Federal Register #SR-NSCC-2026-006

SEC Notice: NSCC Proposal to Extend Clearing Hours for U.S. Equity Markets (24x5 Model)

This notice details a proposed regulatory 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 - OEMs and Vendors: - National Securities Clearing Corporation (NSCC), a subsidiary of DTCC (highlighted as the primary OEM) - Products/Services Requested: - No physical products or procurement of goods/services is requested - The proposal concerns an extension of NSCC's Universal Trade Capture (UTC) system operating hours to a 24x5 schedule - Service: Extended Trading Hours Clearing Service, supporting trade acceptance, clearing, settlement, and risk management for U.S. equity markets - Unique or Notable Requirements: - NSCC will operate continuously from Sunday evening to Friday evening to support overnight and extended trading sessions - The change is designed to align with industry initiatives by exchanges such as 24X, NYSE Arca, Cboe, and Nasdaq - NSCC will maintain robust risk management using existing margin and Clearing Fund methodologies, including intraday monitoring - Place of Performance: - U.S. equity markets (federal financial infrastructure) - SEC headquarters at 500 E St SW, Washington, DC (regulatory oversight) - No contract value, product quantities, or part numbers are specified, as this is a regulatory notice, not a procurement action.

Description

The National Securities Clearing Corporation (NSCC) has filed a proposed rule change with the Securities and Exchange Commission (SEC) to support industry initiatives aimed at extending trading hours for the U.S. equity markets. The proposal includes NSCC operating on a 24x5 basis from Sunday 8:00 p.m. to Friday 8:00 p.m. to accommodate overnight trading sessions and ensure prompt clearance and settlement of trades executed during extended hours. The SEC is seeking public comment on this proposal, which aims to facilitate the expansion of trading hours while maintaining risk management and operational integrity.

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