[Federal Register Volume 90, Number 65 (Monday, April 7, 2025)]
[Notices]
[Pages 15013-15017]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-05896]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102755; File No. SR-FICC-2025-007]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Recovery and Wind-Down Plan
April 1, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 25, 2025, Fixed Income Clearing Corporation (``FICC'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II and III below, which
Items have been prepared by the clearing agency. FICC filed the
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and
Rule 19b-4(f)(4) thereunder.\4\ The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(4).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change consists of amendments to the R&W Plan to
reflect business and product developments that have taken place since
the time it was last amended,\5\ make certain changes to improve the
clarity of the Plan and make other updates and technical revisions.\6\
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\5\ See Securities Exchange Act Release Nos. 98335 (Sept. 8,
2023), 88 FR 63157 (Sept. 14, 2023) (SR-FICC-2023-013); and 91430
(Mar. 29, 2021), 86 FR 17432 (Apr. 2, 2021) (SR-FICC-2021-002).
\6\ Capitalized terms not defined herein are defined in the FICC
Government Securities Division (``GSD'') Rulebook (the ``GSD
Rules'') or the FICC Mortgage-Backed Securities Division (``MBSD'')
Clearing Rules (the ``MBSD Rules,'' and collectively with the GSD
Rules, the ``Rules''), available at www.dtcc.com/legal/rules-and-procedures, or in the Recovery & Wind-down Plan of FICC (the ``R&W
Plan'' or ``Plan'').
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
In its filing with the Commission, the clearing agency included
statements concerning the purpose of and basis for the proposed rule
change and discussed any comments it received on the proposed rule
change. The text of these statements may be examined at the places
specified in Item IV below. The clearing agency has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
1. Purpose
Executive Summary
The R&W Plan was adopted in August 2018 \7\ and is maintained by
FICC for compliance with Rule 17ad-22(e)(3)(ii) under the Act.\8\ This
section of the Act requires registered clearing agencies to, in short,
establish, implement and maintain plans for the recovery and orderly
wind-down of the covered clearing agency necessitated by credit losses,
liquidity shortfalls, losses from general business risk, or any other
losses. The Plan is intended to be used by the Board and FICC
management in the event FICC encounters scenarios that could
potentially prevent it from being able to provide its critical services
to the marketplace as a going concern.
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\7\ See Securities Exchange Act Release Nos. 83973 (Aug. 28,
2018), 83 FR 44942 (Sept. 4, 2018) (SR-FICC-2017-021); and 83954
(Aug. 27, 2018), 83 FR 44361 (Aug. 30, 2018) (SR-FICC-2017-805).
\8\ 17 CFR 240.17ad-22(e)(3)(ii). FICC is a ``covered clearing
agency'' as defined in Rule 17ad-22(a)(5) under the Act and must
comply with paragraph (e) of Rule 17ad-22.
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The R&W Plan is comprised of two primary sections: (i) the
``Recovery Plan,'' that sets out the tools and strategies to enable
FICC to recover, in the event it experiences losses that exceed its
prefunded resources, and (ii) the ``Wind-down Plan,'' that describes
the tools and strategies to be used to conduct an orderly wind-down of
FICC's business in a manner designed to permit the continuation of
FICC's critical services in the event that its recovery efforts are not
successful.
FICC believes that by helping to ensure that the R&W Plan reflects
current business and product developments, providing additional
clarity, and making necessary grammatical corrections, that the
proposed rule change would help it continue to maintain the Plan in a
manner that supports the continuity of
[[Page 15014]]
FICC's critical services and enables its Members and Limited Members to
maintain access to FICC's services through the transfer of its
membership in the event FICC defaults or the Wind-down Plan is ever
triggered by the Board.
Background
The R&W Plan is managed by the Office of Recovery & Resolution
Planning (referred to in the Plan as the ``R&R Team'') of FICC's parent
company, the Depository Trust & Clearing Corporation (``DTCC''),\9\ on
behalf of FICC, with review and oversight by the DTCC Executive
Committee and the Board. In accordance with the SEC's Approval Order
covering the Plan,\10\ the Board, or such committees as may be
delegated authority by the Board from time to time, is required to
review and approve the R&W Plan biennially and would also review and
approve any changes that are proposed to the R&W Plan outside of the
biennial review. FICC completed its most recent biennial review in
2024.\11\ The proposed rule change reflects amendments proposed to the
Plans resulting from that review, which are described in greater detail
below. None of the proposed changes modify FICC's general objectives
and approach with respect to its recovery and wind-down strategy as set
forth under the current Plan.
