NSCC Updates Universal Trade Capture for 24x5 Trading Expansion

The National Securities Clearing Corporation ("NSCC") outlined plans to expand its Universal Trade Capture ("UTC") capabilities to support transaction processing on a 24x5 basis.

In the Notice, the NSCC stated that the enhancement is part of a "broader initiative to improve operational efficiency and support around-the-clock trading activity." Pending regulatory approval, the trade processing window will extend from Sunday at 8:00 PM ET through Friday at 8:00 PM ET. To support this expansion, NSCC said it will implement separate trading relationships for the overnight session, requiring members to manage their Correspondent Clearing and Qualified Special Representative relationships distinct from their existing pre-market, core, and post-market agreements.

The NSCC also stated that it will update its validation frameworks to mitigate erroneous trade submissions. A new "High Value Threshold" of $1 billion will be introduced specifically for the overnight session. NSCC said the existing threshold for regular operating hours will be increased from $1 billion to $1.5 billion, effective February 5, 2026. Participants in the 24x5 processing will be required to utilize FIX tag 336 (TradingSessionID) to identify the specific trading session, which NSCC noted is "crucial for verifying trading relationships and validating against high value threshold" limits.

The NSCC said the Automated Special Representative Facility will be available for establishing overnight relationships starting March 30, 2026, and that clients may contact the NSCC Integration Team for onboarding and testing.