Notice2024-06071
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Clearing Agency Liquidity Risk Management Framework and the Clearing Agency Stress Testing Framework
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 22, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 57 (Friday, March 22, 2024)</title>
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[Federal Register Volume 89, Number 57 (Friday, March 22, 2024)]
[Notices]
[Pages 20515-20518]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-06071]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99758; File No. SR-NSCC-2024-001]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Amend the Clearing Agency Liquidity Risk Management
Framework and the Clearing Agency Stress Testing Framework
March 18, 2024.
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 March 11, 2024, 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. NSCC filed the
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and
Rule 19b-4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
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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 Clearing
Agency Liquidity Risk Management Framework (``LRM Framework'') and the
Clearing Agency Stress Testing Framework (Market Risk) (``ST
Framework'' and, together with the LRM Framework, the ``Frameworks'')
of NSCC and its affiliates, The Depository Trust Company (``DTC'') and
Fixed Income Clearing Corporation (``FICC,'' and together with NSCC and
DTC, the ``Clearing Agencies''), as described below. NSCC is filing the
proposed rule change for immediate effectiveness pursuant to Section
19(b)(3)(A) of the Act \5\ and Rule 19b-4(f)(6) thereunder,\6\ as
described in greater detail below.\7\
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\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(6).
\7\ Capitalized terms not defined herein shall have the meaning
assigned to such terms in each of the Clearing Agencies' respective
Rules, available at <a href="http://www.dtcc.com/legal/rules-and-procedures">www.dtcc.com/legal/rules-and-procedures</a>.
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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.
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
1. Purpose
Background
Rules 17Ad-22(e)(4) and (7) under the Act require the Clearing
Agencies to establish, implement, maintain and enforce written policies
and procedures reasonably designed to manage their credit and liquidity
risks.\8\ The Clearing Agencies adopted the LRM Framework to set forth
the manner in which they measure, monitor and manage the liquidity
risks that arise in or are borne by each of the Clearing Agencies by,
for example, (1) maintaining sufficient liquid resources to effect
same-day settlement of payment obligations with a high degree of
confidence under a wide range of foreseeable stress scenarios that
include, but are not limited to, the default of the participant family
that would generate the largest aggregate payment obligation for the
Clearing Agency in extreme but plausible market conditions, and (2)
determining the amount and regularly testing the sufficiency of
qualifying liquid resources by conducting stress testing of those
resources.\9\ In this way, the LRM Framework describes the liquidity
risk management activities of each of the Clearing Agencies and how the
Clearing Agencies meet the applicable requirements of Rule 17Ad-
22(e)(7).\10\
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\8\ See 17 CFR 240.17Ad-22(e)(4) and (7).
\9\ See Securities Exchange Act Release No. 82377 (Dec. 21,
2017), 82 FR 61617 (Dec. 28, 2017) (File Nos. SR-DTC-2017-004; SR-
FICC-2017-008; SR-NSCC-2017-005).
\10\ 17 CFR 240.17Ad-22(e)(7).
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The Clearing Agencies adopted the ST Framework to set forth the
manner in which they identify, measure, monitor, and manage their
respective credit exposures to participants and those arising from
their respective payment, clearing, and settlement processes by, for
example, maintaining sufficient prefunded financial resources to cover
its credit exposures to each participant fully with a high degree of
confidence and testing the sufficiency of those prefunded financial
resources through stress testing.\11\ In this way, the ST Framework
describes the stress testing activities of each of the Clearing
Agencies and how the Clearing Agencies meet the applicable requirements
of Rule 17Ad-22(e)(4) under the Act.\12\
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\11\ See Securities Exchange Act Release No. 82368 (Dec. 19,
2017), 82 FR 61082 (Dec. 26, 2017) (SR-DTC-2017-005; SR-FICC-2017-
009; SR-NSCC-2017-006).
\12\ 17 CFR 240.17Ad-22(e)(4).
