Notice2025-23068
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify Addendum A (Fee Structure) of the NSCC Rules
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
December 17, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 240 (Wednesday, December 17, 2025)</title>
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[Federal Register Volume 90, Number 240 (Wednesday, December 17, 2025)]
[Notices]
[Pages 58642-58646]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-23068]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104376; File No. SR-NSCC-2025-017]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed
Rule Change To Modify Addendum A (Fee Structure) of the NSCC Rules
December 12, 2025.
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 December 9, 2025, 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)(2) 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)(2).
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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 Addendum A (Fee
Structure) (``Addendum A'') of NSCC's Rules & Procedures (``NSCC
Rules'') to modify NSCC's ``value into the net'' fee, Clearing Fund
Maintenance Fee, and Long Broker late protect instruction submission
fee (``Long Broker Late Protect Submission Fee'').\5\
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\5\ Capitalized terms not defined herein are defined in the NSCC
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.
[[Page 58643]]
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
1. Purpose
The purpose of this proposed rule change is to modify Addendum A
(Fee Structure) of the NSCC Rules to (i) reduce the ``value into the
net'' fee; (ii) exclude Supplemental Liquidity Deposits (``SLD'') from
the calculation of the Clearing Fund Maintenance Fee; and (iii)
eliminate the Long Broker Late Protect Submission Fee. The proposed
changes to the Clearing Fund Maintenance Fee would be implemented upon
filing. The proposed changes to the ``value into the net'' fee and Long
Broker Late Protect Submission Fee would be implemented on January 1,
2026. The proposed fee changes are discussed in detail below.
Background
Value Into the Net Fee
Pursuant to Section II.A. of Addendum A, NSCC charges Clearance
Activity Fees for Securities Financing Transactions (``SFT'') and non-
SFT transactions. For transactions excluding SFTs, NSCC charges a (i)
``value into the net'' fee of $0.46 per million of processed value
(i.e., for CNS \6\ and Balance Order netting, the sum of the contract
amount and any CNS fail value) and (ii) ``value out of the net'' fee of
$ 2.16 per million of settling value (i.e., the absolute value of the
CNS Long and Short Positions). The ``value into the net'' fee is the
value of transactions for which a broker is buyer or seller (excluding
non-DTCC settling trades, non-CNS municipal bond transactions, flip
trades, and foreign security trades) and is calculated as the gross
cleared value prior to netting. The ``value into the net'' fee also
includes any fails re-entered into CNS. The into the net value reflects
the aggregate of each opening CNS security position multiplied by the
current market price for each security.\7\
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\6\ CNS is NSCC's core netting, allotting and fail-control
engine for securities transactions. See NSCC Rule 11 and Procedure
VII, supra note 5.
\7\ Additional details regarding NSCC's equity trade capture
fees, including the ``value into the net'' and ``value out of the
net'' fees, can be found on the DTCC Learning Center website,
available at <a href="https://dtcclearning.com/products-and-services/equities-clearing/utc/utc-users.html">https://dtcclearning.com/products-and-services/equities-clearing/utc/utc-users.html</a>.
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Clearing Fund Maintenance Fee
Pursuant to Section V.F. of Addendum A, NSCC charges a Clearing
Fund Maintenance Fee, which is a monthly fee calculated, in arrears, as
the product of (A) 0.35% and (B) the average of each Member's cash
deposit balance in the Clearing Fund (excluding cash deposit balances
in any SFT Accounts), as of the end of each day, for the month,
multiplied by the number of days for that month and divided by 360. The
Clearing Fund Maintenance Fee was adopted in 2016 \8\ and has been
amended several times since its adoption.
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\8\ See Securities Exchange Act Release No. 78525 (Aug. 9,
2016), 81 FR 54146 (Aug. 15, 2016) (SR-NSCC-2016-002).
