SEC Approves FICC Rules to Implement SEC Clearing Mandate for Treasuries
The SEC approved amendments to the Fixed Income Clearing Corporation's rules on central clearing for Treasuries.
In a statement, Division of Investment Management staff said the amendments include "changes related to, among other things, the separate calculation, collection, and holding of margin for proprietary transactions of direct participants and indirect participant transactions." Division staff said "FICC's rules, as currently amended, would allow a registered fund's margin to be posted at FICC consistent with the FICC registered fund margin framework."
As previously covered, the amendments make effective SEC requirements on (i) the mandatory clearing of transactions in Treasury securities and (ii) the application of the broker-dealer customer protection rule to Treasury securities. (See related coverage.)
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