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\9\ DTCC operates on a shared service model with respect to FICC
and its other affiliated clearing agencies, National Securities
Clearing Corporation (``NSCC'') and The Depository Trust Company
(``DTC''). Most corporate functions are established and managed on
an enterprise-wide basis pursuant to intercompany agreements under
which it is generally DTCC that provides relevant services to FICC,
NSCC and DTC (collectively, the ``Clearing Agencies'').
\10\ Supra note 7.
\11\ Upon the effective date of recently adopted SEC Rule 17ad-
26(9), FICC will be updating its procedures to require review and
approval of the Plan by the Board at least every 12 months or
following material changes to FICC's operations that would
significantly affect the viability or execution of the Plan.
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A. Proposed Amendments to the R&W Plan
FICC is proposing the changes to the following sections of the Plan
based upon business updates and product developments that have occurred
since the Plan was last amended.\12\
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\12\ Supra note 2.
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Section 2.2 (GSD) describes the cross-margining arrangement that
GSD has established with the Chicago Mercantile Exchange (the
``CME'').\13\ Based on enhancements made to the arrangement that became
effective in 2024,\14\ FICC proposes to delete the existing description
and replace it with the following, ``In this arrangement, GSD and CME
will each treat a participant's relevant products as a single portfolio
to independently calculate the margin requirements to determine the
more conservative percentage of margin savings that would be applied to
a Cross-Margining Account. FICC and CME would then compare their
respective margin savings percentages with one another, and, if the
lesser of such margin savings percentage exceeds the maximum margin
offset threshold agreed by the Clearing Organizations, each Clearing
Organization would reduce the Cross-Margining Participant's margin
reduction.
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\13\ See GSD Rule 43 (Cross Margining Arrangements), supra note
6.
\14\ See Securities Exchange Act Release No. 98327 (Sept. 8,
2023); 88 FR 63185 (Sept. 14, 2023) (SR-FICC-2023-010).
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Section 2.4 (Intercompany Arrangements) describes how corporate
support services are provided to FICC from DTCC and DTCC's other
subsidiaries, through intercompany agreements under a shared services
model. This section includes a table, (Facilities, Table 2-B), that
lists each of the DTCC facilities utilized by the Clearing Agencies and
indicates whether the facility is owned or leased. FICC proposes to
update this table to add Hyderabad, India as an additional facility
location that is leased by DTCC, which site is expected to be
operational by the end of 2024. In addition, for purposes of clarity,
the proposed rule change would update the table to make clear that the
owner of the Tampa, Florida location is DTCC.
Section 2.5 (FMI Links) \15\ describes some of the key financial
market infrastructures (``FMIs''), both domestic and foreign, that FICC
has identified as critical ``links.'' \16\ This section of the Plan
also identifies the group within DTCC that is responsible for
maintaining the inventory of links and that has set forth a set of
practices and protocols for managing and reviewing the various risks
and controls associated with clearing agency links. Based on a change
to the name of this internal group from ``the DTCC Systemic Risk Office
(``SRO'') to the ``Emerging and Systemic Risk (``ESR'') team,'' the
proposed rule change would replace all references to ``SRO'' with
``ESR.'' The reference to the ``Chief Systemic Risk Officer
(``CSRO'')'' would be replaced with ``Operational Risk management.''
Also, for the same reason, the reference in the first sentence of this
section to the ``DTCC Systemic Risk Office (``SRO'') Clearing Agency
Links--Risk Review Procedures'' would be changed to the ``Clearing
Agency Links--Risk Review Procedures.'' Additionally, for purposes of
consistency, in other sections of the Plan where a reference is made to
``linked FMIs,'' which are Sections 1.3, 3.2, 7.3, 8.4.2 and 8.4.5., it
would be replaced with ``Clearing Agency Links.''