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Proposed Changes
The Clearing Agencies propose to make clarifying and organizational
changes to the LRM Framework and ST Framework designed to improve the
accuracy and clarity of the documents. Specifically, the proposed
changes would (i) clarify in the LRM Framework the resources currently
available to FICC and NSCC to meet settlement obligations and
foreseeable liquidity shortfalls; (ii) clarify in the LRM Framework the
Clearing Agencies' practices for reporting and escalating liquidity
risk tolerance threshold breaches; (iii) relocate the governance and
escalation requirements related to certain liquidity risk management
processes from the ST Framework to the LRM Framework; and (iv) make
other non-substantive clarifying, organizational, and cleanup changes
to the LRM Framework. The proposed changes are described in detail
below.
Proposed Clarifications to Description of FICC and NSCC Liquidity
Resources
The LRM Framework describes how the Clearing Agencies would address
foreseeable liquidity shortfalls that would not be covered by their
existing liquid resources. In the case of FICC, the LRM Framework
provides, among other things, that the FICC Government Securities
Division (``GSD'') and Mortgage-Backed Securities Division (``MBSD'')
would look for additional repo counterparties beyond their respective
existing master repurchase agreements and that MBSD may seek Members to
provide additional repo capacity beyond their Capped Contingency
Liquidity Facility
[[Page 20516]]
(``CCLF'') requirements.\13\ With respect to NSCC, the LRM Framework
provides that NSCC may look to utilize, among other things, certain
uncommitted repurchase arrangements (e.g., stock loans or equity repos)
or other uncommitted credit facilities to address foreseeable liquidity
shortfalls. The Clearing Agencies propose to revise these statements
and replace them with more accurate summaries of the types of liquidity
resources available to FICC and NSCC.
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\13\ See FICC GSD Rule 22A, Section 2a and FICC MBSD Rule 17,
Section 2a, supra note 7.
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The Clearing Agencies would modify the LRM Framework to state that
FICC may use Clearing Fund deposits to meet its settlement obligations,
as permitted under GSD Rule 4 and MBSD Rule 4,\14\ either through
direct use of cash deposits to the Clearing Funds or through the pledge
or rehypothecation of pledged eligible Clearing Fund securities. The
LRM Framework would also be revised to clarify that FICC could also
address a liquidity shortfall by accessing a short-term financial
commercial arrangement, such as uncommitted Master Repurchase
Agreements maintained by FICC and which do not constitute qualifying
liquid resources, or by utilizing its general corporate funds to the
extent such funds exceed amounts needed to meet FICC's regulatory
capital requirements. In addition, the Clearing Agencies would further
clarify that FICC could also address a liquidity shortfall by accessing
its existing repo counterparties, even if such funds may not be
available to meet same-day settlement obligations. The Clearing
Agencies would also delete a footnote containing a cross-reference to a
previously deleted footnote.
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\14\ See supra note 7.
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The Clearing Agencies also propose to revise the LRM Framework to
remove references to certain specific uncommitted resources of NSCC,
such as stock loans, equity repos, and other uncommitted credit
facilities, which are no longer available to NSCC and for which NSCC no
longer maintains the necessary agreements. This would be replaced with
a more general clarification that all of the Clearing Agencies may seek
to address unforeseen liquidity shortfalls in excess of qualifying
liquid resources through uncommitted arrangements. The Clearing
Agencies would also update the LRM Framework to use more accurate
terminology and descriptions of NSCC's senior note issuance program.
These proposed changes are not intended to reflect actual substantive
changes to the senior note issuance program.
The Clearing Agencies believe the proposed changes would enhance
the LRM Framework by more precisely describing the existing tools and
resources that FICC and NSCC may utilize to address foreseeable
liquidity shortfalls in compliance with Rule 17Ad-22(e)(7)(viii) under
the Act.\15\
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\15\ 17 CFR 240.17Ad-22(e)(7)(viii).
