Notice2026-08389
Self-Regulatory Organizations; The Fixed Income Clearing Corporation; Notice of No Objection To Advance Notice To Raise Prefunded Default Liquidity Through the Commercial Paper Program
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
April 30, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 83 (Thursday, April 30, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 83 (Thursday, April 30, 2026)]
[Notices]
[Pages 23318-23321]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-08389]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105319; File No. SR-FICC-2026-801]
Self-Regulatory Organizations; The Fixed Income Clearing
Corporation; Notice of No Objection To Advance Notice To Raise
Prefunded Default Liquidity Through the Commercial Paper Program
April 27, 2026.
I. Introduction
On February 26, 2026, The Fixed Income Clearing Corporation
(``FICC'') filed with the Securities and Exchange Commission
(``Commission'') advance notice SR-FICC-2026-801 pursuant to section
806(e)(1) of Title VIII of the Dodd-Frank Wall Street Reform and
Consumer Protection Act, entitled Payment, Clearing and Settlement
Supervision Act of 2010 (``Clearing Supervision Act'') \1\ and Rule
19b-4(n)(1)(i) \2\ under the Securities Exchange Act of 1934
(``Exchange Act'') \3\ seeking no objection to establish a commercial
paper program in order to raise prefunded default liquidity
(hereinafter, the ``Advance Notice'').\4\ On March 12, 2026, the Notice
of Filing of the Advance Notice was published in the Federal Register
to solicit public comment.\5\ The Commission has not received comments
regarding the changes proposed in the Advance Notice. The Commission is
hereby providing notice of no objection to the Advance Notice.
---------------------------------------------------------------------------
\1\ 12 U.S.C. 5465(e)(1).
\2\ 17 CFR 240.19b-4(n)(1)(i).
\3\ 15 U.S.C. 78a et seq.
\4\ See Notice of Filing infra note 5, 91 FR 12266. FICC
requested accelerated Commission action with respect to a notice of
no objection. Id. at 12270.
\5\ Securities Exchange Act Release No. 104954 (Mar. 9, 2026),
91 FR 12266 (Mar. 12, 2026) (File No. SR-FICC-2026-801) (``Notice of
Filing'').
---------------------------------------------------------------------------
II. Background
FICC is proposing to raise prefunded, default liquidity through the
periodic issuance and private placement of short-term, unsecured
commercial paper notes to institutional investors \6\ in an aggregate
amount not to exceed $10 billion (``Commercial Paper Program''). The
proceeds from the Commercial Paper Program would supplement FICC's
existing qualifying liquidity resources, which collectively provide
FICC with liquidity to complete end-of-day settlement in the event of
the default of a FICC GSD Netting Member or MBSD Clearing Member
(collectively, ``Members'').\7\
---------------------------------------------------------------------------
\6\ FICC states institutional investors would include qualified
institutional buyers and institutional accredited investors. See
Notice of Filing supra note 5, at 12267. See also, 17 CFR 230.144A
and 17 CFR 230.501(a).
\7\ Capitalized terms not defined herein are defined in the
Government Securities Division (``GSD'') Rulebook and the Mortgage-
Backed Securities Division (``MBSD'') Clearing Rules (collectively,
the ``Rules''), available at <a href="https://www.dtcc.com/legal/rules-and-procedures">https://www.dtcc.com/legal/rules-and-procedures</a>.
---------------------------------------------------------------------------
FICC's current qualifying liquidity resources include (i) cash
deposits to the GSD and MBSD Clearing Funds, and (ii) amounts available
to FICC through its Rules-based committed repurchase facilities, each
repurchase facility referred to as a Capped Contingency Liquidity
Facility (``CCLF'').\8\ FICC states that having an additional source of
default liquidity should diversify FICC's existing sources of default
liquidity and help mitigate the risk that FICC is unable to secure
default liquidity resources in an amount necessary to meet its
liquidity needs.\9\ Additionally, FICC states that it anticipates
significant increases in both the volume of activity submitted to GSD
for clearing and associated liquidity obligations following the
implementation of the Commission's amendments to the covered clearing
agency standards that apply to covered
[[Page 23319]]
clearing agencies that clear transactions in U.S. Treasury
securities.\10\
---------------------------------------------------------------------------
\8\ See GSD Rule 22A (Procedures for When the Corporation Ceases
to Act), Section 2a, and MBSD Rule 17 (Procedures for When the
Corporation Ceases to Act), Section 2a, id. Participation in the
CCLF is a membership requirement for all GSD Netting Members and
MBSD Clearing Members. Funding under the CCLF takes the form of a
repurchase (``repo'') agreement. Once FICC declares a ``CCLF Event''
(as such term is defined in the Rules), Members are required to
provide financing up to a predetermined cap amount by entering into
repo transactions with FICC until they complete the associated
closeout. The CCLF allows Members to manage their potential
financing requirements with predetermined caps, which are set based
on the liquidity exposure generated by Members' use of the clearing
services of GSD and MBSD. See id.
