Notice2025-23234
Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Amendments to the GSD Rules and the MBSD Rules To Modify Certain Fees
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 18, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 241 (Thursday, December 18, 2025)</title>
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[Federal Register Volume 90, Number 241 (Thursday, December 18, 2025)]
[Notices]
[Pages 59268-59272]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-23234]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104397; File No. SR-FICC-2025-024]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Make Amendments to the GSD Rules and the MBSD Rules To Modify Certain
Fees
December 15, 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 8, 2025, Fixed Income Clearing Corporation (``FICC'') 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. FICC 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 modifications to FICC's
Government Securities Division (``GSD'') Rulebook (``GSD Rules'') and
Mortgage-Backed Securities Division (``MBSD'') Clearing Rules (``MBSD
Rules'') (``MBSD Rules'' and together with the GSD Rules, the
``Rules'') \5\ in order to (1) modify the Clearing Fund Maintenance Fee
(``Maintenance Fee'') of GSD and MBSD; (2) remove the Sponsored GC Pre-
Payment Assessment from the GSD Rules, and (3) adopt new pass-through
fees in the GSD Rules that reflect fees charged by the Clearing Agent
Bank. In addition, FICC is proposing changes to the GSD Rules to assist
Members to better understand the pass-through fees.
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\5\ Capitalized terms not defined herein are defined in the GSD
Rules and the MBSD Rules, as applicable, 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
FICC is proposing to amend the GSD Rules and the MBSD Rules in
order to (1) modify the Maintenance Fee of GSD
[[Page 59269]]
and MBSD, (2) remove the Sponsored GC Pre-Payment Assessment from the
GSD Rules, and (3) adopt new pass-through fees in the GSD Rules that
reflect fees charged by the Clearing Agent Bank in connection with the
GSD global collateral services. In addition, FICC is proposing to
revise the description of Clearing Agent Bank pass-through fees in the
GSD Fee Structure of the GSD Rules.
Proposed Modification of the Clearing Fund Maintenance Fee
The Maintenance Fee is designed to (i) diversify FICC's revenue
sources and mitigate its dependence on revenues driven by trading
volumes, and (ii) add a stable revenue source that would contribute to
FICC's operating margin by offsetting increasing costs and expenses.
The Maintenance Fee was implemented in 2016 \6\ and subsequently
amended in 2024.\7\ Currently, the Maintenance Fee is calculated
monthly, in arrears, as the product of (A) 0.085% and (B) the average
of each Member's Required Fund Deposit as of the end of each day, for
the month, multiplied by the number of days in that month and divided
by 360.
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\6\ Securities Exchange Act Release No. 78529 (Aug. 10, 2016),
81 FR 54626 (Aug. 16, 2016) (SR-FICC-2016-004).
\7\ Securities Exchange Act Release No. 101947 (Dec. 17, 2024),
89 FR 104595 (Dec. 23, 2024) (SR-FICC-2024-012).
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FICC operates a cost-plus pricing model. Accordingly, FICC's fees
are cost-based plus a markup. As part of FICC's annual pricing review
process and budgeting for 2026, FICC identified opportunities to better
align fees and costs for FICC. Specifically, FICC is proposing a
reduction in the Maintenance Fee percentage from 0.085% to 0.075% for
both GSD and MBSD.
To effectuate the proposed fee change described above at GSD, FICC
is proposing to change the Maintenance Fee percentage from ``0.085%''
to ``0.075%'' in Section XIII (Clearing Fund Maintenance Fee) of the
Fee Structure in the GSD Rules. Similarly, for MBSD, FICC is proposing
to change the percentage referenced under the Clearing Fund Maintenance
Fee from ``0.085%'' to ``0.075%'' in Section I (Fees) of the Schedule
of Charges Broker Account Group and Schedule of Charges Dealer Account
Group, respectively, in the MBSD Rules.
