Notice2026-02117
Self-Regulatory Organizations; The Depository Trust Company; Order Approving Proposed Rule Change To Modify the DTC Settlement Service Guide and DTC Rules as They Relate to the DTC Net Debit Cap
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
February 3, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 22 (Tuesday, February 3, 2026)</title>
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[Federal Register Volume 91, Number 22 (Tuesday, February 3, 2026)]
[Notices]
[Pages 4997-5000]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-02117]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104740; File No. SR-DTC-2025-019]
Self-Regulatory Organizations; The Depository Trust Company;
Order Approving Proposed Rule Change To Modify the DTC Settlement
Service Guide and DTC Rules as They Relate to the DTC Net Debit Cap
January 29, 2026.
I. Introduction
On December 18, 2025, the Depository Trust Company (``DTC'') filed
with the Securities and Exchange Commission (``Commission'') proposed
rule change SR-DTC-2025-019, pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder.\2\ The Proposed Rule Change would modify the DTC Settlement
Service Guide (``Settlement Guide'') and the Rules, By-Laws and
Organization Certificate of DTC (``Rules'') \3\ regarding how DTC sets
its maximum debit caps for Participants, Unaffiliated Participants, and
Affiliated Families, as well as other corresponding changes. The
Proposed Rule Change was published for comment in the Federal Register
on December 30, 2025.\4\ The Commission has received no comments on the
changes proposed.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Each capitalized term not otherwise defined herein has its
meaning as set forth in the Rules, By-Laws and Organization
Certificate of DTC (``Rules''), available at <a href="http://www.dtcc.com/-/media/Files/Downloads/legal/rules/dtc_rules.pdf">www.dtcc.com/-/media/Files/Downloads/legal/rules/dtc_rules.pdf</a>, or the DTC Settlement
Service Guide (``Settlement Guide''), available at <a href="http://www.dtcc.com/-/media/Files/Downloads/legal/service-guides/Settlement.pdf">www.dtcc.com/-/media/Files/Downloads/legal/service-guides/Settlement.pdf</a>.
\4\ See Securities Exchange Act Release No. 104484 (Dec. 22,
2025). 90 FR 61205 (Dec. 30, 2025) (File No. SR-DTC-2025-019)
(``Notice of Filing'')
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For the reasons discussed below, the Commission is approving the
Proposed Rule Change.
II. Background
DTC serves as a central securities depository \5\ and operates a
securities settlement system. DTC's activities include holding
securities in physical or dematerialized form, maintaining securities
accounts for Participants, providing central safekeeping and asset
services, transfers and pledges of securities, and the settlement of
transactions by book entry (free of payment or DVP).\6\ DTC's liquidity
risk management strategy is designed to facilitate its maintenance of
sufficient liquid resources to complete settlement each Business
Day.\7\ To that end, DTC uses certain risk management controls,
including its Collateral Monitor and Net Debit Cap, to protect its
settlement system in the event of a Participant default, by ensuring
that at any time the settlement obligation of any Participant will be
fully collateralized and that the amount to be settled cannot exceed
DTC's liquidity resources.\8\
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\5\ A ``central securities depository'' means a securities
depository who: (1) acts as a custodian of securities in connection
with a system for the central handling of securities whereby all
securities of a particular class or series of any issuer deposited
within the system are treated as fungible and may be transferred,
loaned, or pledged by bookkeeping entry without physical delivery of
securities certificates; or, (2) otherwise permits or facilitates
the settlement of securities transactions or the hypothecation or
lending of securities without physical delivery of securities
certificates. See 17 CFR 240.17ad-22(a) (referencing the definition
of ``securities depository'' described in Section 3(a)(23)(A) of the
Act,15 U.S.C. 78c(a)(23)(A)).
\6\ ``Delivery Versus Payment'' means a Delivery against a
settlement debit to the Account of the Receiver See Rule 1, supra
note 3 (definitionof ``Delivery Versus Payment''). See also The
Depository Trust Company, Disclosure Framework for Covered Clearing
Agencies and Financial Market Infrastructures (Mar. 2023)
(``Disclosure Framework''), at 18, available at <a href="https://www.dtcc.com/-/media/Files/Downloads/legal/policy-and-compliance/DTC_Disclosure_Framework.pdf">https://www.dtcc.com/-/media/Files/Downloads/legal/policy-and-compliance/DTC_Disclosure_Framework.pdf</a>.
