (SR-NSCC-2025-013) to modify the CNS Fails Charge that applies when a Member fails to settle a Short Position or a Long Position by the applicable settlement date. The proposal was published for comment on September 16, 2025 and the SEC extended its review period to December 15, 2025 before it will approve, disapprove, or institute proceedings.
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