On Jul. 2, 2025, Reg-Track made editorial update to remove erroneous May 29 update.
On Mar. 14, FICC proposed to adopt intraday mark-to-market charge.
FICC, NSCC, and DTC proposed rules to make modifications to FICC’s Government Securities Division (GSD) Rulebook to adopt new intraday mark-to-market charge.
Also issued notice on proposed rule amendments for adoption of new intraday charge.
Proposed Amendments
Collect intraday mark-to-market charge to cover significant risk exposures that warrant collection of intraday margin, i.e., when charge equals or exceeds certain thresholds.
Work with Intraday Supplemental Fund Deposit help mitigate intraday risk exposure.
When certain risk thresholds breached, or products, markets show elevated volatility.
Proposed charge designed to mitigate intraday risk exposure to FICC that results from large fluctuations in a member’s portfolio due to changes in position and market value.
Both intraday supplemental fund deposit and proposed charge recalculated intraday, each business day, at times and frequencies established by FICC for this purpose.
Modified GSD Rule 1 by addition of new definition of intraday mark-to-market charge.
Added intraday mark-to-market charge as additional charge in calculating fund deposit and new segregated customer margin requirement in margin component schedule.
Consultation
Comments on proposed rule change due 21 days from publication in federal register.
Mar. 21, 2025 SEC Proposal
On Mar. 21, 2025, SEC issued notice of FICC proposal for 21-day comment period.
Mar. 27, 2025 Fed Reg Proposal
On Mar. 27, 2025, SEC issued notice of proposal in federal register, comments Apr. 17.
May 5, 2025 SEC Longer Period
On May 5, 2025, SEC designated longer period to take action, until Jun. 25, 2025.
May 9, 2025 Fed Reg Longer Period
On May 9, 2025, SEC published designation of longer period in the federal register.
Jun. 23, 2025 SEC Proceedings
On Jun. 23, 2025, SEC instituted proceedings on whether to approve or disapprove.
Comments due within 21 days of federal register publication, rebuttals due in 35 days.
Jun. 26, 2025 SEC Fed Reg Proceedings
On Jun. 26, 2025, SEC published order instituting proceedings in the federal register.
Editorial Update
On Jul. 2, 2025, Reg-Track made editorial update to remove erroneous May 29 update.