\7\ See Disclosure Framework, supra note 6, at 61; Notice of
Filing, supra note 4, at 61205.
\8\ See Disclosure Framework, supra note 6,. at 12.
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Collateral Monitor. The Collateral Monitor is a calculation by
which DTC measures the sufficiency of the Collateral in a Participant's
account to cover its net settlement obligation.\9\ The Collateral
Monitor prevents the completion of transactions that would cause a
Participant's Net Debit Balance to exceed the value of Collateral in
its account.\10\ The settlement obligation of each Participant must be
fully collateralized, based on the Collateral Monitor. This is designed
so that if a Participant fails to pay for its settlement obligation,
DTC will have sufficient
[[Page 4998]]
Collateral to obtain funding for settlement.\11\
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\9\ Notice of Filing, supra note 4, at 61205. A Participant's
collateral refers to the sum of (i) the Actual Participants Fund
Deposit of the Participant, (ii) the Actual Preferred Stock
Investment of a Participant, (iii) all Net Additions of the
Participant and (iv) any SPP wired by the Participant to the
Corporation. See Rule 1, supra note 3 (definition of
``Collateral'').
\10\ See Notice of Filing, supra note 4, at 61205-61206
\11\ Id at 61206.
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At the opening of each business day, a Participant's Collateral
Monitor is set to zero and built up over the day to secure any
settlement obligation that may arise. A Participant's actual
Participant's Fund Deposit is credited to the Collateral Monitor, and
updated with credits or debits through the day.\12\ At all times the
Collateral Monitor reflects the amount by which the collateral in your
account exceeds the net debit in your settlement account.\13\ Each
transaction involves a collateral flow and a cash flow component, one
as credit and the other as debit.\14\ The net value of the collateral
and cash components updates the Collateral Monitor. Completing a
transaction Delivery versus Payment generally increases the Collateral
Monitor of the Deliverer of the security, and decreases that of the
Receiver of said security, based on the difference between the
collateral and settlement value.\15\ DTC verifies that a transaction
places neither party's Collateral Monitor in the negative during
processing, and if a transaction were to result in a negative
Collateral Monitor, meaning it is undercollateralized, DTC would then
recycle that transaction until there is enough collateral to
complete.\16\
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\12\ See Disclosure Framework, supra note 6, at 54.
\13\ See Settlement Guide, supra note 3, at 69-70.
\14\ The collateral value of a security is the market price
minus a haircut amount determined by DTC. See Disclosure Framework,
supra note 6, at 52-53.
\15\ See Settlement Guide, supra note 3, at 69-70. See also Rule
1, supra note 3 (definitions of ``Deliverer'' and ``Receiver'').
\16\ See Settlement Guide, supra note 3, at 70.
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Net Debit Cap. The Net Debit Cap is an amount calculated daily,
which acts to ensure that a Participant's net debit balance stays
within DTC's liquidity resources, and that DTC can complete settlement
even if a Participant defaults.\17\ Specifically, the Net Debit Cap
limits the settlement net debit a Participant could incur during a
processing day irrespective of available collateral, and it is
currently capped to a maximum amount of $2.15 billion per Participant,
or $2.85 billion per Affiliated Family.\18\
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\17\ Id at 71.
\18\ See Notice of Filing, supra note 4, at 61206. Each
Participant's settlement account may have a net credit or net debit
position throughout the day as transactions are processed. At day's
end, Participants will either owe a net debit, be owed a net credit,
or be balanced. See Disclosure Framework, supra note 5, at 63. Based
on a Participant's net debit history, these caps adjust
automatically relative to their highest intraday net debit peaks.
See Settlement Guide, supra note 3, at 71.
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Any transaction that would cause a Participant or an Affiliated
Family to exceed its Net Debit Cap will not be processed but will
instead remain pending until the Net Debit Balance is reduced
sufficient to permit processing.\19\ A Net Debit Balance is reduced by
another transaction which creates credits in your account.\20\ Most
credits are generated when a Participant either delivers securities
versus payment, pledges securities for value, receives principal,
dividend or interest allocations, or wires Settlement Progress Payments
(``SPP's'') to DTC's account at the Federal Reserve Bank of New
York.\21\
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\19\ See Notice of Filing, supra note 4, at 61206.