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Proposed Clarifications to Liquidity Risk Tolerances
The LRM Framework describes the manner in which the liquidity risks
of the Clearing Agencies are assessed and escalated through liquidity
risk management controls that include a statement of risk tolerances
that are specific to liquidity risk (``Liquidity Risk Tolerance
Statement''). The Clearing Agencies propose to revise the LRM Framework
to provide additional clarity and accuracy around their existing
processes for reporting and escalating liquidity risk tolerances.
The Clearing Agencies would revise the LRM Framework to remove
certain statements regarding the reporting of risk tolerances and
instead clarify that liquidity risk tolerance thresholds are
communicated to relevant personnel and the management risk committee as
prescribed by the Liquidity Risk Tolerance Statement of the Clearing
Agencies' Corporate Risk Management Policy, with necessary escalation
and analyses performed in accordance with a newly proposed section of
the LRM Framework concerning liquidity risk governance and escalations
(described in further detail below). This would include the removal of
an outdated statement concerning potential responses to risk tolerance
threshold reporting (e.g., responses such as risk avoidance, risk
mitigation, risk acceptance), and instead focus on the required
escalations set forth in the Liquidity Risk Tolerance Statements to be
more consistent with the process as described in the Corporate Risk
Management Policy. The Clearing Agencies would also remove specific
references to the Stress Testing Team in communicating liquidity risk
tolerance thresholds because this task may be performed by staff within
the overall Liquidity Risk and Stress Testing function of DTCC. In
addition, the LRM Framework would be revised to clarify that the
liquidity risk profile prepared by the Operational Risk Management
department (``ORM'') is reviewed with senior management in the Group
Chief Risk Office (and not just within the Liquidity Risk Management
team) and to update the name of the risk profile used by ORM to monitor
liquidity risk management. The Clearing Agencies believe the proposed
changes would enhance the LRM Framework by improving the accuracy and
clarity of the document as it relates to liquidity risk tolerance
reporting.
Proposed Clarifications to Liquidity Risk Governance and Escalation
On November 17, 2022, the Commission approved a proposed rule
change by the Clearing Agencies to amend the ST Framework and LRM
Framework to, among other things, relocate certain descriptions of the
Clearing Agencies' liquidity stress testing activities from the LRM
Framework to the ST Framework.\16\ This included certain requirements
related to liquidity risk escalations, and in particular, the process
for escalating liquidity shortfalls. The Clearing Agencies now propose
to add a new section to the LRM Framework to relocate requirements
related to liquidity risk governance and the escalation of liquidity
shortfalls back into the LRM Framework because these activities and
processes are primarily driven the Clearing Agencies' Liquidity Risk
Management team.
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\16\ See Securities Exchange Act Release No. 96345 (Nov. 17,
2022), 87 FR 71714 (Nov. 23, 2022) (File Nos. SR-DTC-2022-006; SR-
FICC-2022-004; SR-NSCC-2022-006).
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The Clearing Agencies propose to add a new Liquidity Risk
Governance sub-section to the LRM Framework, which would contain the
same information as the Stress Test Governance section of the ST
Framework but with modifications to refer to liquidity risk policies,
procedures and risk tolerance statements rather than stress testing
policies, procedures and risk tolerance statements. Additionally, the
Clearing Agencies would relocate the Escalation of Liquidity Shortfalls
section of the ST Framework to the LRM Framework with certain
modifications and drafting clarifications. Specifically, the Clearing
Agencies would revise and clarify the manner in which liquidity risk
tolerance threshold breaches and liquidity shortfalls are identified,
reported and escalated by stating that liquidity risk tolerance
threshold breaches and liquidity shortfalls identified through the
daily liquidity studies are reported and escalated in accordance with
the Clearing Agencies' Liquidity Risk Tolerance Statement. The Clearing
Agencies would also clarify that the Liquidity Risk Management team
performs the daily analysis of any calculated liquidity shortfalls. In
[[Page 20517]]
addition, the Clearing Agencies would clarify that the management risk
committee does not directly evaluate the adequacy of liquidity
resources as a first line function but rather reviews management
evaluations and recommendations related to the adequacy of such
resources, which may include adjusting the CCP's liquidity risk
management methodology, model parameters, and any other relevant aspect
of its liquidity risk management framework, or otherwise supplementing
liquid resources. The ST Framework would also be revised to state that
liquidity risk tolerance and liquidity shortfall reporting and
escalations are governed by the LRM Framework.
