Notice2026-10836
Self-Regulatory Organizations; National Securities Clearing Corporation; Order Approving Proposed Rule Change Concerning NSCC's Ability To Support Industry Efforts To Extend Trading Hours for the U.S. Equity Markets
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
June 1, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 104 (Monday, June 1, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 104 (Monday, June 1, 2026)]
[Notices]
[Pages 32491-32497]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-10836]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105565; File No. SR-NSCC-2026-006]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Order Approving Proposed Rule Change Concerning NSCC's
Ability To Support Industry Efforts To Extend Trading Hours for the
U.S. Equity Markets
May 27, 2026.
I. Introduction
On April 2, 2026, National Securities Clearing Corporation
(``NSCC'') filed with the Securities and Exchange Commission
(``Commission'') proposed rule change NSCC-2026-006, 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 amend
NSCC's Rules \3\ to describe NSCC's ability to support extended trading
hours for the U.S. equity markets and to provide improved clarity
around relevant processing times for its equity clearing services. The
proposed rule change was published for comment in the Federal Register
on April 16, 2026.\4\ The Commission has received no comments on the
changes proposed.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Capitalized terms not defined herein shall have the meaning
assigned to such terms in the NSCC Rules, available at <a href="http://www.dtcc.com/legal/rules-and-procedures">www.dtcc.com/legal/rules-and-procedures</a>.
\4\ See Securities Exchange Act Release No. 105210 (Apr. 13,
2026), 91 FR 20507 (Apr. 16, 2026) (File No. SR-NSCC-2026-006)
(``Notice of Filing'').
---------------------------------------------------------------------------
For the reasons discussed below, the Commission is approving the
proposed rule change.
II. Background
NSCC Trade Capture and Recording Services
NSCC is a central counterparty (``CCP'') and provider of clearance
and settlement services for transactions in broker-to-broker equity,
corporate and municipal bond, and unit investment trust transactions in
the U.S. markets. As a CCP, NSCC novates transactions between
counterparties, effectively becoming the buyer to every seller and the
seller to every buyer, and guarantees settlement of the novated
transactions. NSCC's CCP services are available to entities that are
approved under the NSCC Rules to be direct NSCC Members and to other
market participants through NSCC's indirect access models.
The Universal Trade Capture system (``UTC'') is NSCC's system for
validating and reporting equity transactions submitted to NSCC by self-
regulatory organizations (``SROs''), including registered securities
exchanges (``Exchanges''), and Qualified Special Representatives
(``QSRs'') \5\ submitting trades on behalf of an automated execution
system or Alternative Trading System (``ATS''). UTC currently operates
from 1:30 a.m. to 11:30 p.m. Eastern Time each business day.\6\
---------------------------------------------------------------------------
\5\ A ``Special Representative'' is a Member or a Registered
Clearing Agency which applies to NSCC for such status and designates
those Members for which it will act. Special Representatives may
submit to NSCC for trade recording trade data on any transaction
calling for delivery of Cleared Securities between it and another
person. See NSCC Rule 7, Sections 1 and 2(a), supra note 3. A
``Qualified Special Representative'' (or QSR) is a Special
Representative who (i) operates an automated execution system where
it is always the contra side to each transaction; (ii) has a parent
corporation or affiliated corporation that operates an automated
execution system where the Special Representative is always the
contra side to each transaction; or (iii) clears for a broker/dealer
who operates an automated execution system where the broker/dealer
is always the contra side to each transaction, and the subscribers
to the automated execution system enter into an agreement with the
broker/dealer and the Special Representative acknowledging the
Special Representative's role in the clearance of trades executed on
the automated execution system. See NSCC Rule 7, Section 3, supra
note 3.
\6\ See Notice of Filing, supra note 4, at 20508. All times
discussed herein are Eastern Time unless otherwise indicated.
---------------------------------------------------------------------------
NSCC states that it begins accepting locked-in trades from certain
QSRs for ATS activity between 1:30 and 4:00 a.m. each business day,\7\
and that it accepts locked-in trades from both Exchanges and QSRs from
4:00 a.m. to 8:00 p.m. each business day.\8\ This window is aligned
with current Exchange trading sessions supported by the Securities
Information Processors (``SIPs''),\9\ which generally include an early
hours or pre-market session from 4:00 to 9:30 a.m., regular hours or
core market session from 9:30 a.m. to 4:00 p.m., and late hours or
post-market session from 4:00 to 8:00 p.m.\10\ NSCC states that it
accepts other non-Exchange/non-QSR activity through UTC between the
hours of 8:00 and 11:30 p.m., such as primary market exchange-traded
fund activity, prime broker activity, and options exercise and
assignment activity from The Options Clearing Corporation.\11\
---------------------------------------------------------------------------
\7\ NSCC states that this activity currently represents
approximately one percent of the overall trade volume cleared by
NSCC. Id.