In addition, FICC is proposing changes to enhance the clarity of
the Rules. Specifically, in Section XIII (Clearing Fund Maintenance
Fee) of the Fee Structure in the GSD Rules as well as under the
Clearing Fund Maintenance Fee in Section I (Fees) of the Schedule of
Charges Broker Account Group and Schedule of Charges Dealer Account
Group, respectively, in the MBSD Rules, FICC is proposing to remove the
extraneous reference to ``in the Clearing Fund'' and replace ``for''
with ``in'' when referencing the number of days in a month.
Proposed Removal of the Sponsored GC Pre-Payment Assessment
FICC is proposing to eliminate the Sponsored GC Pre-Payment
Assessment from the GSD Rules. The Sponsored GC Pre-Payment Assessment
is a $250,000 assessment that FICC collects from a Sponsoring Member at
the time the Sponsoring Member onboards into the Sponsored GC
Service.\8\ Pursuant to the GSD Rules, FICC credits that amount back to
the Sponsoring Member against its fees for use of the Sponsored GC
Service until the earlier of (i) the assessment being completely
depleted and (ii) thirty-six (36) months after the Sponsoring Member
onboards into the Sponsored GC Service.\9\
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\8\ See GSD Rule 1 (definition of ``Sponsored GC Pre-Payment
Assessment'') and GSD Fee Structure, Section VII, supra note 5.
\9\ Id.
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The Sponsored GC Pre-Payment Assessment was adopted in 2020, when
FICC was developing the Sponsored GC Service, to ensure Sponsoring
Members' support of and readiness to participate in the Sponsored GC
Service and justify FICC's investment in building the new technology
infrastructure that was necessary to implement the Sponsored GC
Service.\10\ Since that time, the Sponsored GC Service has been
consistently used by Sponsoring Members, and FICC has recently proposed
expansions to the Sponsored GC Service.\11\ Therefore, FICC no longer
believes the Sponsored GC Pre-Payment Assessment is necessary and is
proposing to eliminate the assessment from the GSD Rules to further
encourage the use of the expanded Sponsored GC service by Sponsoring
Members.
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\10\ Securities Exchange Act Release No. 90386 (Nov. 10, 2020),
85 FR 73329 (Nov. 17, 2020) (SR-FICC-2020-013).
\11\ Securities Exchange Act Release No. 104085 (Sept. 26,
2025), 90 FR 46981 (Sept. 30, 2025) (SR-FICC-2025-019) (``CIL
Filing'') (proposing a new offering within the Sponsored GC Service,
to be referred to as the Collateral-in-Lieu, or ``CIL,'' Service and
to permit the clearing of done-away Sponsored GC Trades, executed
between the Sponsored Member and other permitted counterparty).
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The proposed change would remove the definition of the Sponsored GC
Pre-Payment Assessment from Rule 1 and would remove the description of
the Sponsored GC Pre-Payment Assessment from Section VII of the GSD Fee
Structure, which describes the responsibilities of Sponsoring Members
to pay fees in connection with the Sponsored Service.
Proposed Adoption of Clearing Agent Bank Pass-Through Fees
FICC is proposing to include in the GSD Fee Structure new pass-
through fees that would be charged by Bank of New York (``BNY''), as a
Clearing Agent Bank, and passed to Members by FICC.
The additional pass-through fees would include a new fee to be
referred to as a ``Core Services Fee'' of 0.15 basis points calculated
on the settlement amount of the Start Leg of all Sponsored GC Trades
(including trades that would be cleared through the proposed CIL
Service, to be referred to as Sponsored GC CIL Trades) \12\ and
triparty trades that would be cleared through the Agent Clearing
Service, to be referred to as ``ACS Triparty Trades.'' \13\ The
additional pass-through fees would also include a fee to be referred to
as the ``Enhanced Services Fee'' of 0.35 basis points calculated on the
settlement amount of the Start Leg of all Sponsored GC CIL Trades. The
Enhanced Services Fee would be charged on Sponsored GC CIL Trades in
addition to the Core Services Fee. Both of the new pass-through fees
would be assessed to the Repo Party to the transactions.