\9\ See Notice of Filing supra note 5, at 12267.
\10\ See id. (citing to 17 CFR 240.17ad-22(e)(18)(iv)(A) and
(B)). See also, Securities Exchange Act Release No. 99149 (Dec. 13,
2023), 89 FR 2714 (Jan. 16, 2024) (S7-23-22).
---------------------------------------------------------------------------
A. FICC's Liquidity Risk Management
As a central counterparty (``CCP''), FICC occupies an important
role in the securities settlement system by interposing itself between
counterparties to financial transactions thereby reducing the risk
faced by its Members and contributing to global financial stability.
FICC's liquidity risk management strategy plays an integral part in
FICC's ability to perform its role as a CCP. Even if a Member defaults,
FICC would need to complete end-of-day settlement of guaranteed
transactions on the failing Member's behalf from the date of insolvency
through the settlement date.
FICC's liquidity risk management strategy is to maintain liquidity
resources sufficient to meet the potential amount of funding required
to settle the outstanding transactions of a defaulting Member or
affiliated family of Members in a timely manner.\11\ Similarly, FICC's
liquidity risk management strategy seeks to ensure that FICC meets its
requirement to hold qualifying liquid resources, as such term is
defined in Rule 17ad-22(a) under the Act,\12\ sufficient to meet its
minimum liquidity resource requirement in each relevant currency for
which it has payment obligations owed to its Members.\13\
---------------------------------------------------------------------------
\11\ FICC identifies and describes the liquidity resources it
maintains for each of its two divisions, GSD and MBSD, in the
Clearing Agency Liquidity Risk Management Framework (``Framework'').
See Securities Exchange Act Release No. 82377 (Dec. 21, 2017), 82 FR
61617 (Dec. 28, 2017) (SR-DTC-2017-004; SR-FICC-2017-008; SR-
NSCC2017-005). FICC, along with its affiliates, The National
Securities Clearing Corporation (``NSCC'') and The Depository Trust
Company (``DTC,'' and, together with NSCC and FICC, the ``Clearing
Agencies''), maintain the Framework which sets forth the manner in
which each Clearing Agency measures, monitors and manages the
liquidity risks that arise in or are borne by it. Each of the
Clearing Agencies is a wholly-owned subsidiary of The Depository
Trust & Clearing Corporation, which operates on a shared service
model with respect to the Clearing Agencies. Most corporate
functions are established and managed on an enterprise-wide basis
pursuant to intercompany agreements under which it is generally DTCC
that provides relevant services to the Clearing Agencies.
\12\ 17 CFR 240.17ad-22(a)(14).
\13\ See supra note 11.
---------------------------------------------------------------------------
FICC states that it considers each of its existing default
liquidity resources to be qualifying liquid resources.\14\ As mentioned
above, these resources include the cash deposits to the GSD and MBSD
Clearing Funds and amounts available under the Rules-based CCLFs, which
are both sourced entirely by FICC Members.\15\ FICC would consider the
proceeds from its Commercial Paper Program to be a qualifying liquid
resource.\16\ FICC states that the proceeds from the Commercial Paper
Program would supplement these existing default liquidity resources and
would not be used for any other purpose (that is, FICC would only use
the proceeds of the Commercial Paper Program to help complete
settlement in the event of a Member default and not for some other
purpose).\17\
---------------------------------------------------------------------------
\14\ See Notice of Filing supra note 5, at 12268.
\15\ See id., at 12267.
\16\ See id., at 12268.
\17\ See id., at 12269.