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NSCC's Clearing Fund Maintenance Fee is primarily designed to (i)
diversify NSCC's revenue sources, mitigating NSCC's dependence on
revenues driven by trading volumes, and (ii) add a stable revenue
source that would contribute to NSCC's operating margin by offsetting
increasing costs and expenses.\9\ The fee is charged to all NSCC
Members that are required to make deposits to the NSCC Clearing Fund in
proportion to the Member's average monthly cash deposit to the Clearing
Fund. The calculation of the Clearing Fund Maintenance fee currently
excludes any cash deposit balances in any SFT Accounts.\10\
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\9\ Id.
\10\ See Securities Exchange Act Release No. 101949 (Dec. 17,
2024), 89 FR 104582 (Dec. 23, 2024) (SR-NSCC-2024-011).
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NSCC collects Clearing Fund deposits from its Members using a risk-
based margin methodology.\11\ These amounts operate, individually, as
the Member's margin, and the aggregate of all such Members' deposits is
referred to, collectively, as the Clearing Fund, which operates as
NSCC's default fund. All full-service NSCC Members are required to
maintain at least a minimum Required Fund Deposit to the Clearing Fund
of $250,000 at all times.\12\
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\11\ See NSCC Rule 4 and Procedure XV, supra note 5.
\12\ See NSCC Rule 4, Section 1, supra note 5.
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Under NSCC Rule 4A, NSCC may also collect additional cash deposits
to the Clearing Fund in the form of SLD \13\ to cover the liquidity
exposures presented by certain Members (whether individually or as part
of an affiliated Member family) whose activity generates liquidity
needs in excess of NSCC's qualifying liquid resources.\14\ Unlike
Required Fund Deposits, SLD is only required from those certain Members
that present heightened liquidity needs at NSCC, and only for the
duration of such liquidity exposure. These heightened liquidity needs
typically occur for a limited period, such as those associated with
large options expiry periods or exchange-trade fund index rebalancing
periods. There is no ongoing minimum requirement for SLD.
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\13\ See NSCC Rule 4A, supra note 5.
\14\ ``Qualifying liquid resources'' is defined in Rule 17ad-
22(a) under the Act. See 17 CFR 240.17ad-22(a). NSCC's qualifying
liquid resources include, for example: (1) the cash in the Clearing
Fund; (2) the cash that would be obtained from NSCC's committed 364-
day credit facility with a consortium of lenders; (3) cash proceeds
from NSCC's commercial paper and extendable note program; and (4)
cash proceeds from NSCC's Senior Unsecured Notes.
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Long Broker Late Protect Submission Fee
Pursuant to Section II.F.2. of Addendum A, NSCC charges fees to
Members for submitting instructions in connection with voluntary
reorganizations. NSCC Members holding long obligations in CNS for
securities undergoing a voluntary corporate action may submit
``protect'' instructions to participate in an upcoming corporate action
or to add shares to a voluntary corporate action.\15\ These protect
instructions move the Member's long positions into a CNS Reorganization
Sub-Account, which provides for a higher priority in NSCC's long
position allocation algorithm. To be included in night cycle
processing, long Members (or Long Brokers) must submit their
instructions between 9:45 p.m. and 10:45 p.m. Eastern Time on the day
prior to the cover protect date.\16\ This one-hour window ensures that
instructions are prioritized for allocation at the highest level. The
Long Broker fee for submitting instructions during this initial window
is $15 per instruction submitted.
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\15\ Section H of Procedure VII describes the timeline of
actions that must occur in connection with the processing of
eligible corporate reorganization events. The processing of
mandatory reorganizations occurs automatically; however, the
processing of voluntary reorganizations through the CNS
Reorganization Processing System requires certain actions to be
taken by both NSCC and by Members with positions in the subject
security during the period of time leading up to and following the
expiration of the event. This period of time is referred to in the
NSCC Rules as the ``protect period'' and is defined by reference to
the expiration date, or ``E,'' of a voluntary reorganization (e.g.,
``E+1'' is one day past the expiration date of the event). See NSCC
Procedure VII, Section H.4(b), supra note 5.
