[Federal Register Volume 91, Number 73 (Thursday, April 16, 2026)]
[Notices]
[Pages 20507-20515]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-07344]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105210; File No. SR-NSCC-2026-006]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing of Proposed Rule Change Concerning NSCC's
Ability To Support Industry Efforts To Extend Trading Hours for the
U.S. Equity Markets
April 13, 2026.
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 April 2, 2026, National Securities Clearing Corporation (``NSCC'')
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. 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.
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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 NSCC Rules &
Procedures (``NSCC Rules'') to describe (i) NSCC's ability to support
industry efforts to extend trading hours for the U.S. equity markets
and (ii) the publication of general timeframes, deadlines or cutoff
times related to NSCC's core trade acceptance, clearing, settlement and
risk management processes, including those applicable to extend trading
hours.\3\
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\3\ Capitalized terms not defined herein shall have the meaning
assigned to such terms in the NSCC Rules, available at www.dtcc.com/legal/rules-and-procedures.
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[[Page 20508]]
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.
[lpar]A[rpar] Clearing Agency's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The primary purpose of the proposed rule change is to amend the
NSCC Rules to describe NSCC's ability to support industry efforts to
extend trading hours for the U.S. equity markets. The proposed rule
change would also describe how NSCC would provide additional clarity
and transparency around the key timeframes related to NSCC's core trade
acceptance, clearing, settlement and risk management processes,
including those applicable to extended trading and clearing hours, by
making such times available on the NSCC website. The proposed rule
change is discussed in detail below.
Background
NSCC Trade Capture and Recording Services
The Universal Trade Capture system (``UTC'') is NSCC's system for
validating and reporting equity transactions submitted to NSCC by self-
regulatory organizations (``SROs''), specifically registered securities
exchanges (``Exchanges''), and Qualified Special Representatives
(``QSRs'') \4\ submitting trades on behalf of an automated execution
system or Alternative Trading System (``ATS''). UTC currently operates
from 1:30 a.m. to 11:30 p.m. Eastern Time each business day.\5\
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\4\ A ``Special Representative'' is a Member or a Registered
Clearing Agency which applies to NSCC for such status and designates
those Members for which it will act. Special Representatives may
submit to NSCC for trade recording trade data on any transaction
calling for delivery of Cleared Securities between it and another
person. See NSCC Rule 7, Sections 1 and 2(a), supra note 3. A
``Qualified Special Representative'' (or QSR) is a Special
Representative who (i) operates an automated execution system where
it is always the contra side to each transaction; (ii) has a parent
corporation or affiliated corporation that operates an automated
execution system where the Special Representative is always the
contra side to each transaction; or (iii) clears for a broker/dealer
who operates an automated execution system where the broker/dealer
is always the contra side to each transaction, and the subscribers
to the automated execution system enter into an agreement with the
broker/dealer and the Special Representative acknowledging the
Special Representative's role in the clearance of trades executed on
the automated execution system. See NSCC Rule 7, Section 3, supra
note 3.
\5\ All times discussed herein are Eastern Time unless otherwise
indicated.
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NSCC begins accepting locked-in trades from certain QSRs for ATS
activity between 1:30 and 4:00 a.m. each business day.\6\ NSCC also
accepts locked-in trades from both Exchanges and QSRs from 4:00 a.m. to
8:00 p.m. each business day. This window is aligned with current
Exchange trading sessions supported by the Securities Information
Processors (``SIPs''),\7\ which generally include an early hours or
pre-market session from 4:00 to 9:30 a.m., regular hours or core market
session from 9:30 a.m. to 4:00 p.m., and late hours or post-market
session from 4:00 to 8:00 p.m. In addition, NSCC accepts other non-
Exchange/non-QSR activity through UTC between the hours of 8:00 and
11:30 p.m., such as primary market exchange-traded fund activity, prime
broker activity, and options exercise and assignment activity from The
Options Clearing Corporation.
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\6\ This activity currently represents approximately one percent
of the overall trade volume cleared by NSCC.
\7\ SIPs link the U.S. markets by processing and consolidating
all protected equities bid/ask quotes and trades from every
registered exchange and the Financial Industry Regulatory Authority,
Inc.'s Alternative Display Facility into a single, easily consumable
data feed. There are currently two SIPs: (i) the combined
Consolidated Tape Association (``CTA'') SIP, and (ii) the Unlisted
Trading Privileges (``UTP'') SIP. The CTA SIP oversees the
dissemination of real-time trade and quote information in New York
Stock Exchange LLC (Network A) and Bats, Cboe, NYSE Arca, NYSE
American and other regional exchanges (Network B) listed securities.
See CTA Plan website available at www.ctaplan.com/index. The UTP SIP
oversees the dissemination of Nasdaq-listed securities (sometimes
called ``Network C'' or ``Tape C'' securities). See UTP Plan
website, available at www.utpplan.com. Each SIP is governed by a
plan and run by an Operating Committee comprised of its plan
participants, which are counseled by an advisory committee made up
of individuals representing firms from across the industry and
representing the diverse viewpoints of the market.
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In response to growing demand for 24-hour trading, NSCC proposes to
extend its UTC operating hours and associated clearing hours to support
extended trading hours for the U.S. equity markets.
Industry Initiatives To Extend Trading Hours for U.S. Equities
The industry is currently working on a number of initiatives to
expand trading hours for the U.S. equity markets due to growing
interest in 24-hour trading, particularly from retail investors. This
includes initiatives by Exchanges, QSRs and ATS operators, and the
SIPs, as well as industry coordination through task forces and working
groups organized by The Depository Trust & Clearing Corporation
(``DTCC'') \8\ and the Securities Industry and Financial Markets
Association (``SIFMA''). For example:
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\8\ DTCC is NSCC's parent company.
