Federal Register #SR-NSCC-2026-005

SEC Proposed Rule Change: NSCC Customer Net Margin Account Option for Agent Clearing Members

This notice details a proposed rule change by the Securities and Exchange Commission (SEC) regarding the National Securities Clearing Corporation (NSCC): - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM/Vendor: - National Securities Clearing Corporation (NSCC) is the only OEM/vendor referenced - Service Requested: - Introduction of a new Agent Clearing Member Customer Net Margin Account option within NSCC's Securities Financing Transaction (SFT) Clearing Service - This account option allows netting of positions for margin and clearing fund purposes - Designed to enhance margin and capital efficiency for Agent Clearing Members and their customers - Aims to expand access to NSCC's clearing services and align with similar offerings at affiliated clearing agencies - Improves default management processes - Unique/Notable Requirements: - Establishment of a new account structure for agent clearing members - Updated rules to accommodate evolving market practices in securities financing transactions - Public comments are solicited as part of the regulatory approval process - No specific products, part numbers, or purchase quantities are requested; the notice pertains to a regulatory service and rule update - Place of Performance/Delivery: - SEC offices in Washington, DC - Federal Register office in Washington, DC

Description

The Securities and Exchange Commission has filed a proposed rule change by the National Securities Clearing Corporation (NSCC) to introduce a new customer net margin account option for agent clearing members in the securities financing transaction clearing service. This change aims to enhance margin management flexibility and efficiency for agent clearing members acting on behalf of their customers. The proposal is part of NSCC's ongoing efforts to update its rules to accommodate evolving market practices and improve clearing services. Interested parties are invited to review the full text and submit comments regarding the proposal's consistency with the Securities Exchange Act.

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