Other Clarifying, Cleanup and Organizational Changes
Finally, the Clearing Agencies propose other clarifying, cleanup
and organizational changes to the LRM Framework to improve the accuracy
and clarity of the document. The Clearing Agencies would relocate the
definition of ``qualifying liquid resources'' from Section 5 of the LRM
Framework to the Glossary of Key Terms in Section 2, with minor
modifications to associated footnotes and citations, so that this term
is clearly defined before its first usage within the LRM Framework. The
Clearing Agencies would also update the Glossary of Key Terms to refer
to the DTCC Treasury ``department'' rather than DTCC Treasury ``group''
to align with other references to the DTCC Treasury department
throughout the LRM Framework and remove the defined term ``Stress
Testing Team'' because specific responsibilities of this team would no
longer be described in LRM Framework as they are covered in the ST
Framework.
In addition, Clearing Agencies would make several cleanup changes
in the Liquidity Risk Measurement section of the LRM Framework to
remove an outdated reference to previously removed sections of the LRM
Framework, refer to the new Liquidity Risk Governance and Escalation
Procedures section of the LRM Framework, and remove a specific
reference to the Stress Test Team (the responsibilities of which are
addressed in the ST Framework).
Finally, the Clearing Agencies would make a minor clarification in
the LRM Framework regarding the annual testing of certain uncommitted
liquidity providers, which are non-qualifying liquid resources of FICC.
2. Statutory Basis
The Clearing Agencies believe 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. In
particular, the Clearing Agencies believe that the proposed changes are
consistent with Section 17A(b)(3)(F) of the Act \17\ and Rule 17Ad-
22(e)(7) under the Act \18\ for the reasons set forth below.
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\17\ 15 U.S.C. 78q-1(b)(3)(F).
\18\ 17 CFR 240.17Ad-22(e)(7).
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Section 17A(b)(3)(F) of the Act \19\ requires, in part, that the
rules of a registered clearing agency be designed to promote the prompt
and accurate clearance and settlement of securities transactions. The
proposed changes would improve the accuracy and clarity of the
Frameworks, and specifically the LRM Framework, by (i) clarifying in
the LRM Framework the resources currently available to FICC and NSCC to
meet settlement obligations and liquidity shortfalls; (ii) clarifying
in the LRM Framework the Clearing Agencies' practices for reporting and
escalating liquidity risk tolerance thresholds; (iii) relocating the
governance and escalation requirements related to certain liquidity
risk management processes from the ST Framework to the LRM Framework;
and (iv) making other non-substantive clarifying, organizational and
cleanup changes to the LRM Framework. The LRM Framework and the
policies and procedures that support the LRM Framework help assure that
each Clearing Agency can effectively measure, monitor, and manage their
liquidity risks to promote the timely settlement of securities
transactions. The proposed changes would enhance the LRM Framework by
improving the accuracy and clarity of the descriptions of key aspects
of the Clearing Agencies' liquidity risk management processes, thereby
facilitating the Clearing Agencies' ability to continue the prompt and
accurate clearance and settlement of securities transactions as
required by Section 17A(b)(3)(F) of the Act.
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\19\ 15 U.S.C. 78q-1(b)(3)(F).
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Rule 17Ad-22(e)(7) under the Act requires that a covered clearing
agency establish, implement, maintain, and enforce written policies and
procedures reasonably designed to effectively measure, monitor, and
manage the liquidity risk that arises in or is borne by the covered
clearing agency, including measuring, monitoring, and managing its
settlement and funding flows on an ongoing and timely basis, and its
use of intraday liquidity.\20\ As discussed above, the LRM Framework
and the policies and procedures that support the LRM Framework help
assure that each Clearing Agency can effectively measure, monitor, and
manage their liquidity risks. The Clearing Agencies believe that by
improving the accuracy and clarity of the descriptions of key aspects
of the Clearing Agencies' liquidity risk management processes, the
proposed changes would facilitate the maintenance of written policies
and procedures reasonably designed to effectively measure, monitor, and
manage liquidity risks as required by Rule 17Ad-22(e)(7) under the Act.