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On November 27, 2024, the Commission issued an order
approving an application by 24X National Exchange LLC (``24X'') for
registration as a national securities exchange.\9\ As part of its
application, 24X proposed to operate an overnight trading session from
8:00 p.m. to 4:00 a.m. (``24X Market Session'').\10\ The adoption of
this overnight session is subject to 24X filing a subsequent proposed
rule change with the Commission and such filing being approved or
otherwise becoming effective; \11\
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\9\ See Securities Exchange Act Release No. 101777 (Nov. 27,
2024), 89 FR 97092 (Dec. 6, 2024) (File No. 10-242) (``24X Order'').
\10\ 24X subsequently filed a proposed rule change with the
Commission to amend the start time of the 24X Market Session to 9:00
p.m. See Securities Exchange Act Release No. 104086 (Sept. 26,
2025), 90 FR 46978 (Sept. 30, 2025) (SR-24X-2025-07).
\11\ See 24X Order at 97105-97106, supra note 9.
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On February 11, 2025, the Commission approved a proposed
rule change by NYSE Arca, Inc. (``NYSE Arca'') to offer trading from
1:30 a.m. through 11:30 p.m. on Monday through Thursday, and 1:30 a.m.
through 8:00 p.m. on Friday.\12\ The adoption of NYSE Arca's proposal
is also subject to NYSE Arca filing a subsequent proposed rule change
with the Commission and such filing being approved or otherwise
becoming effective; \13\
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\12\ See Securities Exchange Act Release No. 102400 (Feb. 11,
2025), 90 FR 9794 (Feb. 18, 2025) (SR-NYSEARCA-2024-89) (``NYSE Arca
Order'').
\13\ See NYSE Arca Order at 9795-9796, id.
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Cboe Global Markets announced plans to offer 24-hour,
five-days-a-week trading for U.S. equities on its Cboe EDGX Equities
Exchange (``EDGX''), subject to regulatory review; \14\ and
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\14\ See Cboe Global Markets, Cboe Announces Plans to Launch
24x5 U.S. Equities Trading, available at https://ir.cboe.com/news/news-details/2025/Cboe-Announces-Plans-to-Launch-24x5-U.S.-Equities-Trading-2025-NwujmKvsxb/default.aspx.
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Nasdaq announced plans to enable 24-hour trading on the
Nasdaq Stock Market, subject to regulatory review.\15\
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\15\ See Nasdaq 24-Hour Trading Hub website, available at
www.nasdaq.com/24-hour-trading-hub.
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The participants of the SIPs have also submitted amendments to
their respective operating plans (``Plan Amendments'') to the
Commission to extend their operating hours. The Plan Amendments propose
new operating
[[Page 20509]]
hours (excluding holidays) of 9:00 p.m. Sunday to 8:00 p.m. Friday;
provided, however, that the SIPs will pause operations at 8:00 p.m. on
Monday through Thursday for an hour to accommodate technical refreshes
for the SIPs, SIP participants, and other market participants.\16\ NSCC
notes that the SIPs' Plan Amendments include certain conditions,
including that DTCC offers clearing during the proposed hours of
operation.
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\16\ See Securities Exchange Act Release Nos. 104665 (Jan. 22,
2026), 91 FR 3602 (Jan. 27, 2026) (SR-CTA/CQ-2026-01) (Consolidated
Tape Association; Notice of Filing of Fortieth Substantive Amendment
to the Second Restatement of the CTA Plan and Thirty-First
Substantive Amendment to the Restated CQ Plan) and 104670 (Jan. 22,
2026), 91 FR 3609 (Jan. 27, 2026) (File No. S7-24-89) (Joint
Industry Plan; Notice of Filing of the Fifty-Fifth Amendment to the
Joint Self-Regulatory Organization Plan Governing the Collection,
Consolidation and Dissemination of Quotation and Transaction
Information for Nasdaq-Listed Securities Traded on Exchanges on an
Unlisted Trading Privileges Basis).
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There are also several ATSs offering overnight trading in U.S.
equities during the hours of 8:00 p.m. to 4:00 a.m., including Blue
Ocean Technologies, LLC's Blue Ocean ATS,\17\ OTC Markets Group's MOON
ATS,\18\ and Bruce Markets' Bruce ATS.\19\ Moreover, NSCC understands
that there are additional ATSs working to expand trading hours to
include overnight trading sessions.
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\17\ See Blue Ocean ATS Session hours on the Blue Ocean
Technologies, LLC website, available at https://blueocean-tech.io.
\18\ See MOON ATS operating hours on the OTC Markets Group
website, available at www.otcmarkets.com/otc-link/moon-ats.
\19\ See Bruce Markets ATS operating hours on the Bruce Markets
website, available at www.brucemarkets.com.
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With respect to industry engagement, NSCC has held discussions
concerning extended trading hours with advisory councils of DTCC's
subsidiary clearing agencies NSCC, Fixed Income Clearing Corporation,
and The Depository Trust Company (``DTC'') (collectively, the
``Clearing Agencies''), which are made up of representatives of the
Clearing Agencies' participants and other relevant stakeholders,\20\ as
well as with certain working groups focusing on issues related to
extended trading hours. The advisory councils and working groups were
supportive of NSCC's proposal to extend its hours to accommodate
extended trading hours.
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\20\ The Clearing Agencies have established various advisory
councils to ensure appropriate stakeholders are consulted for
different types of material developments at the Clearing Agencies,
which include an NSCC and DTC Clearance and Settlement Advisory
Council, to facilitate compliance with Rule 17ad-25(j) under the
Act. See 17 CFR 240.17ad-25(j). See also Securities Exchange Act
Release No. 101764 (Nov. 26, 2024), 89 FR 95843, 95845 (Dec. 3,
2024) (SR-DTC-2024-009, SR-FICC-2024-010, SR-NSCC-2024-006).
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SIFMA has also convened task forces made up of industry subject-
matter experts to evaluate the operational and market impacts across
the equities industry as markets move toward broader adoption of
extended trading hours. SIFMA and the industry, in collaboration with
DTCC and the Exchanges, have convened additional working group sessions
in the areas of clearing and settlement, market structure, corporate
actions, volatility mechanisms, and margin, among others. These working
group sessions include a broad representation across market
participants, including broker-dealers, asset managers, data vendors
and service providers.\21\
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\21\ See https://www.sifma.org/issues/market-structure/extended-trading-hours.