\20\ Id.
\21\ See Settlement Guide, supra note 3, at 71.
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DTC Liquidity Resources. Rule 17ad-22(e)(7)(ii) under the Act
requires DTC, as a covered clearing agency, to hold qualifying liquid
resources sufficient to meet the minimum liquidity resource
requirements in each relevant currency for which the covered clearing
agency has payment obligations owed to clearing members.\22\ DTC states
that it currently maintains two resources that are considered as a
``qualifying liquid resource'' under Rule 17ad-22(a) \23\ under the
Act: (i) required Participants Fund Deposits (``Participants Fund'')
\24\, which applies across all Participants and equals $1.15 BN, and
(ii) a committed line of credit (``LOC'') \25\ of $1.9 BN.\26\ Taken
together, the Participants Fund and LOC provide DTC with $3.05 BN in
total qualifying liquid resources.\27\
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\22\ 17 CFR 240.17ad-22(e)(7)(ii). A ``qualifying liquid
resource'' means the following, in each relevant currency: (i) Cash
held either at the central bank of issue or at creditworthy
commercial banks; (ii) Assets that are readily available and
convertible into cash through prearranged funding arrangements, such
as (A) Committed arrangements without material adverse change
provisions including (1) lines of credit, (2) foreign exchange
swaps, and (3) repurchase agreements, or (B) Other prearranged
funding arrangements determined to be highly reliable even in
extreme but plausible market conditions by the board of directors of
the covered clearing agency following a review conducted for this
purpose not less than annually; and, (iii) Other assets that are
readily available and eligible for pledging to (or conducting other
appropriate forms of transactions with) a relevant central bank, if
the covered clearing agency has access to routine credit at such
central bank in a jurisdiction that permits said pledges or other
transactions by the covered clearing agency. 17 CFR 240.17Ad-
22(a)(14).
\23\ 17 CFR 240.17ad-22(a)
\24\ The Participants Fund is comprised of Participant deposits
into the Core Fund and Liquidity Fund. The Core Fund consists of
$450 million, split into the Base Fund ($7,500 deposit per
Participant) and the Incremental Fund (based on the six highest
intraday net debit peaks over a rolling 60 business day period). The
Liquidity Fund allocates an additional $700 million among
Participants with Affiliated Net Debit Caps exceeding $2.15 billion.
See Settlement Guide, supra note 3, at 46-47.
\25\ DTC annually renews a 364-day revolving line of credit with
a group of commercial lenders. Borrowed amounts must be backed by
adequate collateral, and lenders must meet their commitments by
specific times on the borrowing day, given sufficient collateral and
adherence to time frames. See Disclosure Framework, supra note 6, at
62.
\26\ See Notice of Filing, supra note 4, at 61206.
\27\ $1.7 billion of the total LOC is available for liquidity
purposes. DTC sets the Net Debit Cap below the total amount of
liquidity resources in case the defaulting Participant is a lender
to the LOC, this is known as the LOC Assumption Buffer. DTC has
previously explained that the $200 million buffer is an amount
greater than the contribution of any lender to the DTC LOC. See
Securities Exchange Act Release No. 99456 (Feb. 1, 2024), 89 FR 8466
at 8468, n. 28 (Feb. 7, 2024). See also Notice of Filing, supra note
4, at 61206.
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The Commission recently determined not to object to an Advance
Notice filed by DTC proposing to raise prefunded liquidity resources
through the periodic issuance and private placement of senior notes
(``Debt Issuance'').\28\ DTC proposed to issue up to an aggregate
amount of $3 billion in senior notes, DTC has represented that these
resources are solely to be used to help complete settlement in the
event of a default, therefore the proceeds of the Debt Issuance are to
supplement and diversify the existing qualifying liquid resources.\29\
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\28\ Securities Exchange Act Release No. 102318 (Jan. 31, 2025),
90 FR 9094 (Feb. 6, 2025) (SR-DTC-2023-801) (``Debt Issuance
Notice''). See also Notice of Filing, supra note 4, at 61206.
\29\ See Debt Issuance Notice, supra note 29, at 9095.