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\15\ For purposes of consistency, under the proposed rule change
all references to ``FMI Links'' would be revised to refer to these
as ``Clearing Agency Links.''
\16\ As defined in Rule 17ad-22(a)(8) under the Act, a link
``means, for purposes of paragraph (e)(20) of Rule 17ad-22, a set of
contractual and operational arrangements between two or more
clearing agencies, financial market utilities, or trading markets
that connect them directly or indirectly for the purposes of
participating in settlement, cross margining, expanding their
services to additional instruments or participants, or for any other
purposes material to their business.'' 17 CFR 240.17ad-22(a)(8).
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In addition to the relationships that meet the definition of a
``link,'' this section of the Plan describes a list of other
relationships that management designates from time to time as `Schedule
A Relationships.'' \17\ For purposes of clarity, the proposed rule
change would revise the description of the Federal Reserve Bank--U.S.,
Treasury Auction Takedown Service, which is a Schedule A Relationship.
The revised description would state that, ``As part of the auction
takedown process, GSD receives securities awarded from the Members'
winning bids directly from the Federal Reserve Bank (``FRB'') into
GSD's auction account at BNY. GSD then redelivers to Members based on
the results of the netting process.''
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\17\ Schedule A Relationships are contractual or operational
arrangements between a DTCC registered clearing agency and one or
more other entities or systems that management determines meet
certain criteria (e.g., they satisfy some, but not all, aspects of
the regulatory definition of ``link.'')
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Section 3 (Critical Services) defines the criteria for classifying
certain of FICC's services as ``critical,'' \18\ and identifies such
critical services and the rationale for their classification. The
identification of FICC's critical services is important for evaluating
how the recovery tools and the wind-down strategy would facilitate and
provide for the continuation of FICC's critical
[[Page 15015]]
services to the markets it serves. Included in this section are two
tables (Table 3-B: GSD Critical Services and Table 3-C: MBSD Critical
Services) that list each of the services, functions or activities that
FICC has identified as ``critical'' based on the applicability of the
criteria.
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\18\ The criteria that is used to identify a FICC service or
function as critical includes consideration as to whether (1) there
is a lack of alternative providers or products; (2) the inability of
FICC to act as a central counterparty through either Division would
increase Members' credit risk and disrupt their ability to initiate
new transactions.; (3) The failure or disruption of the multilateral
netting performed by each FICC Division could materially and
negatively impact the volume of financial transactions and the
liquidity of the U.S. Fixed Income markets; and (4) the service is
interconnected with other participants and processes within the U.S.
financial system (for example, with other FMIs, settlement banks,
broker-dealers, and exchanges).
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There are two tables (Table 3-B: GSD Critical Services and Table 3-
C: MBSD Critical Services) that lists each of the services, functions
or activities that FICC has identified as ``critical'' based on the
applicability of the criteria. For purposes of consolidation and
consistency with the naming conventions, and broader description of
these services to those set forth in DTCC's enterprise service
catalogue (the ``ESC''), which is used by FICC's internal stakeholders,
the proposed rule change would (i) make changes to the names and
descriptions of certain critical services, and (ii) remove some rows in
the respective table that are currently designated as separate critical
services and list them instead as material components of a more broadly
described critical service(s). These proposed changes are described in
more detail below:
Table 3-B: GSD Critical Services
(i) The separate row for ``GSD RTTM[supreg],'' which is the common
electronic platform that is used to provide all of FICC's Critical
Services, would be deleted and moved under the row for the ``GSD
Delivery-versus Payment (DVP) Service,'' as a material component of
that service. ``GSD RTTM[supreg] would also be identified in the row
for the ``GSD GCF Repo[supreg] Service'' as being used to provide that
service.
(ii) The row for ``GSD DVP Cash/Repo Services'' would be renamed
``GSD Delivery-versus Payment (DVP) Service,'' and the following
separate rows would be deleted and moved to be identified as material
components of this service: ``GSD Auction Takedown,'' ``GSD Netting and
Settlement,'' ``GSD Automated Funds Only Settlement Service,'' and
``GSD Repo Collateral Substitution Service.''