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In response to these industry initiatives and growing demand for
24-hour trading, NSCC proposes to extend its UTC operating and clearing
hours to reduce the time between trade execution and the clearance and
guarantee of overnight trades. NSCC would operate on a ``24x5'' basis
from Sunday at 8:00 p.m. to Friday at 8:00 p.m. to support overnight
trading activity from Exchanges and QSRs submitting on behalf of an
ATS. NSCC's extended clearing hours will facilitate the trade clearance
and guarantee of overnight activity across different time zones for
global industry participants and mitigate counterparty risk across the
industry. The proposed rule change is discussed in detail below.
Proposed Changes
NSCC proposes to amend the NSCC Rules to provide additional clarity
regarding (i) NSCC's ability to support industry efforts to extend
trading hours for the U.S. equity markets and (ii) general timeframes,
deadlines or cutoff times related to NSCC's core trade acceptance,
clearing, settlement and risk management processes.
Trade Acceptance and Processing
NSCC proposes to amend NSCC Rule 1 (Definitions and Descriptions)
and Procedure II (Trade Comparison and Recording Service) of the NSCC
Rules to add new defined terms and to describe trade acceptance and
processing for Exchange and QSR/ATS market trading sessions.
NSCC proposes to add new definitions to NSCC Rule 1 for the terms
``Market Trading Session'' and ``Trade Processing Date.'' The term
``Market Trading Session'' would be defined to mean ``any market
trading hours established or agreed upon by (i) self-regulatory
organizations, (ii) automated execution systems (or alternative trading
systems) for which transactions are submitted on a locked-in basis by
Qualified Special Representatives, and/or (iii) securities information
processors, which may include, but are not limited to, any pre-market
trading sessions, core trading sessions, post-market trading sessions
or overnight trading sessions.'' The term ``Trade Processing Date''
would be defined to mean ``the business date for which a trade is
expected to be cleared by [NSCC].'' These new defined terms would be
used in the proposed changes to Procedure II of the NSCC Rules, which
are further described below.
NSCC proposes to adopt new subsection G of Procedure II to describe
trade acceptance and processing for locked-in trades submitted during
SRO (i.e., Exchange) and QSR/ATS Market Trading Sessions, including
those submitted during extended trading hours. The proposed rule would
provide that NSCC may accept locked-in trade data for any Market
Trading Sessions, provided that such trades shall be accepted and
processed within the operating hours of NSCC's trade capture system.
NSCC proposes to move to a ``24x5'' operating model where UTC would be
open for accepting trades for any valid trade date from Sunday at 8:00
p.m. to Friday at 8:00 p.m. to support all Market Trading Sessions
during those times.\22\ The proposed 24x5 operating hours would allow
NSCC to accommodate trading activity currently anticipated from
Exchanges and QSR/ATSs, including any pre-market trading sessions, core
trading sessions, post-market trading sessions, and overnight trading
sessions that they may offer during NSCC's proposed 24x5 hours. The
proposed 24x5 operating hours would be communicated to Members, SROs,
ATSs and the general public in a schedule of timeframes maintained on
the NSCC website (as described in further detail below).
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\22\ Next day trades will not be accepted the night before a
non-U.S. trading day for equity markets.
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NSCC would also adopt new rule text in proposed subsection G of
Procedure II to require that SROs and QSRs submitting locked-in trade
data for overnight trading sessions include such indicators as NSCC may
determine to designate such transactions as overnight trading session
activity. The proposed rule change would help to ensure that all trades
submitted for the overnight session are properly identified so that
NSCC can verify Special Representative trading relationships (discussed
below)
[[Page 20510]]
and perform appropriate trade validations for the overnight session.
NSCC would also adopt rules in proposed subsection G of Procedure
II to describe the process for Exchanges and QSRs to close out their
trading activity for each Trade Processing Date. Under NSCC's current
trade processing operations, at the end of each Trade Processing Date,
trading markets and other sending entities (e.g., Exchanges and QSRs)
send a ``Good Night Message'' to UTC to close out their trading day,
which includes trade totals for each trading market. UTC balances these
totals with each trading market and sends a confirmation message to
each sending entity. UTC then sends a Good Night Message to NSCC
Members indicating trade totals as of each trading market close. When
all trading markets are closed, UTC sends a final Good Night Message to
Members indicating UTC is closed for the Trade Processing Date. This
process is critical to ensure that (i) NSCC and trade submitters can
reconcile their trade submission information for each Trade Processing
Date; (ii) NSCC can communicate trade totals and the close of each
trading market and Trade Processing Date to its Members; and (iii) NSCC
can roll its trade capture and risk systems to the next Trade
Processing Date.
NSCC therefore proposes to adopt new rules in proposed subsection G
of Procedure II to provide that, each business day, each SRO and QSR
shall submit a message to NSCC, in such form and at such times
established by NSCC, confirming the conclusion of trading activity for
the current Trade Processing Date (i.e., the ``Good Night Message'').
The proposed rule would further provide that, in the event that an SRO
or QSR does not submit a Good Night Message for any Trade Processing
Date, NSCC would have the authority to issue a Good Night Message on
behalf of such SRO or QSR. NSCC believes it is important to clarify
this process, and particularly its authority to issue Good Night
Messages on behalf of SROs or QSRs who fail to submit such messages, so
that NSCC can close UTC for all activity for a given Trade Processing
Date in a timely manner and facilitate the end of day reporting,
reconciliation and UTC processing tasks described above.
