2026-04507NoticeWallet

Fixed Income Corp Updates Stress Tests for Market Shocks

Published Date: 3/9/2026

Notice

Summary

The Fixed Income Clearing Corporation (FICC) is updating its stress testing rules to better prepare for financial shocks. This change affects FICC and its partners, helping them spot risks faster and keep markets safe. The new rules took effect right away, aiming to protect billions in transactions without extra costs.

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

Stronger stress tests for recovery planning

If you invest or use broker/dealer services, the Fixed Income Clearing Corporation updated its stress testing Framework so the Stress Testing Team must identify and quantify scenarios that could stop a clearing agency from providing core services. The Framework explicitly covers uncovered credit losses, uncovered liquidity shortfalls, and general business losses and aligns with Rule 17ad-26(a)(3) and each Clearing Agency's Recovery & Wind-down Plan.

No added costs or competition burdens claimed

The Clearing Agencies state the Framework amendments leverage existing stress testing methods and are not designed to advantage or disadvantage any participant. They assert the change will not impose a burden on competition and the filing became effective upon its February 25, 2026 submission.

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Key Dates

Effective Date
Published Date
2/25/2026
3/9/2026

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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