\8\ Id.
\9\ SIPs process and consolidate all protected equities bid/ask
quotes and trades from every registered exchange and the Financial
Industry Regulatory Authority, Inc.'s Alternative Display Facility
into a single, easily consumable data feed. There are currently two
SIPs: (i) the combined Consolidated Tape Association (``CTA'') SIP,
and (ii) the Unlisted Trading Privileges (``UTP'') SIP. The CTA SIP
oversees the dissemination of real-time trade and quote information
in New York Stock Exchange LLC (Network A) and Bats, Cboe, NYSE
Arca, NYSE American and other regional exchanges (Network B) listed
securities. See CTA Plan website, available at <a href="http://www.ctaplan.com/index">www.ctaplan.com/index</a>. The UTP SIP oversees the dissemination of Nasdaq-listed
securities (sometimes called ``Network C'' or ``Tape C''
securities). See UTP Plan website, available at <a href="http://www.utpplan.com">www.utpplan.com</a>.
Each SIP is governed by a plan and run by an Operating Committee
comprised of its plan participants, which are counseled by an
advisory committee made up of individuals representing firms from
across the industry.
\10\ See Notice of Filing, supra note 4, at 20508.
\11\ See Notice of Filing, supra note 4, at 20508.
---------------------------------------------------------------------------
Industry Initiatives To Extend Trading Hours for U.S. Equities
NSCC describes how the industry is currently working on several
initiatives to expand trading hours for the U.S. equity markets due to
growing interest in 24-hour trading, particularly from retail
investors, which includes initiatives by Exchanges, QSRs and ATS
operators, and the SIPs, as well as industry coordination through task
forces and working groups. For example:
<bullet> On November 27, 2024, the Commission issued an order
approving
[[Page 32492]]
an application by 24X National Exchange LLC (``24X'') for registration
as a national securities exchange.\12\ As part of its application, 24X
proposed to operate an overnight trading session from 8:00 p.m. to 4:00
a.m. (``24X Market Session'').\13\ The adoption of this overnight
session is subject to 24X filing a subsequent proposed rule change with
the Commission and such filing being approved or otherwise becoming
effective; \14\
---------------------------------------------------------------------------
\12\ See Securities Exchange Act Release No. 101777 (Nov. 27,
2024), 89 FR 97092 (Dec. 6, 2024) (File No. 10-242) (``24X Order'').
\13\ 24X subsequently filed an immediately effective proposed
rule change with the Commission to amend the start time of the 24X
Market Session to 9:00 p.m. See Securities Exchange Act Release No.
104086 (Sept. 26, 2025), 90 FR 46978 (Sept. 30, 2025) (SR-24X-2025-
07).
\14\ See 24X Order at 97105-06, supra note 9.
---------------------------------------------------------------------------
<bullet> On February 11, 2025, the Commission approved a proposed
rule change by NYSE Arca, Inc. (``NYSE Arca'') to offer trading from
1:30 a.m. through 11:30 p.m. on Monday through Thursday, and 1:30 a.m.
through 8:00 p.m. on Friday.\15\ The adoption of NYSE Arca's proposal
is also subject to NYSE Arca filing a subsequent proposed rule change
with the Commission and such filing being approved or otherwise
becoming effective; \16\
---------------------------------------------------------------------------
\15\ See Securities Exchange Act Release No. 102400 (Feb. 11,
2025), 90 FR 9794 (Feb. 18, 2025) (SR-NYSEARCA-2024-89) (``NYSE Arca
Order'').
\16\ See NYSE Arca Order at 9795-96, id.
---------------------------------------------------------------------------
<bullet> Cboe Global Markets announced plans to offer 24-hour,
five-days-a-week trading for U.S. equities on its Cboe EDGX Equities
Exchange (``EDGX''), subject to regulatory review; \17\ and
---------------------------------------------------------------------------
\17\ See Cboe Global Markets, Cboe Announces Plans to Launch
24x5 U.S. Equities Trading (Feb. 3, 2025), available at <a href="https://ir.cboe.com/news/news-details/2025/Cboe-Announces-Plans-to-Launch-24x5-U.S.-Equities-Trading-2025-NwujmKvsxb/default.aspx">https://ir.cboe.com/news/news-details/2025/Cboe-Announces-Plans-to-Launch-24x5-U.S.-Equities-Trading-2025-NwujmKvsxb/default.aspx</a>.
---------------------------------------------------------------------------
<bullet> On March 7, 2025, Nasdaq announced plans to enable 24-hour
trading on the Nasdaq Stock Market, subject to regulatory review.\18\
---------------------------------------------------------------------------
\18\ See Nasdaq 24-Hour Trading Hub website, available at
<a href="http://www.nasdaq.com/24-hour-trading-hub">www.nasdaq.com/24-hour-trading-hub</a>.