In connection with the move to 24x5, NSCC also proposes to adopt
new rules in proposed subsection G of Procedure II to provide that SROs
and QSRs shall not submit locked-in trade data for the next trade date
prior to (i) NSCC processing a Good Night Message to close out the
current Trade Processing Date for such submitter and (ii) NSCC's
designated time for accepting trades for the next Trade Processing
Date, which NSCC currently expects to occur around 8:00 p.m. These
times would be communicated to Members, SROs, ATSs and the general
public in a schedule of timeframes maintained on the NSCC website, as
described in further detail below. The proposed rule change is intended
to reflect industry alignment around standardized start and end times
for the trading day, and the beginning of overnight trading sessions,
as reflected in Exchange proposals, ATS operating hours, and the SIP
Plan Amendments discussed above. Standardizing the trading day allows
the industry to address a range of implementation considerations and
operational complexities necessary to support the expansion of trading
hours, including but limited to issues related to settlement processes,
corporate actions, risk management, technology infrastructure and
industry coordination.
Finally, NSCC would amend proposed subsection G of Procedure II to
state that NSCC will make available on its public website a schedule of
timeframes containing information concerning: (i) the operating hours
of NSCC's equity trade capture system (i.e., UTC); (ii) NSCC's time for
accepting locked-in trades for the next Trade Processing Date; and
(iii) the expected timelines and deadlines for the inclusion of locked-
in trades in NSCC's (a) CNS night and day cycles, (b) trade reporting
and outputs to Members, and (c) Required Fund Deposit calculations. The
proposed rule change would promote improved clarity and transparency
around NSCC's trade acceptance, trade processing and risk management
timelines to Members, SROs, ATSs and the general public.
Special Representative Relationships
As noted above, a Special Representative is a Member that is
authorized by one or more Member firms to act on their behalf,
including for the submission of trades to NSCC.\23\ A QSR is a type of
Special Representative that is authorized to submit trades executed on
an automated trading platform (e.g., an ATS).\24\ Transactions
submitted by Special Representatives and QSRs are treated by NSCC in
the same manner as if both parties had agreed to the details of the
transactions. Once a trade is submitted by a Special Representative or
QSR, NSCC treats it as ``locked-in,'' meaning it is compared,
validated, and guaranteed for settlement.
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\23\ See supra note 4.
\24\ Id.
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Special Representatives and QSRs must establish and maintain their
Special Representative relationships with NSCC. Special Representative
relationships are bilateral agreements between firms that are governed
by the NSCC Rules and cover both QSR and correspondent clearing
arrangements. As described in Procedure IV.E of the NSCC Rules,\25\
NSCC provides an automated relationship management system through which
Members may establish and ultimately retire these Special
Representative relationships pursuant to the NSCC Rules.
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\25\ See Procedure IV, Section E, supra note 3.
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NSCC proposes to expand Special Representative relationships, and
the relationship management system, to cover separate relationships for
the overnight trading session. Accordingly, NSCC proposes to amend
Procedure IV.E of the NSCC Rules to clarify that Members who wish to
participate in overnight trading sessions must establish and maintain
separate Special Representative and Qualified Special Representative
relationships for overnight trading sessions. The proposed rule change
would provide an additional control for Members to use to manage their
overnight activity at NSCC.
Publication of Key Timeframes
As part of the proposed rule change, NSCC would also modify the
NSCC Rules concerning the maintenance of certain time schedules
referenced in the NSCC Rules. Procedure XII of the NSCC Rules currently
provides that the Procedures state that NSCC will receive and deliver
information, data and other items at specified times, and the specified
times may change from time to time. In addition, the Procedure states
that Members may, upon request, obtain the time schedule then in
effect, and that NSCC will notify Members of any change in the time
schedule ten (10) days in advance of the change.
NSCC proposes to delete existing rule text in Procedure XII and
replace it with new text to provide that NSCC shall make available on
its public website information concerning key timeframes, deadlines or
cutoff times related to its core trade acceptance, clearing, settlement
and risk management of transactions under the NSCC Rules.\26\ The
proposed rule text would also clarify that all such times may be
extended as needed by NSCC to (i)
[[Page 20511]]
address operational or other delays that would reasonably prevent
Members or NSCC from meeting the deadline or timeframe, as applicable,
or (ii) allow NSCC time to operationally exercise its existing rights
under the NSCC Rules. In addition, the proposed rule would clarify that
all times applicable to NSCC are standards and not deadlines, and that
actual processing times may vary slightly, as necessary.
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\26\ NSCC has included a draft version of the NSCC Schedule of
Trade Processing Timeframes for Equity Clearing and Settlement in
Exhibit 3 to this filing.
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NSCC believes that making key timeframes available on its public
website would improve Members' and the general public's understanding
of the timeframes applicable to NSCC's core trade acceptance, clearing,
settlement and risk management of transactions.
Risk Management and Operational Monitoring of Overnight Trades
Risk Management Overview
NSCC is not currently proposing any changes to its risk management
rules or margin/Clearing Fund methodology in connection with the move
to 24x5. NSCC would manage additional trading activity received during
overnight trading sessions through its existing risk management rules
and margin/Clearing Fund methodology, similar to the risk management of
overnight QSR/ATS activity and pre-market trading session activity
currently cleared by NSCC.
NSCC generally expects that overnight trading sessions would occur
between the hours of 9:00 p.m. and 9:30 a.m. for Exchanges and 8:00
p.m. to 4:00 a.m. for QSR/ATS activity; however, NSCC notes that these
timeframes are subject to change based on, for example, proposed rule
change filings by the Exchanges and the approval of the SIP Plan
Amendment necessary to implement extended trading hours. Under its
current and future risk processing capabilities, NSCC accepts trades
and incorporates those transactions into its start-of-day (``SOD'')
risk margin calculations until UTC sends a final Good Night Message
closing the Trade Processing Date for NSCC (approximately 12:00 a.m.
each day). Accordingly, any overnight trades received prior to UTC
closing out the current Trade Processing Date would be incorporated
into NSCC's SOD risk margin calculations and Clearing Fund collection
processes, as set forth in NSCC Rule 4 and Procedure XV of the NSCC
Rules. Any overnight trades received after UTC has closed the current
Trade Processing Date would be included in NSCC's intraday monitoring
and margin process, as set forth in Section I.(B)(5) of Procedure
XV.\27\
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\27\ For example, a trade received at 11:00 p.m. on Monday would
be included in NSCC's SOD margin/Clearing Fund calculations for
collection on Tuesday morning, while a trade received at 1:30 a.m.
on Tuesday would not be included in the SOD calculations for Tuesday
but would be included in Tuesday's intraday risk monitoring and
margin process.
