Federal Register #SR-FICC-2026-007

SEC Notice: FICC Proposed Rule Change for U.S. Treasury Clearing Trade Submission

This opportunity concerns a proposed regulatory change in the U.S. securities clearing sector: - Government buyer: Securities and Exchange Commission (SEC) - OEM/vendor: Fixed Income Clearing Corporation (FICC) - Scope of change: - FICC proposes to amend its Government Securities Division (GSD) rules - All Netting Members would be required to submit eligible secondary market transactions (including repurchase agreements and certain cash transactions involving U.S. Treasury Securities) for central clearing and settlement via FICC - Compliance and enforcement: - FICC will monitor member compliance - Fines and regulatory notifications are included for non-compliance - A cure period is provided for self-reported non-compliance - Additional clarifications and revisions to GSD rules are included to improve transparency and accuracy - No specific products, part numbers, or purchase quantities are requested; this is a regulatory and procedural change, not a product or service procurement - The change impacts how U.S. Treasury Securities are cleared and settled in the secondary market

Description

The Fixed Income Clearing Corporation (FICC) proposes a rule change to modify its Government Securities Division (GSD) rules to adopt a U.S. Treasury clearing trade submission requirement. The change mandates that all Netting Members submit eligible secondary market transactions, including repurchase and certain cash transactions involving U.S. Treasury Securities, for clearance and settlement through FICC. The proposal includes provisions for monitoring and enforcing compliance, including fines and notifications to regulatory authorities, with a cure period for self-reported non-compliance. Additional clarifications and revisions to the rules are also proposed to enhance transparency and accuracy.

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