Notice2026-01373
Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the Schedule of ACS Triparty Trade Timeframes
Primary source
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Published
January 26, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 16 (Monday, January 26, 2026)</title>
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[Federal Register Volume 91, Number 16 (Monday, January 26, 2026)]
[Notices]
[Pages 3256-3257]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-01373]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104642; File No. SR-FICC-2026-001]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Modify the Schedule of ACS Triparty Trade Timeframes
January 21, 2026.
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 January 15, 2026, 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)(4) 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)(4).
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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 the FICC
Government Securities Division (``GSD'') Rulebook (``Rules'') \5\ to
extend the deadline set forth in the Schedule of ACS Triparty Trade
Timeframes for (i) substitutions of Purchased ACS Triparty Repo
Securities, and (ii) satisfaction of ACS Triparty Collateral Return
Obligations and cash payment obligations associated with ACS Triparty
Collateral Return Entitlements by ACS Triparty Funds Lenders and ACS
Triparty Funds Borrowers.
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\5\ Capitalized terms not defined herein are defined in the
Rules, available at <a href="http://www.dtcc.com/legal/rules-and-procedures">http://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 extend the deadlines set forth in the Schedule
of ACS Triparty Trade Timeframes for (i) substitutions of Purchased ACS
Triparty Repo Securities, and (ii) satisfaction of ACS Triparty
Collateral Return Obligations and cash payment obligations associated
with ACS Triparty Collateral Return Entitlements by ACS Triparty Funds
Lenders and ACS Triparty Funds Borrowers. The current deadline for
these actions is 5:30 p.m., and the proposal would move this deadline
to 7:00 p.m. (New York City times).
The proposed later deadline would align these deadlines with the
close of the Fedwire Funds Service at the Federal Reserve Bank of New
York and would also align with the deadline for full settlement of the
Start Leg of the ACS Triparty Trade in order for such ACS Triparty
Trade to be Novated on that day, which was recently adopted at 7:00
p.m.\6\
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\6\ Securities Exchange Act Release No. 104492 (Dec. 22, 2025),
90 FR 61200 (Dec. 30, 2025) (SR-FICC-2025-021).
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This proposed change would also align these deadlines with the
parallel deadlines applicable to Sponsored GC Trades, as set forth in
the Schedule of Sponsored GC Trade Timeframes, which were also recently
extended to 7:00 p.m.\7\
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\7\ Securities Exchange Act Release No. 104374A (Dec. 12, 2025),
90 FR 59225 (Dec. 18, 2025) (SR-FICC-2025-019).
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Implementation Timeframe
FICC would implement the proposed rule change on January 26, 2026.
2. Statutory Basis
Section 17A(b)(3)(F) of the Act requires, in part, that the Rules
be designed to promote the prompt and accurate clearance and settlement
of securities transactions and to protect investors and the public
interest.\8\ FICC believes the proposed rule change is consistent with
Section 17A(b)(3)(F) of the Act.
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\8\ 15 U.S.C. 78q-1(b)(3)(F).
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As described above, the proposed rule change would extend the
deadline for GSD Members using the ACS Triparty Service to submit
substitutions of Purchased ACS Triparty Repo Securities, and satisfy
ACS Triparty Collateral Return Obligations and cash payment obligations
associated with
[[Page 3257]]
ACS Triparty Collateral Return Entitlements by ACS Triparty Funds
Lenders and ACS Triparty Funds Borrowers. By providing users of the ACS
Triparty Service with more time to complete these end of day actions,
the proposed change would further facilitate the settlement of
activity. Therefore, FICC believes that the proposed rule change would
help promote the prompt and accurate clearance and settlement of
securities transactions, consistent with the requirements of the Act,
in particular Section 17A(b)(3)(F) of the Act.\9\
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\9\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
Section 17A(b)(3)(I) of the Act \10\ requires that the rules of the
clearing agency do not impose any burden on competition not necessary
or appropriate in furtherance of the Act. FICC does not believe that
the proposed rule change would impose a burden or otherwise have a
significant impact on competition. As described above, the proposed
rule change would extend the deadlines for Members using the ACS
Triparty Service to take certain end of day actions with respect to ACS
Triparty Service activity. These extended deadlines would facilitate
the settlement of activity and would apply to all Members using this
service. Thus, the proposed rule change should not have any competitive
impact on Members or their use of FICC's services.
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\10\ 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
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/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#4135332025282f26202f252c20332a243532013224226f262e37"><span class="__cf_email__" data-cfemail="d3a7a1b2b7babdb4b2bdb7beb2a1b8b6a7a093a0b6b0fdb4bca5">[email protected]</span></a> or 202-551-5777.
FICC reserves the right to not 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) of the Act \11\ and paragraph (f) of Rule 19b-4
thereunder.\12\ 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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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 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="http://www.sec.gov/rules/sro.shtml">www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#5c2e293039713f3331313932282f1c2f393f723b332a"><span class="__cf_email__" data-cfemail="91e3e4fdf4bcf2fefcfcf4ffe5e2d1e2f4f2bff6fee7">[email protected]</span></a>. Please include
File Number SR-FICC-2026-001 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-FICC-2026-001. 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 filing will be available for inspection and
copying at the principal office of FICC and on DTCC's website (<a href="https://www.dtcc.com/legal/sec-rule-filings.aspx">https://www.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-FICC-2026-001 and should be submitted on or
before February 17, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-01373 Filed 1-23-26; 8:45 am]
BILLING CODE 8011-01-P
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