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\20\ See 17 CFR 240.17Ad-22(e)(7).
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In addition, Rule 17Ad-22(e)(7)(viii) under the Act specifically
requires a covered clearing agency to establish, implement, maintain,
and enforce written policies and procedures reasonably designed to
address foreseeable liquidity shortfalls that would not be covered by
the covered clearing agency's liquid resources and seek to avoid
unwinding, revoking, or delaying the same-day settlement of payment
obligations.\21\ The Clearing Agencies believe that including
additional clarity and specificity in the LRM Framework concerning the
types of liquidity resources available to FICC and NSCC to address
foreseeable liquidity shortfalls would further promote compliance with
Rule 17Ad-22(e)(7)(viii) under the Act.
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\21\ See 17 CFR 240.17Ad-22(e)(7)(viii).
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For these reasons, the Clearing Agencies believe the proposed rule
change is consistent with the requirements of Section 17A(b)(3)(F) of
the Act \22\ and Rule 17Ad-22(e)(7) thereunder.\23\
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\22\ 15 U.S.C. 78q-1(b)(3)(F).
\23\ 17 CFR 240.17Ad-22(e)(7).
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(B) Clearing Agency's Statement on Burden on Competition
The proposed changes would enhance the Frameworks, and specifically
the LRM Framework, by providing additional clarity and accuracy
concerning the Clearing Agencies' existing liquidity risk management
processes. The Frameworks, and the proposed rule changes described
herein, would not advantage or disadvantage any particular participant
or user of the Clearing Agencies' services or unfairly inhibit access
to the Clearing Agencies' services. The Clearing Agencies therefore do
not believe that the proposed rule change would have any impact, or
impose any burden, on competition.
[[Page 20518]]
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
The Clearing Agencies have not received or solicited any written
comments relating to this proposal. If any written comments are
received, they will be publicly filed 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 <a href="http://www.sec.gov/regulatory-actions/how-to-submit-comments">www.sec.gov/regulatory-actions/how-to-submit-comments</a>. General questions regarding
the rule filing process or logistical questions regarding this filing
should be directed to the Main Office of the SEC's Division of Trading
and Markets at <a href="/cdn-cgi/l/email-protection#1c686e7d7875727b7d7278717d6e7779686f5c6f797f327b736a"><span class="__cf_email__" data-cfemail="5c282e3d3835323b3d3238313d2e3739282f1c2f393f723b332a">[email protected]</span></a> or 202-551-5777.
The Clearing Agencies reserve the right to not respond to any
comments received.
III. Date of Effectiveness of the Proposed Rule Change, and Timing for
Commission Action
Because the foregoing proposed rule change does not:
(i) significantly affect the protection of investors or the public
interest;
(ii) impose any significant burden on competition; and
(iii) become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act \24\ and
Rule 19b-4(f)(6) thereunder.\25\
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\24\ 15 U.S.C. 78s(b)(3)(A).
\25\ 17 CFR 240.19b-4(f)(6).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#4230372e276f212d2f2f272c3631023127216c252d34"><span class="__cf_email__" data-cfemail="542621383179373b3939313a2027142731377a333b22">[email protected]</span></a>. Please include
File Number SR-NSCC-2024-001 on the subject line.
Paper Comments
<bullet> 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-2024-001. 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 (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of NSCC and on
DTCC's website (<a href="https://dtcc.com/legal/sec-rule-filings.aspx">https://dtcc.com/legal/sec-rule-filings.aspx</a>). 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-2024-001 and should be
submitted on or before April 12, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-06071 Filed 3-21-24; 8:45 am]
BILLING CODE 8011-01-P
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