Federal Register #SR-CMESC-2026-008

SEC Notice: Proposed Rule Changes by CME Securities Clearing Inc. and NYSE for Liquidity and Trading Halt Policies

This SEC notice concerns proposed rule changes by CME Securities Clearing Inc. (CMESC) and the New York Stock Exchange (NYSE) to enhance liquidity risk management and clarify trading halt procedures. - Government Buyer: - Securities and Exchange Commission (SEC) - CME Securities Clearing Inc. (CMESC) as the regulated entity - New York Stock Exchange (NYSE) as a rule amendment submitter - OEMs and Vendors: - CME Securities Clearing Inc. (CMESC) - New York Stock Exchange (NYSE) - Products/Services Requested: - Amendments to CMESC Rule 410, Rule 101, Capped Liquidity Facility (CLF) Procedure, and Liquidity Risk Management Policy (LRMP) - Establishment of a rules-based CLF Master Repurchase Agreement (MRA) - Clarification of calculation methods for CLF sizing and member allocations - Requirement for members to provide transaction volume data - Amendment to NYSE Rule 7.18 to correct language regarding Reverse Stock Split Halts - Unique or Notable Requirements: - Focus on regulatory and procedural enhancements to liquidity risk management - Streamlining of CLF MRA for improved settlement liquidity - Enhanced transparency and clarity in trading halt definitions - No specific products, part numbers, or quantities requested; changes are policy and procedure-based - Public comments are solicited on the proposed rule changes

Description

This notice pertains to a proposed rule change filed by CME Securities Clearing Inc. (CMESC) to amend Rule 410, Rule 101, the Capped Liquidity Facility Procedure, and the Liquidity Risk Management Policy. The amendments include modifications to the CLF Master Repurchase Agreement, enhancements to the calculation and allocation of the Capped Liquidity Facility size, and clarifications to liquidity risk management policies. The purpose is to ensure CMESC meets liquidity requirements for settlement obligations under various stress scenarios, promoting prompt and accurate clearance and settlement of securities transactions.

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