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III. Description of the Proposed Rule Change
First, DTC proposes updating its Settlement Guide and its Rules to
amend the Net Debit Cap from the current fixed amounts of $2.15 billion
per Individual Participant and $2.85 billion per Affiliated Family,
respectively, to a flexible amount not to exceed the available
qualifying liquid resources at DTC.\30\ As stated above in Section II,
DTC's Qualifying Liquid Resources are comprised of a $1.15 billion
Participants Fund, a $1.9 billion LOC, and, going forward, proceeds
from any issuance of senior notes under the Debt Issuance program in an
aggregate amount not to exceed $3 billion. DTC states that Participants
have sought a reassessment of the Net Debit Cap for both Individual
Participants and Affiliated Families.\31\ DTC states that a greater
maximum Net Debit Cap would provide for transaction processing
efficiencies that would lower the likelihood of transactions pending
under a cap limit or of a Participant needing to make SPPs to reduce
its
[[Page 4999]]
intraday Net Debit Balance.\32\ DTC further states that any additional
liquidity provided by the Debt Issuance allows DTC the flexibility to
increase the Net Debit Cap in line with the newly expanded pool of
Qualifying Liquid Resources.\33\
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\30\ See Notice of Filing, supra note 4, at 61206.
\31\ Id.
\32\ Id.
\33\ Id.
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To maintain alignment with Qualifying Liquid Resources, the
Proposed Rule Change will edit the Net Debit Cap section of the
Settlement Guide to reflect a new method for determining the Net Debit
Cap. The Proposed Rule Change would eliminate the static Net Debit
Caps, changing to a Net Debit Cap ``based on DTC's liquidity resources,
related costs, and projected benefits to Participants,'' and always set
lower than DTC's total available liquidity.\34\ DTC also proposes to
clarify in the Settlement Guide, with respect to Affiliated Families,
that the Aggregated Affiliated Family Net Debit Cap will be shared
among the Participants of the Affiliated Family according to either (1)
the proportional liquidity usage of the Participants, or (2) as
instructed by the Affiliated Family in writing.\35\ DTC will also
update the Calculation of Participant Net Debit Caps section of the
Settlement Guide to remove reference to the current fixed $2.15 billion
Net Debit Cap, and to state that notice of any reduction of the Net
Debit Cap in the future will be no fewer than ten days in advance of
such decrease taking effect.\36\ DTC will also update Rule 9(B) to
reflect that a transaction will not process if it causes a Participant
in an Affiliated Family to exceed the Aggregate Affiliated Family Net
Debit Cap, regardless of whether the Participant is the Instructor or
Contra Party.\37\
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\34\ Id.
\35\ Id. at 61208.
\36\ Id.
\37\ Id.
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As part of the Proposed Rule Change, DTC filed an Impact Study on
the effects the Proposed Rule Change would have had on Participant's
liquidity needs conducted for the period June 2, 2024 through January
31, 2025.\38\ Specifically, the Impact Study found that, out of 179
Participant families, 17 would likely see a reduction of their need for
SPPs after a Net Debit Cap increase. Specifically, an increase in the
Net Debit Cap by $0.75 to $1 billion would lead to a reduction of $3.62
to $4.43 billion in daily SPP's sent across the 17 families.\39\
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\38\ DTC has requested confidential treatment of Exhibit 3, the
Impact Study, pursuant to 17 CFR 240.24b-2.
\39\ See Notice of Filing, supra note 4, at 61207.
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Second, the Liquidity Fund component of the Participants Fund, set
at $700 million, currently is funded solely by those Affiliated
Families whose Net Debit Cap exceeds $2.15 billion.\40\ As the Proposed
Rule Change would increase the Net Debit Cap for an individual
Participant beyond $2.15 billion, those Unaffiliated Participants whose
Net Debit Cap exceeds $2.15 billion will be included along with
Affiliated Families with Net Debit Caps exceeding $2.15 billion in the
allocation of the Liquidity Fund.\41\ To reflect this change, the
description of the Liquidity Fund within the Settlement Guide will be
updated accordingly.\42\ The Impact Study showed that with this
Proposed Rule Change, two Unaffiliated Participants would become
subject to the Liquidity Fund.\43\
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\40\ Id.
\41\ Id.
\42\ Id.
\43\ Id.
