NSCC Shuffles Fees for Clearing Fund and Late Filings
Published Date: 12/17/2025
Notice
Summary
The National Securities Clearing Corporation (NSCC) is updating its fee rules to change how some charges work, including fees for net value transactions, maintaining the clearing fund, and late submissions by brokers. These changes affect brokers and firms using NSCC services and take effect immediately, possibly changing how much they pay. The goal is to keep fees fair and clear for everyone involved.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Lower 'Value Into the Net' Fee
NSCC will reduce the "value into the net" fee from $0.46 to $0.44 per million of processed value, effective January 1, 2026. NSCC estimates this change will reduce overall annual fee revenue by about $14 million and that individual Member impacts average about 4 percent based on 2025 data.
Exclude SLD From Clearing Fund Fee
NSCC will remove Supplemental Liquidity Deposits (SLD) from the Clearing Fund Maintenance Fee calculation, effective upon filing (filed December 9, 2025). NSCC estimates SLD inclusion previously impacted fewer than ten Members and resulted in additional aggregate charges of around $1.83 million based on 2024 data.
Remove $500 Late Protect Submission Fee
NSCC will eliminate the Long Broker Late Protect Submission Fee of $500 per instruction and apply a single $15 fee per input/add instruction regardless of submission window, effective January 1, 2026. NSCC reports the late fee historically applied to fewer than ten Members for an aggregate total of less than $25,000 in annualized 2025 data.
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