(iii) The row for ``GSD GCF Repo[supreg] Service'' would be
modified to remove all references to the ``DTCC GCF Repo[supreg]
Index'' because it is not a critical service nor a material component
of this service. In addition, ``GSD Automated Funds Only Settlement
Service,'' would be identified as a material component of this service.
Table 3-C: MBSD Critical Services
(i) The row for ``MBSD RTTM[supreg]'' would be renamed ``MBSD
Clearing, Netting and Settlement Services.'' A broader description of
this service would be added to this row and the current description of
``MBSD RTTM[supreg] would be retained.
(ii) The separate rows for ``MBSD TBA Netting,'' ``MBSD Pool
Netting and Settlement,'' and ``MBSD Automated Funds Only Settlement
Services'' would be deleted and moved under ``MBSD Clearing, Netting
and Settlement Services'' as material components of this service.
Section 5.2.4 (Recovery Corridor and Recovery Phase) outlines the
early warning indicators to be used by FICC to evaluate its options and
potentially prepare to enter the ``Recovery Phase,'' which phase refers
to the actions to be taken by FICC to restore its financial resources
and avoid a wind-down of its business. This section contains
descriptions of potential stress events that could lead to recovery,
and several early warning indicators and metrics that FICC has
established to evaluate its options and potentially prepare to enter
the Recovery Phase. These indicators, which are referred to in the
Recovery Plan as recovery corridor indicators (``Corridor Indicators''
or ``Indicator(s)''),\19\ are calibrated against FICC's financial
resources and are designed to give FICC the ability to replenish
financial resources, typically through business-as-usual tools applied
prior to entering the Recovery Phase. Included in this section is a
table (Table 5-A: Corridor Indicators) that identifies for each
Indicator (i) how it is measured, (ii) the basis for the evaluation of
the status of the Indicator, (iii) the type of metrics used for
determining the status of the deterioration or improvement of the
Indicator, and (iv) ``Corridor Actions & Escalation,'' which are those
steps that may be taken to improve the status of the Indicator and the
management escalations required to authorize those steps. The proposed
rule change would make the following clarifications to Table 5-A.
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\19\ The majority of the Corridor Indicators, as identified in
the Recovery Plan, relate directly to conditions that may require
FICC to adjust its strategy for hedging and liquidating a defaulting
Member's portfolio, and any such changes would include an assessment
of the status of the Corridor Indicators.
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First, for purposes of additional clarity, in the row that
describes the ``Uncommitted Repo Agreements'' Indicator, a reference to
``including inter-dealer brokers'' would be added to the sentence that
describes the types of Members with whom FICC has entered into Master
Repurchase Agreements. Second, the row for the ``Capped Contingency
Liquidity Facility (CCLF[supreg])'' \20\ Indicator, would be clarified
to describe that CCLF[supreg] is in place as a FICC ``Qualifying Liquid
Resource'' and that FICC may declare a CCLF[supreg] Event to address
FICC's liquidity needs.
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\20\ Participation in the CCLF facility is a membership
requirement for all full-service FICC Members. Members must attest
to their ability to participate in the CCLF facility. Daily reports
provide Members with information on their current and potential
future commitments. FICC may also seek to obtain a loan from its
clearing bank(s) at the discretion of such bank(s). See GSD Rule
22A, Section 2a and MBSD Rule 17, Section 2a, supra note 6.
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Section 5.3 (Liquidity Shortfalls) describes that there is
interaction between market and liquidity actions on FICC's overall risk
exposures. Table 5-C of the Plan sets out the tools that are intended
to address foreseeable liquidity shortfalls that would not be covered
by FICC's existing liquid resources, including modifications to those
existing liquid resources, for example, and how FICC's existing
qualifying liquid resources may be replenished. These tools can be used
as appropriate during the Crisis Continuum to address liquidity
shortfalls if they arise and certain actions that may have the effect
of reducing liquidity needs. For purposes of clarity, the entry in
Table 5-C for ``Non-Qualifying Liquid Resources,'' would be revised to
state that FICC would utilize existing Master Repurchase Agreements,
and alternatively, FICC could pursue financing arrangements such as
commercial bank loans. In addition, to better reflect its purpose, the
name of the entry for ``Uncommitted repos'' would be changed to
``Uncommitted Master Repurchase Agreements'' and the description would
note that FICC could seek new additional Master Repurchase Agreement
counterparties for uncommitted repurchase agreements.