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NSCC believes its current risk management practices would
adequately address the risk presented by the additional activity
received during extended trading hours. NSCC calculates and collects
Clearing Fund from its Members using a risk-based margin methodology
that enables NSCC to identify the risks posed by a Member's unsettled
portfolio and quickly adjust and collect additional deposits as needed
to cover those risks. The margin requirement differential (``MRD'')
charge (defined further below) is specifically designed to capture the
risk of a Member's portfolio for the accumulated trades during the
entire day, up to the UTC Good Night Message, to cover the day-over-day
increase in the portfolio risk stemming from all trades during the day,
including any overnight trading session. The MRD charge's design also
uses a look-back period to capture the spikes in volumes and associated
risk over the past 100 days. As discussed above, overnight trades
received prior to UTC closing out the current Trade Processing Date
would be incorporated into NSCC's SOD risk margin calculations and
Clearing Fund collection processes and would be subject to the MRD
charge. Any overnight trades received after UTC has closed the current
Trade Processing Date would be included in NSCC's intraday monitoring
and margin process to address additional risk exposures that may arise
in the overnight session after the close of UTC.
Additionally, trading activity submitted for the overnight trading
session represents a small fraction of the overall trade volume cleared
by NSCC. Based on feedback from industry outreach, NSCC believes that
overnight trading volumes will increase gradually and steadily over the
next few years as ATSs and Exchanges expand and normalize overnight
trading hours as opposed to seeing an immediate significant increase in
volumes upon the implementation of NSCC's 24x5 proposal.
These risk management processes are described in further detail
below.
Required Fund Deposits
NSCC manages its credit exposure to its Members by determining the
appropriate Required Fund Deposit to the Clearing Fund for each Member
and by monitoring the sufficiency of such deposits, as provided for in
the NSCC Rules.\28\ The objective of a Member's Required Fund Deposit
is to mitigate potential losses to NSCC associated with liquidating a
Member's portfolio in the event NSCC ceases to act for that Member
(hereinafter referred to as a ``default'').\29\ Required Fund Deposits
operate, individually, as the Member's margin, and the aggregate of all
such Members' deposits is referred to, collectively, as the Clearing
Fund, which operates as NSCC's default fund. NSCC would access the
Clearing Fund should a defaulting Member's own Required Fund Deposit be
insufficient to satisfy losses to NSCC caused by the liquidation of
that Member's portfolio.
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\28\ See NSCC Rule 4, supra note 3.
\29\ The NSCC Rules identify when NSCC may cease to act for a
Member and the types of actions NSCC may take. See NSCC Rule 46,
supra note 3.
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NSCC calculates and collects Clearing Fund from its Members (i.e.,
a Required Fund Deposit) on a daily basis using a risk-based margin
methodology. A Member's Required Fund Deposit may vary daily and is
generally based upon the Member's trading activity and current
unsettled positions. Required Fund Deposit deficits are due to NSCC
each business day, typically by 10:00 a.m. As noted above, transactions
accepted by NSCC prior to UTC's final Good Night Message, which is
expected to occur at approximately 12:00 a.m. each business day, would
be factored into this SOD margin collection.
Each Member's Required Fund Deposit amount consists of a number of
applicable components, each of which is calculated to address specific
risks faced by NSCC, as identified within the NSCC Rules. The major
components of NSCC's Clearing Fund charges include, but are not limited
to: (i) volatility charges for securities based on asset type and
liquidity profile; (ii) mark-to-market charges; (iii) fail charges;
(iv) a charge for Family-Issued Securities to mitigate wrong way risk;
(v) a charge to mitigate day-over-day margin differentials (i.e., the
margin requirement differential or ``MRD'' charge); (vi) a coverage
component; (vii) a margin liquidity adjustment component; (viii) a
backtesting charge; and (ix) an excess capital premium charge.\30\
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\30\ See Procedure XV, supra note 3.
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The MRD charge, specifically, addresses potential market risk based
on portfolio fluctuations as a Member executes trades throughout the
day, which would include portfolio
[[Page 20512]]
fluctuations that occur during extended/overnight trading hours.
Pursuant to Addendum K of the NSCC Rules, NSCC's central counterparty
(``CCP'') trade guaranty generally attaches immediately upon trade
validation, which may occur before the time that NSCC has collected the
Member's Required Fund Deposit at the start of each day. As a result,
NSCC may be exposed to large un-margined intraday portfolio
fluctuations before NSCC has collected the Member's Clearing Fund
requirement the following morning.
The MRD charge is calculated based on the day-over-day positive
changes in the Member's SOD volatility charge and mark-to-market
(``MTM'') charge components, which are calculated based on the
overnight or end-of-day positions.\31\ The MRD charge is designed to
mitigate the risks posed to NSCC by day-over-day fluctuations in a
Member's portfolio by forecasting future changes in a Member's
portfolio based on a historical look-back at each Member's portfolio
over a given time period. Since the MRD charge captures the risk of the
portfolio for the accumulated trades during the entire day, up to the
UTC Good Night Message at approximately 12:00 a.m., the day-over-day
increase in the portfolio risk stemming from all trades during the day,
including any overnight trading session, would be reflected in the MRD
calculation. Given the MRD's design to use a look-back period, the
spikes in volumes and associated risk over the past 100 days are
already captured in the MRD calculation each day. Members that present
NSCC with larger increases in day-over-day value-at-risk (``VaR'') and
MTM also have larger MRD amounts. In this way, NSCC believes the MRD
charge will capture credit exposures that may arise from its
participants related to overnight trading activity.
---------------------------------------------------------------------------
\31\ See Section I.(A)(1)(e) and I.(A)(2)(d) of Procedure XV,
supra note 3.