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\12\ Id.
\13\ Securities Exchange Act Release No. 104084 (Sept. 26,
2025), 90 FR 47045 (Sept. 30, 2025) (SR-FICC-2025-021) (``ACS
Triparty Filing'') (proposing to expand the Agent Clearing Service
to permit clearing of triparty trades).
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The GSD Fee Structure currently identifies fees that are charged by
BNY in connection with existing global collateral services and are
passed through to Members of FICC. These fees are collected in
connection with clearing GCF Repo Transactions and CCLF Transactions.
In connection with adding the new BNY pass-through fees to the GSD Fee
Structure, the proposed changes would also include these existing pass-
through fees with the Core Services Fees and would simplify the
description of the calculation and assessment of these fees. The
proposed changes are designed to help Members better understand the
fees that FICC currently passes from BNY in connection with their use
of these global collateral services.
Therefore, the proposed changes would amend Section IV (Other
Charges) of the GSD Fee Structure, where ``Clearance Charges,''
including those that are passed through from Clearing Agent Banks, are
described. The proposed changes would create a new subsection B.4.(c)
to identify fees
[[Page 59270]]
that may be charged by any Clearing Agent Bank on the global collateral
services offered by FICC. This proposed change would allow FICC to
identify any fees that may be charged by another Clearing Agent Bank in
the future and would similarly be passed through to Members by FICC in
this proposed new subsection.
A new subsection B.4.(c)(i) would then specifically identify the
fees that are currently, and would be, charged by BNY. These fees would
be identified as either ``Core Services Fees'' or ``Enhanced Services
Fees,'' as described above.
The proposed changes would not change the existing pass-through
fees that are charged by BNY on GCF Repo Transactions and CCIT
Transactions. The existing description of these fees (currently
described in subsection B.4.(c) of the GSD Fee Schedule) would be
replaced with clearer, simplified descriptions in the new subsection
B.4.(c)(i) and would identify these fees as Bank of New York Core
Services Fees.
Expected Member Impact of Proposed Rule Changes
FICC projects that all Members would see an approximately 12% fee
reduction as a result of the proposed change to the Maintenance Fee.
The proposed removal of the Sponsored GC Pre-Payment Assessment would
not have an impact on Sponsoring Members who use the Sponsored GC
Service because the current application of this fee results in the
return of the full amount to those Members through a credit against its
fees for use of the Sponsored GC Service, as described above. FICC is
not able to assess the potential impact of the proposed new pass-
through fees, which would be assessed by BNY as a Clearing Agent Bank,
based on participants' use of the existing and proposed global
collateral services.
Member Outreach Regarding Proposed Rule Changes
FICC has conducted ongoing outreach to Members to provide them with
notice of the proposed change to the Maintenance Fee and the
anticipated impact for the Member. FICC has not conducted outreach
regarding the elimination of the Sponsored GC Pre-Payment Assessment.
FICC has also not conducted outreach regarding the pass-through fees
that would be charged by the Clearing Agent Bank, as such outreach
would be conducted by BNY. As of the date of this filing, no written
comments relating to the proposed changes have been received in
response to this outreach. The Commission will be notified of any
written comments received.
Implementation Timeframe
FICC would implement the proposed changes to modify the Maintenance
Fee on January 1, 2026. As proposed, a legend would be added to the
Rules stating the change to the Maintenance Fee would become effective
upon filing with the Commission but has not yet been implemented. The
proposed legend would also include the date on which such change would
be implemented and the file number of this proposal, and state that,
once that change is implemented, the legend would automatically be
removed.