\16\ The CNS automatic delivery process occurs in two cycles:
the ``night cycle,'' which typically begins the night before
settlement date, and the ``day cycle,'' which occurs on settlement
date. NSCC employs an algorithm for each cycle to determine the
order in which Members with long allocations receive positions from
CNS. Members can also submit priority requests that override NSCC's
algorithm when they have special needs to receive securities owed to
them (e.g., the security is undergoing a corporate action, or the
Member has an urgent customer delivery).
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For long Members who miss this window, an additional submission
period is available on the cover protect date between 7:00 a.m. and
2:30 p.m. Eastern Time. Instructions submitted during this extended
window incur a higher fee, the Long Broker Late Protect
[[Page 58644]]
Submission Fee, designed to incentivize timely submission during the
initial window on the prior day. Members that submit during the initial
window not only avoid the higher Long Broker Late Protect Submission
Fee but also ensure the highest priority for allocation of their
protected long positions. The Long Broker Late Protect Submission Fee
is $500 per instruction submitted.
Proposed Fee Changes
As part of the annual budgeting process, NSCC reviews price levels
against its cost of operations and evaluates potential expense
reductions and/or fee changes to correct any misalignment of costs and
fees. NSCC's fees are cost-based plus a markup as approved by the Board
of Directors or management (pursuant to authority delegated by the
Board), as applicable. This markup is applied to recover development
costs and operating expenses and to accumulate capital sufficient to
meet regulatory and economic requirements.\17\
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\17\ NSCC maintains procedures to control costs and regularly
reviews pricing levels against costs of operation. See NSCC
Disclosure Framework for Covered Clearing Agencies and Financial
Market Infrastructures, June 2025, page 118 available at
<a href="http://www.dtcc.com/legal/policy-and-compliance">www.dtcc.com/legal/policy-and-compliance</a>.
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During the 2026 budgeting process, NSCC identified opportunities to
better align fees and costs for NSCC and its Members. This includes (i)
a proposed reduction of the ``value into the net'' fee; (ii) the
removal of SLD from the Clearing Fund Maintenance Fee calculation; and
(iii) the elimination of the Long Broker Late Protect Submission Fee.
The proposed fee changes are discussed in further detail below.
Value Into the Net Fee
Based on its annal budgeting review, NSCC proposes to decrease its
``value into the net'' fee from $0.46 to $0.44 per million of processed
value. The ``value into the net'' fee is the largest fee type for NSCC
and affects all participants using NSCC's trade capture and CNS
Accounting Operation services. As a result, the proposed reduction in
this fee from $0.46 to $0.44 is expected to result in the largest
portion of the aggregate fee reduction. The proposed fee change is
intended to reduce costs for NSCC's Members while continuing to
maintain sufficient revenues to cover NSCC's development costs and
operating expenses and to accumulate sufficient capital to meet NSCC's
regulatory and economic requirements.
To effectuate the proposed fee change, NSCC would amend Section
II.A. of Addendum A concerning Clearance Activity Fees for transactions
other than SFTs to reflect the new ``value into the net'' fee of $0.44
per million.
Clearing Fund Maintenance Fee
NSCC proposes to exclude SLD from the Clearing Fund Maintenance Fee
calculation. As noted above, the Clearing Fund Maintenance Fee was
adopted to provide a diversified and stable revenue source for NSCC and
is designed to be proportional to the average monthly cash deposit of
the member to the Clearing Fund.\18\ The Clearing Fund Maintenance Fee
is primarily based on the Clearing Fund deposits that NSCC collects
from its Members pursuant to NSCC Rule 4 and Procedure XV. As noted
above, all full-service NSCC Members are required to maintain at least
a minimum Required Fund Deposit to the Clearing Fund of $250,000 at all
times. However, pursuant to NSCC Rule 4A, NSCC may also collect
additional cash deposits to the Clearing Fund in the form of SLD from
Members whose activity generates liquidity needs in excess of NSCC's
qualifying liquid resources. Unlike Required Fund Deposits, there is no
ongoing minimum requirement for SLD. SLD is only required from those
Members that present heightened liquidity needs at NSCC, and only for
the duration of such liquidity exposure, which is typically limited and
occurs during large options expiry periods or exchange-trade fund index
rebalancing periods. Given the unique and intermittent nature of SLD,
NSCC proposes to remove SLD balances from the Clearing Fund Maintenance
Fee calculation. NSCC believes that it is reasonable and appropriate to
calculate the Clearing Fund Maintenance Fee for its Members based on
the Clearing Fund deposits that NSCC collects from all Members on an
ongoing basis pursuant to NSCC Rule 4 and Procedure XV.
