SEC Approves Instant Stress Test Tweaks for Securities Clearing
Published Date: 3/9/2026
Notice
Summary
The National Securities Clearing Corporation (NSCC) is updating its stress testing rules to better prepare for financial shocks. This change affects NSCC and its partners, aiming to keep the system safe and sound without extra costs or delays. The new rules take effect immediately, helping protect investors and markets from surprises.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Stress Testing Supports Recovery Plans
If you invest or rely on securities markets, the NSCC clarified that its Stress Testing Team will identify scenario assumptions and calculate uncovered credit loss and uncovered liquidity shortfall amounts used in Recovery & Wind-down Plans, as required by Rule 17ad-26(a)(3). The Stress Testing Team will provide those loss amounts and work with the Recovery & Resolution (R&R) Team to support plans to recover or orderly wind down core services.
General Business Losses Added To Scenarios
The Framework now includes "general business losses"—examples given include fraud, natural disaster, and cyber events—as a specific area of stress testing. If you use clearing services, NSCC and its affiliates will include these types of losses in informational stress scenarios and in the subset of scenarios used for Recovery & Wind-down planning.
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