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The Settlement Guide would also be updated to reflect the new
calculation to determine Liquidity Fund allocation between Affiliated
Families and Independent Participants. Whereas within an Affiliated
Family, each Participant of the Family pays a percentage portion of the
allocated total owed by the Affiliated Family as a whole, an Individual
Participant pays the entire allocated portion of the Liquidity
Fund.\44\ Additionally, several edits to the Liquidity Fund section are
proposed to update and clarify the language for readability and
simplicity.\45\
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\44\ Id.
\45\ Id.
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To simplify the description of the components of the Participants
Fund, the Proposed Rule Change will revise the Amounts subsection to
the Participants Fund and Preferred Stock Investment section of the
Settlement Guide.\46\ Currently, this section outlines four separate
aspects of the Participants Fund: the Core Fund, the Base Fund, the
Incremental Fund, and the Liquidity Fund. However, in practice, the
Base Fund and Incremental Fund are the two components of the Core
Fund.\47\ To clarify this, the Proposed Rule Change will remove the
Base Fund and Incremental Fund from the description of the separate
component amounts which create the Participants Fund.\48\
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\46\ Id.
\47\ Id.
\48\ Id.
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Finally, the Proposed Rule Change would also add new definitions to
the Settlement Guide and the Rules and update the description of the
Collateral Monitor within the Settlement Guide. The Settlement Guide's
Important Terms section will be updated to include definitions for
Affiliated Family and Unaffiliated Participant.\49\ An Affiliated
Family will mean ``each Participant that controls or is controlled by
another Participant and each Participant that is under the common
control of any person.'' Under this definition, ``control'' means the
direct or indirect ownership of more than 50 percent of the voting
securities or voting interests of any person.\50\ An Unaffiliated
Participant will be defined to mean a Participant that is not included
in an Affiliated Family.\51\ The Settlement Guide will be edited
further to refer to the Collateral Monitor as a ``calculation'' rather
than a ``process.'' \52\ Finally, the term Aggregate Affiliated Family
Net Debit will be added to Rule 1 of the Rules and defined as, ``the
amount by which the algebraic sum of all money debits and charges to
the Accounts of an Affiliated Family exceeds the sum of all money
credits thereto.'' \53\
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\49\ Id.
\50\ Id.
\51\ Id.
\52\ Id.
\53\ Id. at 61208.
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IV. Discussion and Commission Findings
Section 19(b)(2)(C) of the Act \54\ directs the Commission to
approve a proposed rule change of a self-regulatory organization if it
finds that such proposed rule change is consistent with the
requirements of the Act and rules and regulations thereunder applicable
to such organization. After careful review of the Proposed Rule Change,
the Commission finds that the Proposed Rule Change is consistent with
the requirements of the Act and the rules and regulations thereunder
applicable to DTC. In particular, the Commission finds that the
Proposed Rule Change is consistent with Section 17A(b)(3)(F) of the Act
\55\ and Rule 17Ad-22(e)(7)(i) thereunder.\56\
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\54\ 15 U.S.C. 78s(b)(2)(C).
\55\ 15 U.S.C. 78q-1(b)(3)(F).
\56\ 17 CFR 240.17Ad-22(e)(7)(i).
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A. Consistency With Section 17A(b)(3)(F) of the Act
Section 17A(b)(3)(F) of the Act requires that the rules of a
clearing agency, such as DTC, be designed to, among other things,
promote the prompt and accurate clearance and settlement of securities
transactions and remove impediments to and perfect the mechanism of a
national system for the prompt and accurate clearance and
[[Page 5000]]
settlement of securities transactions.\57\ The Proposed Rule Change is
consistent with Section 17A(b)(3)(F) of the Act for the reasons stated
below.
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\57\ 15 U.S.C. 78q-1(b)(3)(F).
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As noted in Section II above, the Net Debit Cap is a risk
management tool utilized by DTC. By limiting the settlement net debit
any Participant can incur at any point during the processing day to an
amount below DTC's liquidity resources, DTC uses the Net Debit Cap to
protect the DTC settlement system in the event of a Participant
default. This ensures that DTC maintains sufficient financial resources
to complete settlement in the event of a failure to settle by the
largest Participant or Affiliated Family of Participants. As noted in
Section III above, DTC filed an Impact Study accompanying the Proposed
Rule Change. The Commission has reviewed and analyzed the filing
materials, including the Impact Study. An increase of the Net Debit Cap
would not impact DTC's ability to meet its liquidity obligations
because, as discussed in Part III, the proposed Net Debit Cap increase
would continue to be supported by sufficient DTC qualifying liquid
resources, as the floating amount will always be lower than DTC's total
available liquidity.\58\ Because the increase in Net Debit Cap should
improve transaction processing while still ensuring that DTC has
sufficient liquidity resources in the event of default, the Commission
finds that the Proposed Rule Change should enhance DTC's ability to
provide prompt and accurate clearance and settlement of securities
transactions, consistent with Section 17A(b)(3)(F) of the Act.
