Three securities clearing organizations filed proposals for rule changes with the SEC to raise capital requirements for their members.
In separate filings, the Fixed Income Clearing Corporation , the Depository Trust Company and the National Securities Clearing Corporation proposed changes to their respective rules, bylaws and procedures to raise the capital requirements of their members. The organizations highlighted the need for adjustments in light of (i) changes in financial markets and regulations, (ii) exposure to market volatility, and (iii) the designation of these firms as systematically important financial market utilities (or “SIFMUs”). Clearing organizations are permitted to condition member participation […]
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