B. Other Updates, Clarifications and Technical Revisions
FICC is also proposing to make other updates and technical
revisions to the Plan. These technical revisions would, for example,
make grammatical corrections, update the names of certain FICC internal
groups, and clarify the description of internal organizations, without
changing the substantive statements being revised.
For example, in Section 4.1 (DTCC and SIFMU Governance Structure),
for purposes of reflecting organizational updates and internal name
changes, FICC proposes to make the following changes, (i) revise the
number of Board committees from six to seven, (ii) revise
[[Page 15016]]
the name of the ``Businesses, Technology and Operations'' committee to
the ``Technology & Cyber Committee, and add to the committees list a
new committee, the ``Enterprise Services Committee,'' (iii) throughout
the Plan, replace all references to ``Management Committee'' with
``Executive Committee,'' based on a change made to the name of this
existing committee, (iv) in Section 4.3 (Recovery and Wind-down Program
Governance), for purposes consolidating of the list of risk groups that
comprise representation on DTCC's Recovery & Wind-down Planning
Council, revise reference to the ``Financial Risk Management'' and
``Operational Risk'' to ``Group Chief Risk Office,'' and remove all
references to ``Embedded Risk Management,'' (v) with respect to Section
6.3.1 (Financial Risk and Capital Management), the last sentence
describes that at the center of DTCC's approach to measuring and
managing its capital is a framework comprised of regulatory and
economic components designed to comprehensively assess the capital
needs of the consolidated enterprise and its operating subsidiaries.
Based on a change in terminology that does not impact how FICC measures
or manages its capital, the term ``economic components'' would be
replaced with ``management views,'' and (vi) for purposes of clarity
and to avoid redundancy, at the end of Section 8.7 (Costs and Time to
Effectuate Plan), (x) the following sentence would be revised to add
the words ``at least'' before ``four months, ``Based on the foregoing
analysis, the costs to execute FICC's recovery or orderly wind-down are
estimated at an amount equal to four months of operating expenses, and
(y) the subsequent sentence that ``This amount thus should be less than
the amount based upon six months of operating costs,'' would be
deleted.
FICC believes the proposed updates and technical revisions would
improve the clarity and accuracy of the Plan and, therefore, would help
facilitate the execution of Plan, if necessary.
2. Statutory Basis
FICC believes that the proposal is consistent with the requirements
of the Act and the rules and regulations thereunder applicable to a
registered clearing agency. In particular, FICC believes that the
amendments to the R&W Plan are consistent with Section 17A(b)(3)(F) of
the Act \21\ and Rule 17ad-22(e)(3)(ii) under the Act \22\ for the
reasons described below.
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\21\ 15 U.S.C. 78q-1(b)(3)(F).
\22\ 17 CFR 240.17ad-22(e)(3)(ii).
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Section 17A(b)(3)(F) of the Act requires, in part, that the rules
of FICC be designed to promote the prompt and accurate clearance and
settlement of securities transactions. As described above, the proposed
rule change would update the R&W Plan to reflect business and product
developments and make certain technical corrections. By helping to
ensure that the R&W Plan reflects current business and product
developments, and providing additional clarity, FICC believes that the
proposed rule change would help it continue to maintain the Plan in a
manner that supports the continuity of FICC's critical services and
enables its Participants and Pledgees to maintain access to FICC's
services through the transfer of its membership in the event FICC
defaults or the Wind-down Plan is ever triggered by the Board. Further,
by facilitating the continuity of its critical clearance and settlement
services, FICC believes the Plan and the proposed rule change would
continue to promote the prompt and accurate clearance and settlement of
securities transactions. Therefore, FICC believes the proposed
amendments to the R&W Plan are consistent with the requirements of
Section 17A(b)(3)(F) of the Act.
