Clearing Firms Refine Securities Valuation Framework
Published Date: 6/18/2025
Notice
Summary
The Depository Trust Company, Fixed Income Clearing Corporation, and National Securities Clearing Corporation are updating how they value securities by using more detailed and timely price info. This change helps keep the system fair and accurate for everyone involved in clearing trades. The update got quick approval and starts soon, with no extra costs expected.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Stronger Margin Rules Limit Mutualized Losses
The Commission approved changes that strengthen CCP margin systems and DTC risk tools so the clearing agencies can better collect margin and use backup inputs. The filing says these changes should help limit the exposure of non-defaulting members to mutualized Clearing Fund losses and reduce the chance that losses from a member default would exceed prefunded resources and disrupt clearance or settlement.
Clearing Agencies Add Non-Price Inputs
The Depository Trust Company, Fixed Income Clearing Corporation, and National Securities Clearing Corporation updated their valuation framework to add non-price “Substantive Inputs” (data other than prices) used in margin calculations. The change (filed April 15, 2025 with a Partial Amendment on June 11, 2025) creates a defined inventory of Substantive Inputs, rules for when an input is “necessary” and “consequential,” and procedures for alternative sources or margin methods when inputs are unavailable or unreliable.
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Key Dates
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