---------------------------------------------------------------------------
FICC states that, although its current available qualifying liquid
resources are sufficient to satisfy the single-largest family default
under stressed but plausible conditions,\18\ the Commercial Paper
Program would allow FICC to diversify its sources of default liquidity
and mitigate risks that it is unable to secure default liquidity
resources in an amount necessary to meet its liquidity needs.\19\ More
specifically, FICC states that the proposal would provide FICC with the
flexibility to reduce its reliance on its Rules-based CCLF and meet
expected as well as any increased liquidity needs it may face in the
future.\20\
---------------------------------------------------------------------------
\18\ Generally, FICC manages liquidity risks by maintaining
sufficient liquid resources to settle its payment obligations under
a wide range of foreseeable stress scenarios, including the default
of the participant family that would generate the largest aggregate
payment obligation for FICC in extreme but plausible market
conditions. See supra note 11.
\19\ See Notice of Filing supra note 5, at 12267.
\20\ See id., at 12268.
---------------------------------------------------------------------------
FICC states that its Commercial Paper Program could also diversify
FICC's liquidity providers.\21\ Currently, FICC's existing default
liquidity resources are sourced entirely from FICC's Members, who are
obligated as Members to make deposits to the respective Clearing Funds
and participate in the CCLF in the circumstances and pursuant to the
terms set forth in the Rules.\22\ Although FICC would not limit the
potential institutional investors that could purchase its commercial
paper, meaning it would not specify that only certain entities could
purchase its commercial paper, FICC states the investors would include,
for example, insurance companies, asset managers, and pension
funds.\23\ Thus, while FICC is not able to ensure that the Commercial
Paper Program would reduce concentration risk, given that the types of
entities who typically invest in commercial paper are generally not
members of FICC, the Commercial Paper Program could reduce the
concentration risk related to FICC's liquidity providers.\24\
---------------------------------------------------------------------------
\21\ See id., at 12267.
\22\ See id.
\23\ See id., at 12268.
\24\ See id.
---------------------------------------------------------------------------
B. General Terms of the Commercial Paper Program
FICC is proposing to issue up to an aggregate amount of $10 billion
under its Commercial Paper Program, as FICC deems reasonable, or as
necessitated by its liquidity needs. While FICC states that it
currently would not need to issue up to the aggregate amount of $10
billion,\25\ FICC states it is advisable to authorize up to this
aggregate amount in order to help manage its potential future liquidity
needs without further reliance on its Members, as the existing
liquidity providers under the rules-based CCLF.\26\
---------------------------------------------------------------------------
\25\ FICC expects the average amount of commercial paper issued
and outstanding at any time to be approximately $2-3 billion. See
id.
\26\ See id.
---------------------------------------------------------------------------
While the anticipated material terms and conditions of the
Commercial Paper Program are summarized below, the actual terms of a
future Commercial Paper Program issuance would depend on a number of
factors, including FICC's liquidity needs and market conditions at the
time of issuance.\27\ Therefore, the anticipated terms summarized below
may not reflect the actual terms of a future Commercial Paper Program
issuance.\28\
---------------------------------------------------------------------------
\27\ See id.
\28\ See id.
---------------------------------------------------------------------------
The commercial paper would be represented by one or more master
notes issued in the name of DTC, or its nominee.\29\ The commercial
paper would be issued only through the book-entry system of DTC and
would not be certificated.\30\ The commercial paper would either be
interest bearing or would be sold at a discount from their face
amount.\31\ Interest payable on the commercial paper would be at market
rates customary for such type of debt and reflective of the
creditworthiness of FICC.\32\
---------------------------------------------------------------------------
\29\ See id.
\30\ See id.
\31\ See id.
\32\ See id.
---------------------------------------------------------------------------
The commercial paper would have a maturity not to exceed 397
calendar days from the date of issue, and FICC expects the average
maturity of the aggregate commercial paper outstanding issued under the
Commercial Paper Program to range between three and six months.\33\
FICC would structure the Commercial Paper Program such that the
maturities of the issued commercial
[[Page 23320]]
paper are staggered to avoid concentrations of maturing
liabilities.\34\ The commercial paper would not be redeemable by FICC
prior to maturity, nor would they contain any provision for extension,
renewal, automatic rollover or voluntary prepayment.\35\
---------------------------------------------------------------------------
\33\ See id.