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Moreover, NSCC's Clearing Fund methodology, including the MRD
component, is subject to regular periodic model performance monitoring
reviews under the Clearing Agency Model Risk Management Framework and
associated policies and procedures, both in the aggregate and at the
Member-level. Any model performance issues, if found attributable to
the extended trading activities, will lead to further analysis,
escalation, and remediation.
Intraday Monitoring and Margin Collection
NSCC may also collect payments from Members on an intraday basis
based on changes in its risk exposures (an ``Intraday Margin Charge''),
including when certain risk thresholds are breached or when the
products cleared or markets served display elevated volatility.\32\
Intraday Margin Charges include charges based on NSCC's re-calculated
intraday mark-to-market exposures (``Intraday MTM Charge'') \33\ and
intraday volatility exposures (``Intraday Volatility Charge'') \34\ for
each Member. As noted above, any overnight trades received after UTC
has closed the current Trade Processing Date would be included in these
intraday monitoring and margin processes.
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\32\ See Section I.(B)(5) of Procedure XV, supra note 3.
\33\ See Section I.(B)(5)(a) of Procedure XV, supra note 3.
\34\ See Section I.(B)(5)(b) of Procedure XV, supra note 3.
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The Intraday MTM Charge is based on the difference between the last
marked-to-market price of a Member's net CNS and Balance Order
positions (including CNS fails) and the most recently observed market
price for such positions.\35\ An Intraday MTM Charge may generally be
imposed if the difference of this calculation meets or exceeds 80
percent of the ``volatility charge'' component of the Member's start of
day Clearing Fund requirement (``Intraday MTM Threshold'').\36\ NSCC
may reduce the Intraday MTM Threshold during volatile market conditions
if it determines that a reduction of the threshold is appropriate to
mitigate risks to NSCC.\37\ NSCC also has the authority to reduce the
threshold for an individual Member or group of Members if NSCC
determines it to be necessary to protect itself and its Members in
response to factors such as market conditions or financial or
operational capabilities affecting such Member(s), which may be used to
account for specific risks posed by a Member's activity.
---------------------------------------------------------------------------
\35\ See Section I.(B)(5) of Procedure XV, supra note 3.
\36\ The ``volatility charge'' component of each Member's
Required Fund Deposit is designed to measure market price volatility
of the start-of-day portfolio and is calculated for Members' net
unsettled positions. See Procedure XV, Section I.(A)(1)(a) for CNS
Transactions and Section I.(A)(2)(a) for Balance Order Transactions,
supra note 3.
\37\ Examples of market conditions that NSCC may consider with
respect to reducing the Intraday MTM Threshold may include, but
shall not be limited to, the occurrence of large price changes in a
major benchmark equity index.
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The Intraday Volatility Charge is based on the difference between a
Member's start of day volatility charge and intraday volatility charges
calculated with respect to its net unsettled CNS and Balance Order
positions.\38\ An Intraday Volatility Charge may generally be imposed
if the difference of this calculation meets or exceeds 100 percent, and
the amount that would be collected is greater than $250,000 (``Intraday
Volatility Threshold''). NSCC may reduce the Intraday Volatility
Threshold, for example during volatile market conditions or market
events that cause increases in trading volumes, if NSCC determines that
a reduction of the threshold is appropriate to mitigate risks to
NSCC.\39\ NSCC also has the authority to reduce the Intraday Volatility
Threshold for an individual Member or group of Members if NSCC
determines it to be necessary to protect itself and its Members in
response to factors such as market conditions or financial or
operational capabilities affecting such Member(s), which may be used to
account for specific risks posed by a Member's activity.
---------------------------------------------------------------------------
\38\ See Section I.(B)(5)(b) of Procedure XV, supra note 3. The
amount of the charge is reduced by the portion of the margin
requirement differential charge that represents the volatility
component collected at the start of the day and excludes the amount
calculated for long positions in Family Issued Securities and shares
delivered to or received by the Member to satisfy all or any portion
of a short or long position.
\39\ Examples of market conditions that NSCC may consider with
respect to reducing the Intraday Volatility Threshold may include,
but shall not be limited to, ETF index rebalancing periods or the
occurrence of large price changes in a major benchmark equity index.
---------------------------------------------------------------------------
NSCC risk systems generate and monitor intraday volatility and
mark-to-market exposures on a 15-minute basis between 6:00 a.m. and
11:00 p.m. each business day. NSCC generally conducts intraday
monitoring of its exposures for purposes of assessing Intraday Margin
Charges at 15-minute intervals between the hours of 10:00 a.m. and 4:30
p.m.; however, NSCC maintains authority and operational capacity to
collect Intraday Margin Charges at any time during the system
monitoring window if circumstances warrant.\40\ Furthermore, NSCC notes
that it is currently working to expand its 15-minute monitoring
capability beyond the current hours of 6:00 a.m. to 11:00 p.m.
---------------------------------------------------------------------------
\40\ Additional information concerning NSCC's margin methodology
and intraday risk management processes can be found in the NSCC Risk
Margin Component Guide, available at https://dtcclearning.com/products-and-services/equities-clearing/nscc-risk-management.html.
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NSCC also plans to expand its offshore time zone footprint beyond
existing locations with continuous training to be provided to offshore
teams, with U.S.-based staff remaining
[[Page 20513]]
available for escalation support to ensure continuity and oversight.
Operational Monitoring and Support
In addition to the risk management framework described above, NSCC
also has additional operational monitoring and support capabilities to
support extended trading hours. NSCC would leverage DTCC's existing
global footprint to ensure continuous support coverage and monitoring
from Sunday at 8:00 p.m. through Friday at 8:00 p.m. without expanding
infrastructure or concentrating risk in any single region. NSCC
currently operates with a 24x7 technology/application support model and
24x6.5 client/trade submitter support hours (currently from Sunday at
7:00 a.m. to Saturday at 4:00 p.m.) to monitor and address issues
during extended trading hours, with trained staffing around the globe
to support these functions and address significant incidents.\41\ NSCC
is also enhancing its trade capture platform by developing data
observability dashboards to provide detective anomaly controls to
assist in identifying potentially erroneous submissions in UTC.