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\18\ See supra note 8.
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To effectuate the proposed fee change, NSCC would amend Section
V.F. of Addendum A concerning the Clearing Fund Maintenance Fee to
clarify that the calculation of the average of each Member's cash
deposit balance in the Clearing Fund would exclude any cash deposit
balances deposited to satisfy Supplemental Liquidity Deposit
obligations (in addition to cash deposit balances in any SFT Accounts).
Long Broker Late Protect Submission Fee
Finally, NSCC proposes to eliminate the Long Broker Late Protect
Submission Fee. Historically, Members had a longer timeframe to submit
instructions prior to the cover protect date to participate in an
upcoming corporate action. However, with the transition to the T+1
settlement in May 2024,\19\ this window was reduced to one hour
(between 9:45 p.m. and 10:45 p.m. Eastern Time on the day prior to the
cover protect date) prompting concerns from certain Members regarding
the shortened timeframe and their ability to submit instructions
without incurring the higher Long Broker Late Protect Submission Fee.
In response to this feedback, NSCC is eliminating the Long Broker Late
Protect Submission Fee. NSCC notes that Members are still strongly
encouraged to submit instructions during the initial one-hour window on
the day prior to the cover protect date to benefit from night cycle
processing and priority allocation.
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\19\ See Securities Exchange Act Release No. 96930 (Feb. 15,
2023), 88 FR 13872 (Mar. 6, 2023) (S7-05-22) (Shortening the
Securities Transaction Settlement Cycle). See also Securities
Exchange Act Release No. 100048 (May 2, 2024), 89 FR 38929 (May 8,
2024) (SR-NSCC-2024-002).
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To effectuate the proposed fee change, NSCC would amend Section
II.F.2. of Addendum A to remove the Long Broker Late Protect Submission
Fee in Section II.F.2.b. and modify the standard Long Broker protect
fee to reflect that all input or add instructions, regardless of
submission window, would be subject to a fee of $15 each. NSCC would
also make conforming changes to renumber remaining fees in Section
II.F.2. of Addendum A.
Expected Impact
The proposed rule change will result in lower fees for NSCC's
Members. Based on an analysis of annualized 2025 data, the proposed
change in the ``value into the net'' fee is expected to decrease NSCC's
overall annual fee revenue by approximately $14 million, and individual
Member impacts are estimated to be approximately 4 percent. However,
each Member's individual fee impact would be proportionate to their use
of NSCC's guaranteed services (e.g., trade capture and CNS). The
proposed change in the Clearing Fund Maintenance Fee calculation would
result in a reduction in fees for those Members that may be subject to
SLD obligations at NSCC. The impact of this fee change would be
dependent on the liquidity needs generated by each Member; however,
based on an analysis of 2024 data, NSCC estimates that the inclusion of
SLD in the Clearing Fund Maintenance Fee impacts fewer than ten Members
and resulted in additional aggregate charges of around $1.83 million.
The proposed change to the Long Broker Late Protect
[[Page 58645]]
Submission Fee would also reduce fees for Members by eliminating the
higher late submission fee and applying the standard Long Broker
protect fee to all input or add instructions, regardless of submission
window. Based on an analysis of annualized 2025 data, the Long Broker
Late Protect Submission Fee applied to fewer than ten Members for an
aggregate total of less than $25,000.