\34\ See id.
\35\ See id.
---------------------------------------------------------------------------
FICC would hold the proceeds from the Commercial Paper Program in
either its cash deposit account at the Federal Reserve Bank of New York
(``FRBNY'') or in accounts at other creditworthy financial institutions
in accordance with the Clearing Agency Investment Policy.\36\ These
amounts would be available to draw to complete settlement as
needed.\37\
---------------------------------------------------------------------------
\36\ See id. See also, Securities Exchange Act Release Nos.
79528 (Dec. 12, 2016), 81 FR 91232 (Dec. 16, 2016) (SR-DTC-2016-007,
SR-FICC-2016-005, SR-NSCC-2016-003); 84949 (Dec. 21, 2018), 83 FR
67779 (Dec. 31, 2018) (SR-DTC-2018-012, SR-FICC-2018-014, SR-NSCC-
2018-013). FICC stated that following the issuance of a Notice of No
Objection by the Commission of this proposal and prior to the
initial issuance of Commercial Paper, the Clearing Agencies would
file a proposed rule change to amend the Clearing Agency Investment
Policy to include the proceeds of the Commercial Paper Program as
default liquidity funds, within the definition of ``Investable
Funds,'' as such term is defined therein, and provide that such
amounts would be held in bank deposits at eligible commercial banks
or at FICC's cash deposit account at the FRBNY. See Notice of Filing
supra note 5, at 12268, n.16.
\37\ See Notice of Filing supra note 5, at 12268.
---------------------------------------------------------------------------
III. Discussion and Notice of No Objection
Although the Clearing Supervision Act does not specify a standard
of review for an advance notice, the stated purpose of the Clearing
Supervision Act is instructive: to mitigate systemic risk in the
financial system and promote financial stability by, among other
things, promoting uniform risk management standards for systemically
important financial market utilities (``SIFMUs'') and strengthening the
liquidity of SIFMUs.\38\
---------------------------------------------------------------------------
\38\ See 12 U.S.C. 5461(b).
---------------------------------------------------------------------------
Section 805(a)(2) of the Clearing Supervision Act authorizes the
Commission to prescribe regulations containing risk management
standards for the payment, clearing and settlement activities of
designated clearing entities engaged in designated activities for which
the Commission is the supervisory agency.\39\ Section 805(b) of the
Clearing Supervision Act provides the following objectives and
principles for the Commission's risk management standards prescribed
under section 805(a): \40\
---------------------------------------------------------------------------
\39\ 12 U.S.C. 5464(a)(2).
\40\ 12 U.S.C. 5464(b).
---------------------------------------------------------------------------
<bullet> To promote robust risk management;
<bullet> To promote safety and soundness;
<bullet> To reduce systemic risks; and
<bullet> To support the stability of the broader financial system.
Section 805(c) provides that the Commission's risk management
standards may address such areas as risk management and default
policies and procedures, among other areas.\41\
---------------------------------------------------------------------------
\41\ 12 U.S.C. 5464(c).
---------------------------------------------------------------------------
The Commission has adopted risk management standards under section
805(a)(2) of the Clearing Supervision Act and section 17A of the
Exchange Act (the ``Clearing Agency Rules'').\42\ The Clearing Agency
Rules require, among other things, each covered clearing agency
(``CCA'') to establish, implement, maintain, and enforce written
policies and procedures that are reasonably designed to meet certain
minimum requirements for its operations and risk management practices
on an ongoing basis.\43\ As such, it is appropriate for the Commission
to review advance notices against the Clearing Agency Rules and the
objectives and principles of these risk management standards as
described in section 805(b) of the Clearing Supervision Act. As
discussed below, the changes proposed in the Advance Notice are
consistent with the objectives and principles described in section
805(b) of the Clearing Supervision Act,\44\ and in the Clearing Agency
Rules, in particular Rule 17ad-22(e)(7).\45\
---------------------------------------------------------------------------
\42\ 17 CFR 240.17ad-22. See Securities Exchange Act Release No.
68080 (Oct. 22, 2012), 77 FR 66220 (Nov. 2, 2012) (S7-08-11). See
also Securities Exchange Act Release No. 78961 (Sept. 28, 2016), 81
FR 70786, 70806 (Oct. 13, 2016) (S7-03-14) (``Covered Clearing
Agency Standards''). FICC is a ``covered clearing agency'' as
defined in Rule 17ad-22(a).