Further, all transaction monitoring protocols used during core trading
hours (9:30 a.m.--4:00 p.m.) would be extended to the overnight
session.
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\41\ This includes client/trade submitter support across three
(3) shifts that would be covered from the U.S. (Jersey City, Boston,
Dallas and Tampa), Philippines (Manilla), United Kingdom (London),
Singapore (Singapore), and India (Chennai and Hyderabad).
---------------------------------------------------------------------------
DTCC's Enterprise Resiliency Office (``ERO'') also plays a central
role in the Clearing Agencies' coordination and facilitation of the
incident management and reporting processes. ERO has implemented a 24x7
``follow-the-sun'' coverage model to appropriately identify, assess,
and manage incidents or potential incidents that may impact NSCC's
ability to deliver products or services, including those that may occur
during the overnight trading session.
Additional Risk Management Enhancements
Following implementation of this proposed rule change, NSCC will
continue to monitor and evaluate trading volumes and risk exposures
during the overnight trading session, and determine whether additional
margin or risk management enhancements are necessary to address the
additional risks presented by overnight trading. Such risk management
enhancements could include changes to NSCC's margin methodology or
Clearing Fund requirements, Intraday Margin Charge requirements, or
ongoing membership requirements concerning financial or operational
capability related to the 24x5 operating model. Based on its assessment
of any additional risks presented by overnight trading, NSCC will
propose and file further rule changes pursuant to Section 19(b)(1) of
the Act,\42\ and the rules thereunder, prior to accepting overnight
trades from Exchanges, if NSCC determines that additional risk
management enhancements are necessary to address additional risks
presented by overnight trading. NSCC would file such proposed rule
change(s) with the objective of seeking regulatory approval and
implementation of any proposed enhancements to risk management prior to
Exchanges going live with 24x5 trading.
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\42\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------
Implementation Timeframe
Subject to approval by the Commission, NSCC would implement the
proposed rule change on June 28, 2026.
2. Statutory Basis
NSCC believes that the proposed rule change is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a registered clearing agency. Specifically, NSCC believes
that the proposed changes are consistent with Section 17A(b)(3)(F) of
the Act \43\ and Rules 17ad-22(e)(4)(i), (6)(iii) and (21) thereunder
\44\ for the reasons set forth below.
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\43\ 15 U.S.C. 78q-1(b)(3)(F).
\44\ 17 CFR 240.17ad-22(e)(4)(i), (6)(iii) and (21).
---------------------------------------------------------------------------
Section 17A(b)(3)(F) of Act \45\ requires, in part, that the rules
of a clearing agency be designed to promote the prompt and accurate
clearance and settlement of securities transactions, to assure the
safeguarding of securities and funds which are in the custody or
control of the clearing agency or for which it is responsible, and, in
general, to protect investors and the public interest. The proposed
rule change would describe NSCC's ability to support extended trading
hours for the U.S. equity markets and provide improved clarity around
relevant processing times for its equity clearing services. The
extension of NSCC's UTC operating and clearing hours would enable NSCC
to promptly and accurately clear, guarantee, risk manage, and settle
trades executed during extended trading hours, particularly those
trades executed during overnight trading sessions, which are not fully
covered by NSCC's existing operating model.
---------------------------------------------------------------------------
\45\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
Under the proposed rule change, NSCC would operate on a ``24 x 5''
basis from Sunday at 8:00 p.m. to Friday at 8:00 p.m., with its UTC
system open to accept trades submitted at any time during its 24 x 5
hours for a valid trade date. NSCC believes that the proposed 24 x 5
model is effectively designed to accommodate the various proposals and
industry-wide initiatives to extend trading hours for the U.S. equity
markets, as discussed above. The proposed 24 x 5 operating model would
enable NSCC to promptly and accurately clear and apply its CCP trade
guaranty to trades executed during extended trading hours, particularly
overnight trading sessions occurring across different time zones for
global industry participants. In this way, NSCC believes the proposed
rule change is designed to promote the prompt and accurate clearance
and settlement of securities transactions.
NSCC would manage the risk from the activity cleared during
extended trading hours using its existing risk management framework.
NSCC uses a risk-based margin and Clearing Fund methodology to
calculate and collect SOD margin requirements each day from Members to
cover NSCC's potential exposures and to monitor and address intraday
exposures through the Intraday MTM Charge and Intraday Volatility
Charge. NSCC's margin methodology also includes an MRD charge
specifically designed to mitigate the risks posed to NSCC by day-over-
day fluctuations in a Member's portfolio by forecasting future changes
in a Member's portfolio based on a historical look-back at each
Member's portfolio over a given time period, which would capture
fluctuations in NSCC's risk exposure during overnight trading sessions.
NSCC believes its existing risk management framework would enable it to
identify, measure, monitor, and manage the potential credit exposures
that may arise from its participants related to overnight trading
activity. NSCC uses the margin and Clearing Fund it collects to
mitigate potential losses to NSCC (and, through loss allocation, to its
Members) associated with liquidating a defaulting Member's portfolio
and to continue to effect the prompt and accurate clearance and
settlement of securities transactions in the event NSCC ceases to act
for a Member, thereby assuring the safeguarding of securities and funds
which are in the custody or control of NSCC or for which it is
responsible and, in general, protecting investors and the public
interest.
[[Page 20514]]
The proposed rule change would also require NSCC to maintain a
schedule of its key equity clearing and settlement processes on its
public website. NSCC believes maintaining such a schedule on its
website would improve Members' understanding of the key timeframes
applicable to NSCC's core trade acceptance, clearing, settlement and
risk management of transactions. This, in turn, would help Members
understand their potential obligations to NSCC, facilitating the prompt
and accurate clearance and settlement of securities transactions.
For these reasons, NSCC believes the propose rule change is
designed to promote the prompt and accurate clearance and settlement of
securities transactions, to assure the safeguarding of securities and
funds which are in its custody or control or for which it is
responsible, and, in general, to protect investors and the public
interest, consistent with the requirements of Section 17A(b)(3)(F) of
Act.