Member Outreach
NSCC has conducted ongoing outreach to Members in connection with
the proposed fee changes. As of the date of this filing, no written
comments relating to the proposed rule change have been received in
response to this outreach. The Commission will be notified of any
written comments received.
Implementation Timeframe
The proposed changes to the Clearing Fund Maintenance Fee would be
implemented upon filing. NSCC would implement the proposed changes to
the ``value into the net'' fee and Long Broker Late Protect Submission
Fee on January 1, 2026.
2. Statutory Basis
NSCC believes the proposed rule change is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a registered clearing agency. Specifically, NSCC believes
the proposed rule change is consistent with Section 17A(b)(3)(D) of the
Act \20\ and Rule 17ad-22(e)(23)(ii) \21\ thereunder for the reasons
set forth below.
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\20\ 15 U.S.C. 78q-1(b)(3)(D).
\21\ 17 CFR 240.17ad-22(e)(23)(ii).
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Section 17A(b)(3)(D) of the Act \22\ requires that the rules of a
clearing agency provide for the equitable allocation of reasonable
dues, fees, and other charges among its participants. NSCC believes the
proposed fee changes are reasonable and would be allocated equitably
among its full-service Members.
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\22\ 15 U.S.C. 78q-1(b)(3)(D).
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First, the proposed rule change would result in reduced ``value
into the net'' fees for NSCC Members. The proposed ``value into the
net'' fee would be fairly applied to all Members using NSCC's
guaranteed services. While the impact of the proposed fees would vary
based on Members' usage of the underlying NSCC services, the proposed
rule change would not alter how the Clearance Activity Fees are
calculated or how such fees are allocated to Members. As mentioned
above, the ``value into the net'' component of the Clearance Activity
Fee is based on the Member's gross cleared value prior to netting. As
such, and as is currently the case, Members that make greater use of
NSCC's guaranteed services would generally be subject to larger ``value
into the net'' fees and therefore would see a greater reduction in fees
as a result of the proposed fee change, because such Members would
typically have a higher value of gross positions prior to netting.
Conversely, Members that use NSCC's guaranteed services less would
generally be subject to smaller ``value into the net'' fees, and
therefore would see smaller fee reductions, because such Members would
typically have a lower value of gross positions. The proposed change to
the ``value into the net'' component of the Clearance Activity Fee
would not adjust these allocations or the manner in which the fees are
applied. As a result, NSCC believes the proposed fee would continue to
be reasonable and allocated equitably among its Members.
Second, the proposed rule change would exclude SLD from the
Clearing Fund Maintenance Fee calculation. Members that are required to
deposit SLD are already subject to the Clearance Fund Maintenance Fee
for all cash balances in their full-service accounts, which constitute
the vast majority of NSCC's Clearing Fund cash balances, similar to all
other full-service Members. Given the unique and intermittent nature of
SLD, NSCC proposes to remove SLD balances from the Clearing Fund
Maintenance Fee calculation. NSCC believes that it is reasonable and
appropriate to calculate the Clearing Fund Maintenance Fee for its
Members based on the Clearing Fund deposits that NSCC collects from all
Members on an ongoing basis pursuant to NSCC Rule 4 and Procedure XV.
As a result, NSCC believes the proposed fee would result in Clearing
Fund Maintenance Fees that are reasonable and allocated equitably among
its Members.
Third, the proposed rule change would eliminate the Long Broker
Late Protect Submission Fee. The Long Broker Late Protect Submission
Fee applies to any Members submitting late protect instructions during
the additional submission period on the cover protect date. By
eliminating this higher late submission fee, NSCC would apply one
standard Long Broker protect fee to all input or add instructions,
regardless of submission window. As a result, NSCC believes the
proposed fee change would result in Long Broker protect fees that are
reasonable and allocated equitably among its Members.
