FICC Modifies ACS Triparty Trade Timeframes

The Fixed Income Clearing Corporation ("FICC") proposed to modify the schedule of timeframes for its newly established Agent Clearing Service ("ACS") Triparty Service. The amendment would extend key operational deadlines to better align with broader market infrastructure.

The FICC said that proposed rule change modifies the Government Securities Division ("GSD") Rulebook to extend the deadlines for several critical end-of-day actions; specifically, the deadline for (i) substitutions of "Purchased ACS Triparty Repo Securities" and (ii) the satisfaction of "ACS Triparty Collateral Return Obligations" and associated cash payment obligations has been moved from 5:30 p.m. to 7:00 p.m. (New York City time).

According to the filing, the 7:00 p.m. extension is designed to synchronize ACS Triparty Service deadlines with the close of the Fedwire Funds Service at the Federal Reserve Bank of New York. In addition, the change creates consistency with the deadline for the full settlement of the "Start Leg" of ACS Triparty Trades—which was recently adopted at 7:00 p.m.—and aligns the service with parallel deadlines applicable to Sponsored GC Trades. The FICC said these extended timeframes will provide participants with more time to complete end-of-day actions, thereby facilitating the prompt and accurate clearance and settlement of securities transactions.

The rule change became effective immediately upon filing on January 15, 2026. The SEC is currently soliciting comments on the proposal to determine if further proceedings are necessary. All comments are due by February 17, 2026.