\43\ 17 CFR 240.17ad-22.
\44\ 12 U.S.C. 5464(b).
\45\ 17 CFR 240.17ad-22(e)(7).
---------------------------------------------------------------------------
A. Consistency With Section 805(b) of the Clearing Supervision Act
The proposal contained in the Advance Notice is consistent with the
stated objectives and principles of section 805(b) of the Clearing
Supervision Act.\46\ Specifically, as discussed below, the changes
proposed in the Advance Notice are consistent with promoting robust
risk management, promoting safety and soundness, reducing systemic
risks, and supporting the stability of the broader financial system.
---------------------------------------------------------------------------
\46\ 12 U.S.C. 5464(b).
---------------------------------------------------------------------------
The proposal described in the Advance Notice is consistent with
promoting robust risk management because the Commercial Paper Program
would provide FICC with an additional liquid resource that FICC could
access in the event of a Member default. The Commercial Paper Program
would supplement FICC's existing default liquidity resources and
diversify the type and source of such resources. The proposal to issue
commercial paper up to an aggregate amount of $10 billion, and use the
proceeds as a default liquidity resource, is designed to promote robust
liquidity risk management at FICC by diversifying the set of liquid
resources available to FICC in the event of a Member default. Doing so
would, in turn, allow FICC to maintain sufficient liquid resources to
complete settlement on each business day, with a high degree of
confidence and notwithstanding the failure to settle of the Member, or
affiliated family of Members, with the largest settlement obligation.
While the Commercial Paper Program could bring certain financial
risks,\47\ in the event such risks were to materialize, the ability of
FICC to use other liquidity tools \48\ helps promote FICC's ability to
manage liquidity risk through an overall diversified range of risk
management tools.
---------------------------------------------------------------------------
\47\ For example, one risk associated with the Commercial Paper
Program would be the risk that FICC does not have sufficient funds
to repay issued commercial paper when the commercial paper matures.
FICC would mitigate this risk by only using the proceeds from a
commercial paper issuance in the event of a Member default, which
FICC could replenish such proceeds through the close out of the
defaulting Member's portfolio. If such closeout proceeds are
insufficient, FICC would look to its loss waterfall to repay any
outstanding liquidity borrowings. See GSD Rule 4 (Clearing Fund and
Loss Allocation), Section 7 and MBSD Rule 4 (Clearing Fund and Loss
Allocation), Section 7, supra note 8. A second risk is that FICC may
be unable to issue commercial paper as issued commercial paper
matures due to, for example, stressed markets at the time the issued
commercial paper matures. FICC plans to mitigate this risk by
staggering maturities of the issued commercial paper to avoid
concentration of maturing liabilities. See Notice of Filing, supra
note 5, at 12269.
\48\ FICC's other qualifying liquidity resources include cash
deposits to the GSD and MBSD Clearing Funds and CCLFs. See supra
note 8. See also, Notice of Filing, supra note 5, at 12268.
---------------------------------------------------------------------------
The Commercial Paper Program would promote safety and soundness by
enabling FICC to obtain additional and diversified liquid resources to
cover a liquidity gap that could arise in the event of a Member
default. By covering such a gap, the proposal complements FICC's
ability to meet its settlement obligations in the event of a Member
default, thereby reducing the risk of loss contagion (i.e., the risk of
losses arising at other Members if FICC is unable to complete
settlement). Reducing the risk of loss contagion during a Member
default, in turn, reduces the possibility that losses will compromise
the ability of FICC and its Members to continue
[[Page 23321]]
operations. This enhances the ability of FICC and its Members to
continue to provide stability and safety to the financial markets they
serve. Therefore, by enhancing FICC's ability to address losses and
liquidity pressures that otherwise might cause financial distress to
FICC or its Members, the proposal described in the Advance Notice
promotes safety and soundness.
The proposal described in the Advance Notice is consistent with
promoting safety and soundness, reducing systemic risks, and supporting
the stability of the broader financial system. Reducing the risk of
loss contagion would attenuate the transmission of financial shocks
from defaulting Members to non-defaulting Members. Thus, the proposal
described in the Advance Notice is consistent with the stated
objectives and principles of section 805(b) of the Clearing Supervision
Act.\49\
---------------------------------------------------------------------------
\49\ 12 U.S.C. 5464(b).