FICC would implement the proposed change to remove the Sponsored GC
Pre-Payment Assessment upon filing, pursuant to paragraph A of Section
19(b)(3) of the Act \14\ and Sponsoring Members who elect to use the
Sponsored GC Service on and after that date would not be required to
make a Sponsored GC Pre-Payment Assessment. Sponsoring Members that
have already been assessed a Sponsored GC Pre-Payment Assessment prior
to that date would continue to receive a credit against fees for their
use of the Sponsored GC Service until such time currently set forth in
the GSD Rules. As proposed, a footnote would be added to the GSD Rules
stating that a Sponsored GC Pre-Payment Assessment would no longer be
collected from Sponsoring Members who elect to use the Sponsored GC
Service and that the related Rules would only apply to Sponsoring
Members who have already made a Sponsored GC Pre-Payment Assessment.
The footnote and the Rules related to the Sponsored GC Pre-Payment
Assessment would automatically be removed from the GSD Rules when all
such assessments have been completely depleted or thirty-six (36)
months after the last Sponsoring Member who made a Sponsored GC Pre-
Payment Assessment onboarded to the Sponsored GC Service, whichever is
earlier.
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\14\ 15 U.S.C 78s(b)(3)(A).
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FICC would implement the proposed change to adopt changes to the
GSD Fee Schedule to assist Members to better understand the pass-
through fees upon filing, pursuant to paragraph A of Section 19(b)(3)
of the Act.\15\ As proposed, footnotes would be added to the GSD Rules
to reflect that the fees that would be applicable to Sponsored GC
Trades would become effective on January 1, 2026, fees that would be
applicable to Sponsored GC CIL Trades would become effective on the
date FICC implements the changes to the GSD Rules that are proposed by
the CIL Filing, and the fees that would be applied to ACS Triparty
Trades would become effective on the date FICC implements the changes
that are proposed by the ACS Triparty Filing.
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\15\ Id.
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2. Statutory Basis
FICC believes this proposal is consistent with the requirements of
the Act, and the rules and regulations thereunder applicable to a
registered clearing agency. Specifically, FICC believes the proposed
changes are consistent with Section 17A(b)(3)(D) of the Act \16\ and
Rule 17ad-22(e)(23)(ii) \17\ thereunder, for the reasons described
below.
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\16\ 15 U.S.C. 78q-1(b)(3)(D).
\17\ 17 CFR.17ad-22(e)(23)(ii).
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Section 17A(b)(3)(D) of the Act requires that the rules of a
clearing agency, such as FICC, provide for the equitable allocation of
reasonable dues, fees, and other charges among its participants.\18\
FICC believes that the proposed changes are consistent with this
provision of the Act for the reasons described below.
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\18\ 15 U.S.C. 78q-1(b)(3)(D).
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FICC believes the Maintenance Fee would continue to be equitably
allocated. More specifically, as described above, the Maintenance Fee
would be charged to all Members in proportion to the Members' Required
Fund Deposits. As such, and as is currently the case, Members that
present greater risk to FICC would generally be subject to a larger
Maintenance Fee because such Member would typically be required to
maintain a higher Required Fund Deposit pursuant to the respective GSD
Rules and MBSD Rules.\19\ Conversely, Members that present less risk to
FICC would generally be subject to a smaller Maintenance Fee because
such Members would typically be required to maintain a smaller Required
Fund Deposit pursuant to the respective GSD Rules and MBSD Rules.\20\
For this reason, FICC believes the Maintenance Fee would continue to be
equitably allocated among Members.
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\19\ See Rule 4 and Margin Component Schedule in GSD Rules and
Rule 4 in MBSD Rules, supra note 5.
\20\ Id.
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The proposal to remove the Sponsored GC Pre-Payment Assessment
would revise the fee structure of the Sponsored GC Service by removing
a requirement to pre-pay a certain amount, which is then credited
against fees for the use of the service. Following the proposed change,
FICC would
[[Page 59271]]
instead only charge Sponsoring Members fees for their use of the
service at the time of such use. This proposed change would continue to
apply the fee structure for the Sponsored GC Service to all Sponsoring
Members equally and would provide for an equitable allocation of
reasonable fees that align to use of the associated service.