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\58\ See Notice of Filing, supra note 4, at 61207-08. See also
Settlement Guide, supra note 3, at 71.
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The Proposed Rule Change is consistent with removing impediments to
and perfecting the mechanism of a national system for the prompt and
accurate clearance and settlement of securities transactions. As
described above, DTC employs Debit Caps as a risk management tool to
regulate the total settlement obligation that any Participant or
Affiliated Family may incur. As DTC does not process transactions that
would result in a Participant exceeding its Net Debit Cap, such
transactions remain pending until the Participant's Net Debit Balance
is sufficiently reduced to permit processing. By raising the Net Debit
Cap, a greater number of transactions could be processed without
requiring the Participant to first reduce its Net Debit Balance.\59\
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\59\ See Settlement Guide, supra note 3, at 71.
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The Commission has reviewed and analyzed the the Impact Study. The
Impact Study demonstrates that an increase of the Net Debit Cap would
elicit an immediate reduction in the number of SPPs required to
complete transactions. A higher Net Debit Cap should reduce blockages
from transactions pending due to a Participant reaching their Net Debit
Cap and reduce the need to submit SPPs. Accordingly, the proposal is
designed to remove impediments to and perfect the mechanism of a
national system for the prompt and accurate clearance and settlement of
securities transactions, consistent with Section 17A(b)(3)(F) of the
Act.\60\
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\60\ 15 U.S.C. 78q-1(b)(3)(F).
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B. Consistency With Rule 17Ad-22(e)(7)(i)
Rule 17Ad-22(e)(7)(i) requires that, among other things, DTC
establish, implement, maintain and enforce written policies and
procedures reasonably designed to, as applicable, 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 by maintaining sufficient
liquid resources at the minimum in all relevant currencies to effect
same-day, and, where appropriate, intraday and multiday settlement of
payment obligations with a high degree of confidence under a wide range
of foreseeable stress scenarios, that includes, but is not limited to,
the default of the participant family that would generate the largest
aggregate payment obligation for DTC in extreme but plausible market
conditions.\61\
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\61\ 17 CFR 240.17Ad-22(e)(7)(i).
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As discussed in Part II, the Net Debit Cap restricts a
Participant's net debit settlement obligation to an amount that can be
satisfied with DTC's liquidity resources at any point during its
processing day. As outlined in Part III, the proposed increase in the
Net Debit Cap would be capped by DTC's available qualifying liquid
resources when considering the Participants Fund, LOC, and Debt
Issuance collectively, and it would not alter the current methods for
monitoring settlement flows and net debit obligations. This should
enable DTC to maintain sufficient liquid resources to meet its payment
obligations under a wide range of foreseeable stress scenarios,
including the default of the Individual Participant or Affiliated
Family causing the largest aggregate payment obligation for DTC in
extreme but plausible market conditions.
For the reasons above, the Commission finds that the Proposed Rule
Change is consistent with Rule 17Ad-22(e)(7)(i) under the Act.\62\
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\62\ Id.
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V. Conclusion
On the basis of the foregoing, the Commission finds that the
Proposed Rule Change is consistent with the requirements of the Act,
and in particular, with the requirements of Section 17A of the Act \63\
and the rules and regulations promulgated thereunder.
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\63\ 15 U.S.C. 78q-1.
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It is therefore ordered, pursuant to Section 19(b)(2) of the Act
\64\ that proposed rule change SR-DTC-2025-019, be, and hereby is,
APPROVED.\65\
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\64\ 15 U.S.C. 78s(b)(2).
\65\ In approving the Proposed Rule Change, the Commission
considered its impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\66\
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\66\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-02117 Filed 2-2-26; 8:45 am]
BILLING CODE 8011-01-P
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