FICC Shuffles Fees for Bonds and Mortgages to Keep It Fair
Published Date: 12/18/2025
Notice
Summary
The Fixed Income Clearing Corporation is updating its rules to change some fees for government and mortgage-backed securities. They’re tweaking the Maintenance Fee, dropping one pre-payment charge, and adding new pass-through fees that reflect bank costs. These changes take effect right away and affect members who use these clearing services, helping them understand fees better and possibly saving or costing them money.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Elimination of $250,000 Sponsored GC pre-payment
FICC will remove the Sponsored GC Pre-Payment Assessment, a $250,000 payment formerly collected from a Sponsoring Member when onboarding to the Sponsored GC Service. The removal takes effect upon the filing (December 8, 2025); Sponsoring Members who onboard on or after that date will not be required to pay the $250,000 pre-payment, while Members who already paid will continue to receive the existing credit until it is depleted or for up to thirty-six (36) months as currently provided.
Maintenance Fee percentage cut to 0.075%
FICC will reduce the Clearing Fund Maintenance Fee rate from 0.085% to 0.075% for both the Government Securities Division (GSD) and Mortgage-Backed Securities Division (MBSD). This change is scheduled to be implemented on January 1, 2026 and FICC projects an approximately 12% fee reduction for all Members as a result.
New BNY pass-through fees for collateral services
FICC will add bank pass-through fees charged by Bank of New York (BNY): a Core Services Fee of 0.15 basis points on the settlement amount of the Start Leg of all Sponsored GC Trades and ACS Triparty Trades, and an Enhanced Services Fee of 0.35 basis points on the Start Leg of Sponsored GC CIL Trades (in addition to the Core Services Fee). Fees applicable to Sponsored GC Trades become effective January 1, 2026; fees for CIL and ACS Triparty Trades become effective when FICC implements the related CIL and ACS Triparty rule changes.
Rule text clarifications to explain pass-through fees
FICC will revise the GSD and MBSD fee language to clarify how Clearing Agent Bank pass-through fees are calculated and assessed and to group existing BNY pass-through fees as Core Services Fees. The clarified descriptions are intended to help Members better identify and understand the fees passed through by FICC.
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