Finally, the proposal to pass through the fees charged by the
Clearing Agent Bank on the use of FICC's global collateral services
would apply the same basis point charge on the settlement amount of the
Start Leg of trades cleared through such services to all Members who
use such services. FICC would pass through these fees to its Members at
the same rate that would be charged to it by BNY, as the Clearing Agent
Bank. As such, these pass-through fees would be allocated equitably to
Members.
Rule 17ad-22(e)(23)(ii) under the Act requires FICC 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 changes, if approved, would be clearly and
transparently published in Section XIII (Clearing Fund Maintenance Fee)
of the Fee Structure in the GSD Rules and Section I (Fees) of the
Schedule of Charges Broker Account Group as well as Schedule of Charges
Dealer Account Group in the MBSD Rules, all of which are available on a
public website,\21\ thereby enabling Members to identify the fees and
costs associated with participating in FICC. As such, FICC believes the
proposed rule changes are consistent with Rule 17ad-22(e)(23)(ii) under
the Act.\22\
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\21\ See supra note 5.
\22\ 17 CFR 240.17ad-22(e)(23)(ii).
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(B) Clearing Agency's Statement on Burden on Competition
FICC believes that, although Members may experience some impact
from the proposed rule change to modify the GSD and MBSD Maintenance
Fees and adopt new pass-through fees from BNY, the proposed rule change
would not impose a burden on competition among its Members that is not
necessary or appropriate in furtherance of the purposes of the Act.\23\
As described above, the Maintenance Fee is charged ratably based on the
risk that each Member brings to FICC, as reflected in Members' Required
Fund Deposits. Thus, the Maintenance Fee is designed to be reflective
of each Member's individual activity submitted for clearing and
settlement at FICC and the associated risk exposure to FICC. Likewise,
the proposal to adopt additional pass-through fees that would be
charged by the Clearing Agent Bank would be applied equally to all
Members who use FICC's global collateral services.
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\23\ 15 U.S.C. 78q-1(b)(3)(I).
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FICC does not believe the proposal to remove the Sponsored GC Pre-
Payment Assessment would have any impact on competition as it would
revise the cost structure for the use of the Sponsored GC Service for
all Sponsoring Members who elect to use the service.
FICC also does not believe the proposed clarifying change to the
Rules would have any impact on competition. These proposed changes
would enhance the Rules by providing additional clarity. The proposed
clarifying changes would not advantage or disadvantage any particular
Member at GSD and MBSD or unfairly inhibit access to FICC's services.
FICC therefore does not believe the proposed clarifying changes would
have any impact, or impose any burden, on competition.\24\
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\24\ Id.
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(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
FICC has 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-submit-comments">www.sec.gov/regulatory-actions/how-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 Commission's Division of
Trading and Markets at <a href="/cdn-cgi/l/email-protection#16626477727f78717778727b77647d7362655665737538717960"><span class="__cf_email__" data-cfemail="6c181e0d0805020b0d0208010d1e0709181f2c1f090f420b031a">[email protected]</span></a> or 202-551-5777.
FICC 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) \25\ of the Act and paragraph (f) of Rule 19b-4
thereunder.\26\ 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. If
the Commission takes such action, the Commission will institute
proceedings to determine whether the proposed rule change should be
approved or disapproved.
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\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 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-regulations/self-regulatory-organization-rulemaking">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking</a>);
or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#4e3c3b222b632d2123232b203a3d0e3d2b2d60292138"><span class="__cf_email__" data-cfemail="5022253c357d333f3d3d353e2423102335337e373f26">[email protected]</span></a>. Please include
File Number SR-FICC-2025-024 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-FICC-2025-024. 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-regulations/self-regulatory-organization-rulemaking">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking</a>). Copies of the
filing will be available for inspection and copying at the principal
office of FICC 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
[[Page 59272]]
copyright protection. All submissions should refer to File Number SR-
FICC-2025-024 and should be submitted on or before January 8, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-23234 Filed 12-17-25; 8:45 am]
BILLING CODE 8011-01-P
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