---------------------------------------------------------------------------
B. Consistency With Rule 17ad-22(e)(7) Under the Exchange Act
The proposal described in the Advance Notice is consistent with the
requirements of Rule 17ad-22(e)(7) under the Exchange Act.\50\ Rule
17ad-22(e)(7) requires FICC to establish, implement, maintain, and
enforce written policies and procedures reasonably designed to
effectively measure, monitor, and manage liquidity risk that arises in
or is borne by FICC, including measuring, monitoring, and managing its
settlement and funding flows on an ongoing and timely basis, and its
use of intraday liquidity, as specified in the rule.\51\
---------------------------------------------------------------------------
\50\ 17 CFR 240.17ad-22(e)(7).
\51\ Id.
---------------------------------------------------------------------------
Consistency With Rule 17ad-22(e)(7)(ii)
Rule 17ad-22(e)(7)(ii) under the Exchange Act requires each CCA to
establish, implement, maintain, and enforce written policies and
procedures reasonably designed to effectively measure, monitor, and
manage the liquidity risk that arises in or is borne by it, including
measuring, monitoring, and managing its settlement and funding flows on
an ongoing and timely basis, and its use of intraday liquidity by, at a
minimum holding qualifying liquid resources sufficient to meet the
minimum liquidity resource requirement under paragraph (e)(7)(i) \52\
in each relevant currency for which the CCA has payment obligations
owed to clearing members.\53\ Rule 17ad-22(a)(14) under the Exchange
Act defines ``qualifying liquid resources'' to include, among other
things, cash held either at the central bank of issue or at
creditworthy commercial banks.\54\
---------------------------------------------------------------------------
\52\ Rule 17ad-22(e)(7)(i) requires FICC to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to effectively measure, monitor, and manage the
liquidity risk that arises in or is borne by it, including
measuring, monitoring, and managing its settlement and funding flows
on an ongoing and timely basis, and its use of intraday liquidity
by, at a minimum, 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 of obligation for the CCA in extreme but plausible market
conditions. 17 CFR 240.17ad-22(e)(7)(i).
\53\ 17 CFR 240.17ad-22(e)(7)(ii).
\54\ 17 CFR 240.17ad-22(a)(14).
---------------------------------------------------------------------------
As described above, the Commercial Paper Program would increase the
liquidity resources available to FICC to continue to meet its liquidity
obligations in a timely fashion in the event of a Member's default.
These funds should help FICC maintain sufficient liquidity resources 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. As also discussed
above, the Commercial Paper Program is designed to help ensure that
FICC has sufficient, readily available qualifying liquid resources to
complete settlement on each business day, with a high degree of
confidence and notwithstanding the failure to settle of the Member, or
affiliated family of Members, with the largest settlement obligation.
Additionally, the Commercial Paper Program would enable FICC to
hold additional cash proceeds from the issuance of commercial paper in
a cash deposit account at the FRBNY or in accounts at other
creditworthy financial institutions in accordance with the Clearing
Agency Investment Policy. Because the funds would be held at the FRBNY
or a creditworthy commercial bank, they would be a qualifying liquid
resource, as that term is defined in Rule 17ad-22(a)(14).\55\
Therefore, the proposal is consistent with Rule 17ad-22(e)(7)(ii).\56\
---------------------------------------------------------------------------
\55\ 17 CFR 240.17ad-22(a)(14) (``Qualifying liquid resources
means, for any covered clearing agency, . . . (i) cash held either
at the central bank of issue or at creditworthy commercial banks . .
.'').
\56\ 17 CFR 240.17ad-22(e)(7)(ii).
---------------------------------------------------------------------------
IV. Conclusion
It is therefore noticed, pursuant to section 806(e)(1)(I) of the
Clearing Supervision Act, that the Commission does not object to
Advance Notice (SR-FICC-2026-801) and that FICC is authorized to
implement the proposed changes as of the date of this notice.
By the Commission.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-08389 Filed 4-29-26; 8:45 am]
BILLING CODE 8011-01-P
</pre></body>
</html>Indexed from Federal Register on April 30, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.