Rule 17ad-22(e)(4)(i) \46\ under the Act requires that a covered
clearing agency establish, implement, maintain, and enforce written
policies and procedures reasonably designed to effectively identify,
measure, monitor, and manage its credit exposures to participants and
those arising from its payment, clearing, and settlement processes,
including by maintaining sufficient financial resources to cover its
credit exposure to each participant fully with a high degree of
confidence. Rule 17ad-22(e)(6)(iii) \47\ under the Act further requires
that a covered clearing agency that provides CCP services establish,
implement, maintain, and enforce written policies and procedures
reasonably designed to cover its credit exposures to its participants
by establishing a risk-based margin system that calculates margin
sufficient to cover its potential future exposure to participants in
the interval between the last margin collection and the close out of
positions following a participant default.
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\46\ 17 CFR 240.17ad-22(e)(4)(i).
\47\ 17 CFR 240.17ad-22(e)(6)(iii).
---------------------------------------------------------------------------
As described above, NSCC would manage the risk from the activity
cleared during extended trading hours using its existing risk
management framework. NSCC uses a risk-based margin and Clearing Fund
methodology to calculate and collect SOD margin requirements each day
from Members to cover its potential exposures and to monitor and
address intraday exposures through the Intraday MTM Charge and Intraday
Volatility Charge. NSCC's margin methodology includes an MRD charge
specifically designed to mitigate the risks posed to NSCC by day-over-
day fluctuations in a Member's portfolio by forecasting future changes
in a Member's portfolio based on a historical look-back at each
Member's portfolio over a given time period, which would capture
fluctuations in NSCC's risk exposure during overnight trading sessions.
Since the MRD charge captures the risk of the portfolio for the
accumulated trades during the entire day, up to the UTC Good Night
Message at approximately 12:00 a.m., the day-over-day increase in the
portfolio risk stemming from all trades during the day, including any
overnight trading session, would be reflected in the MRD calculation.
Given the MRD's design to use a look-back period, the spikes in volumes
and associated risk over the past 100 days are already captured in the
MRD calculation each day. Members that present NSCC with larger
increases in day-over-day VaR and MTM also have larger MRD amounts. As
discussed above, overnight trades received prior to UTC closing out the
current Trade Processing Date would be incorporated into NSCC's SOD
risk margin calculations and Clearing Fund collection processes and
would be subject to the MRD charge. Additionally, any overnight trades
received after UTC has closed the current Trade Processing Date would
be included in NSCC's intraday monitoring and margin process to address
additional risk exposures that may arise in the overnight session after
the close of UTC. Furthermore, trading activity submitted for the
overnight trading session represents a small fraction of the overall
trade volume cleared by NSCC. Based on feedback from industry outreach,
NSCC believes that overnight trading volumes will increase gradually
and steadily over the next few years as ATSs and Exchanges expand and
normalize overnight trading hours as opposed to seeing an immediate
significant increase in volumes upon the implementation of NSCC's 24 x
5 proposal. For these reasons, NSCC believes its existing risk
management framework is reasonably designed to enable NSCC to identify,
measure, monitor, and manage the potential credit exposures that may
arise from its participants related to overnight trading activity, and
to calculate and collect margin sufficient to cover its potential
future exposure to participants in accordance with the requirements of
Rules 17ad-22(e)(4)(i) and (6)(iii) under the Act.
Finally, Rule 17ad-22(e)(21) \48\ under the Act requires, in part,
that a covered clearing agency establish, implement, maintain, and
enforce written policies and procedures reasonably designed to be
efficient and effective in meeting the requirements of its participants
and the markets it serves. As described above, the industry is
currently working on a number of initiatives to expand trading hours
for the U.S. equity markets due to growing interest in 24-hour trading,
particularly from retail investors. This includes initiatives by
Exchanges, QSRs and ATS operators, and the SIPs, as well as industry
coordination through task forces and working groups organized by DTCC
and SIFMA. The proposed 24 x 5 operating model is designed to
accommodate these industry efforts and would enable NSCC to promptly
and accurately clear and apply its CCP trade guaranty to trades
executed during extended trading hours, particularly overnight trading
sessions occurring across different time zones for global industry
participants. In this way, NSCC believes the proposal is reasonably
designed to efficiently and effectively meet the requirements of its
participants and the markets it serves in accordance with Rule 17ad-
22(e)(21).
---------------------------------------------------------------------------
\48\ 17 CFR 240.17ad-22(e)(21).
---------------------------------------------------------------------------
For the reasons set forth above, NSCC believes the proposed rule
change is consistent with Section 17A(b)(3)(F) of the Act and Rules
17ad-22(e)(4)(i), (6)(iii) and (21) thereunder.
(B) Clearing Agency's Statement on Burden on Competition
Section 17A(b)(3)(I) of Act \49\ requires that the rules of a
clearing agency do not impose any burden on competition not necessary
or appropriate in furtherance of the purposes of the Act. NSCC does not
believe the proposed rule change would present any burden or have any
impact on competition. The proposed rule change would apply to all
Members and trading markets equally and would not advantage or
disadvantage any particular participant or user of NSCC's services or
unfairly inhibit access to its services. NSCC's proposal to operate on
a ``24 x 5'' basis is designed generally to accommodate efforts across
the industry to support overnight trading and is not designed to favor
the operating hours or proposals of any specific trading market.
Therefore, NSCC does not believe that the proposed rule changes would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
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\49\ 15 U.S.C. 78q-1(b)(3)(I).
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[[Page 20515]]
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
NSCC has not received or solicited any written comments relating to
this proposal. If any written comments are received, NSCC 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 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/rules-regulations/how-submit-comment. 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.
NSCC reserves the right not to respond to any comments received.
III. Date of Effectiveness of the Proposed Rule Change, and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
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-NSCC-2026-006 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-NSCC-2026-006. 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 filing will be available for inspection and
copying at the principal office of NSCC 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-NSCC-2026-006 and should be submitted on or
before May 7, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\50\
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\50\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07344 Filed 4-15-26; 8:45 am]
BILLING CODE 8011-01-P