Rule 17ad-22(e)(23)(ii) under the Act \23\ requires NSCC to
establish, implement, maintain and enforce written policies and
procedures reasonably designed to provide sufficient information to
enable participants to identify and evaluate the risks, fees, and other
material costs they incur by participating in the covered clearing
agency. The proposed fees would be clearly and transparently published
in Addendum A of the NSCC Rules, which are available on a public
website,\24\ thereby enabling Members to identify the fees and costs
associated with participating in NSCC. As such, NSCC believes the
proposed rule change is consistent with Rule 17ad-22(e)(23)(ii) under
the Act.\25\
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\23\ 17 CFR 240.17ad-22(e)(23)(ii).
\24\ See supra note 5.
\25\ 17 CFR 240.17ad-22(e)(23)(ii).
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(B) Clearing Agency's Statement on Burden on Competition
Section 17A(b)(3)(I) of the Act \26\ requires that the rules of the
clearing agency do not impose any burden on competition not necessary
or appropriate in furtherance of the Act. NSCC does not believe the
proposed rule change would have any impact, or impose any burden, on
competition. First, the proposed change to the ``value into the net''
fee would result in an overall fee reduction for Members. The ``value
into the net'' fee would continue to be charged ratably based on the
activity that each Member brings to NSCC. The proposed rule change
would not adjust manner in which the fee is allocated or applied.
Second, the proposed rule change would remove SLD balances from the
Clearing Fund Maintenance Fee calculation. Members who are required to
post SLD are already subject to the Clearance Fund Maintenance Fee for
all cash balances in their full-service accounts, which constitute the
vast majority of NSCC's Clearing Fund cash balances, similar to all
other full-service Members. The proposed change would result in NSCC
calculating Clearing Fund Maintenance Fees based on the Clearing Fund
deposits that NSCC collects from all Members on an ongoing basis
pursuant to NSCC Rule 4 and Procedure XV. Finally, the proposed rule
change would eliminate the Long Broker Late Protect Submission Fee and
apply one standard Long Broker protect fee to all input or add
instructions for all Members regardless of submission window. As a
result, NSCC believes the proposed fee changes would apply equally to
all Members and would not disadvantage
[[Page 58646]]
or favor any particular Member in relationship to another Member or
unfairly inhibit access to NSCC's services. NSCC therefore does not
believe the proposed rule change would have any impact, or impose any
burden, on competition.
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\26\ 15 U.S.C. 78q-1(b)(3)(I).
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(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
NSCC has not received or solicited any written comments relating to
this proposal. If any written comments are received, NSCC will amend
this filing to publicly file such comments 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/rules-regulations/how-submit-comment">www.sec.gov/rules-regulations/how-submit-comment</a>. General questions regarding the rule
filing process or logistical questions regarding this filing should be
directed to the Main Office of the Commission's Division of Trading and
Markets at <a href="/cdn-cgi/l/email-protection#07737566636e69606669636a66756c6273744774626429606871"><span class="__cf_email__" data-cfemail="dca8aebdb8b5b2bbbdb2b8b1bdaeb7b9a8af9cafb9bff2bbb3aa">[email protected]</span></a> or 202-551-5777.
NSCC reserves the right not to respond to any comments received.
III. Date of Effectiveness of the Proposed Rule Change, and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) \27\ of the Act and paragraph (f) \28\ of Rule 19b-4
thereunder. 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.
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\27\ 15 U.S.C. 78s(b)(3)(A).
\28\ 17 CFR 240.19b-4(f).
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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#b7c5c2dbd29ad4d8dadad2d9c3c4f7c4d2d499d0d8c1"><span class="__cf_email__" data-cfemail="e092958c85cd838f8d8d858e9493a0938583ce878f96">[email protected]</span></a>. Please include
file number SR-NSCC-2025-017 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-2025-017. 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 filing will be available for inspection and
copying at the principal office of NSCC and on DTCC's website
(<a href="http://www.dtcc.com/legal/sec-rule-filings">www.dtcc.com/legal/sec-rule-filings</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-2025-017 and should be submitted on or
before January 7, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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\29\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-23068 Filed 12-16-25; 8:45 am]
BILLING CODE 8011-01-P
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