Rule 17ad-22(e)(3)(ii) under the Act requires FICC to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to maintain a sound risk management framework for
comprehensively managing legal, credit, liquidity, operational, general
business, investment, custody, and other risks that arise in or are
borne by the covered clearing agency, which includes plans for the
recovery and orderly wind-down of the covered clearing agency
necessitated by credit losses, liquidity shortfalls, losses from
general business risk, or any other losses.\23\
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\23\ Id.
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Specifically, the Recovery Plan defines the risk management
activities, stress conditions and indicators, and tools that FICC may
use to address stress scenarios that could eventually prevent it from
being able to provide its critical services as a going concern. Through
the framework of the Crisis Continuum, the Recovery Plan addresses
measures that FICC may take to address risks of credit losses and
liquidity shortfalls, and other losses that could arise from a
Participant default. The Recovery Plan also addresses the management of
general business risks and other non-default risks that could lead to
losses. The Wind-down Plan would be triggered by a determination by the
Board that recovery efforts have not been, or are unlikely to be,
successful in returning FICC to viability as a going concern. Once
triggered, the Wind-down Plan sets forth clear mechanisms for the
transfer of FICC's membership and business and is designed to
facilitate continued access to FICC's critical services and to minimize
market impact of the transfer. By establishing the framework and
strategy for the execution of the transfer and wind-down of FICC in
order to facilitate continuous access to its critical services, the
Wind-down Plan establishes a plan for the orderly wind-down of FICC.
As described above, the proposed rule change would update the R&W
Plan to reflect business and product developments and make certain
technical corrections. By ensuring that material provisions of the Plan
are current, clear, and technically correct, FICC believes that the
proposed amendments are designed to support the maintenance of the Plan
for the recovery and orderly wind-down of the covered clearing agency
necessitated by credit losses, liquidity shortfalls, losses from
general business risk, or any other losses, and, as such, meets the
requirements of Rule 17ad-22(e)(3)(ii) under the Act.\24\ Therefore,
the proposed changes would help FICC to maintain the Plan in a way that
continues to be consistent with the requirements of Rule 17ad-
22(e)(3)(ii).
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\24\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
FICC does not believe that the proposed rule change would have any
impact, or impose any burden, on competition. FICC does not anticipate
that the proposal would affect its day-to-day operations under normal
circumstances, or in the management of a typical Member default
scenario or non-default event. The R&W Plan was developed and
documented in order to satisfy applicable regulatory requirements, as
discussed above. The proposal is intended to enhance and update the
Plan to ensure it is clear and remains current in the event it is ever
necessary to be implemented. The proposed revisions would not affect
any changes to the overall structure or operation of the Plan or FICC's
recovery and wind-down strategy as set forth under the current Plan. As
such, FICC believes the proposal would not have any impact, or impose
any burden, on competition.
[[Page 15017]]
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
FICC has not received or solicited any written comments relating to
this proposal. If any written comments are received, FICC will amend
this filing to publicly file such comments as an Exhibit 2 to this
filing, as required by Form 19b-4 and the General Instructions thereto.
Persons submitting written comments are cautioned that, according
to Section IV (Solicitation of Comments) of the Exhibit 1A in the
General Instructions to Form 19b-4, the Commission does not edit
personal identifying information from comment submissions. Commenters
should submit only information that they wish to make available
publicly, including their name, email address, and any other
identifying information.
All prospective commenters should follow the Commission's
instructions on How to Submit Comments, available at www.sec.gov/regulatory-actions/how-to-submit-comments. General questions regarding
the rule filing process or logistical questions regarding this filing
should be directed to the Main Office of the Commission's Division of
Trading and Markets at [email protected] or 202-551-5777.
FICC reserves the right to not respond to any comments received.
III. Date of Effectiveness of the Proposed Rule Change, and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act and paragraph (f) of Rule 19b-4 thereunder. At
any time within 60 days of the filing of the proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-FICC-2025-007 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549.
All submissions should refer to File Number SR-FICC-2025-007. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of FICC and on
DTCC's website (https://dtcc.com/legal/sec-rule-filings.aspx). Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to File Number SR-FICC-2025-007 and should be
submitted on or before April 28, 2025.
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\25\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-05896 Filed 4-4-25; 8:45 am]
BILLING CODE 8011-01-P