---------------------------------------------------------------------------
The participants of the SIPs have also submitted amendments to
their respective operating plans (``Plan Amendments'') to the
Commission to extend their operating hours to 9:00 p.m. Sunday through
8:00 p.m. Friday (excluding holidays), with a one-hour pause at 8:00
p.m. on Monday through Thursday for technical refreshes for the SIPs,
SIP participants, and other market participants.\19\ The SIPs' Plan
Amendments include certain conditions, including the availability of
central clearing during the proposed hours of operation.\20\
---------------------------------------------------------------------------
\19\ See Securities Exchange Act Release Nos. 104665 (Jan. 22,
2026), 91 FR 3602 (Jan. 27, 2026) (SR-CTA/CQ-2026-01) (Consolidated
Tape Association; Notice of Filing of Fortieth Substantive Amendment
to the Second Restatement of the CTA Plan and Thirty-First
Substantive Amendment to the Restated CQ Plan) and 104670 (Jan. 22,
2026), 91 FR 3609 (Jan. 27, 2026) (File No. S7-24-89) (Joint
Industry Plan; Notice of Filing of the Fifty-Fifth Amendment to the
Joint Self-Regulatory Organization Plan Governing the Collection,
Consolidation and Dissemination of Quotation and Transaction
Information for Nasdaq-Listed Securities Traded on Exchanges on an
Unlisted Trading Privileges Basis).
\20\ Id.
---------------------------------------------------------------------------
Several ATSs are currently offering overnight trading in U.S.
equities during the hours of 8:00 p.m. to 4:00 a.m., including Blue
Ocean Technologies, LLC's Blue Ocean ATS,\21\ OTC Markets Group's MOON
ATS,\22\ and Bruce Markets' Bruce ATS.\23\ Moreover, NSCC states that
it understands that there are additional ATSs working to expand trading
hours to include overnight trading sessions.\24\
---------------------------------------------------------------------------
\21\ See Blue Ocean ATS Session hours on the Blue Ocean
Technologies, LLC website, available at <a href="https://blueocean-tech.io">https://blueocean-tech.io</a>.
\22\ See MOON ATS operating hours on the OTC Markets Group
website, available at <a href="http://www.otcmarkets.com/otc-link/moon-ats">www.otcmarkets.com/otc-link/moon-ats</a>.
\23\ See Bruce Markets ATS operating hours on the Bruce Markets
website, available at <a href="http://www.brucemarkets.com">www.brucemarkets.com</a>.
\24\ See Notice of Filing, supra note 4, at 20509.
---------------------------------------------------------------------------
NSCC states that it has held discussions concerning extended
trading hours with advisory councils of NSCC, Fixed Income Clearing
Corporation, and The Depository Trust Company (``DTC'') (collectively,
the ``Clearing Agencies,'' all of which are owned by the Depository
Trust & Clearing Corporation (``DTCC'')), which are composed of
representatives of the Clearing Agencies' participants and other
relevant stakeholders,\25\ as well as with certain working groups
focusing on issues related to extended trading hours. NSCC states that
the advisory councils and working groups were supportive of NSCC's
proposal to extend its hours to accommodate extended trading hours.\26\
---------------------------------------------------------------------------
\25\ The Clearing Agencies have established various advisory
councils to ensure appropriate stakeholders are consulted for
different types of material developments at the Clearing Agencies,
which include an NSCC and DTC Clearance and Settlement Advisory
Council, to facilitate compliance with Rule 17ad-25(j) under the
Act. See 17 CFR 240.17ad-25(j). See also Securities Exchange Act
Release No. 101764 (Nov. 26, 2024), 89 FR 95843, 95845 (Dec. 3,
2024) (SR-DTC-2024-009, SR-FICC-2024-010, SR-NSCC-2024-006).
\26\ See Notice of Filing, supra note 4, at 20509.
---------------------------------------------------------------------------
III. Description of the Proposed Rule Change
In response to these industry initiatives and growing demand for
24-hour trading, NSCC proposes to extend its UTC operating and clearing
hours to reduce the time between trade execution and the clearance and
guarantee of overnight trades. NSCC would operate on a ``24x5'' basis
from Sunday at 8:00 p.m. to Friday at 8:00 p.m. to support overnight
trading activity from Exchanges and QSRs submitting on behalf of an
ATS. NSCC states that extended clearing hours would facilitate the
trade clearance and guarantee of overnight activity across different
time zones for global industry participants and mitigate counterparty
risk across the industry.\27\
---------------------------------------------------------------------------
\27\ Id.
---------------------------------------------------------------------------
The proposed rule change would amend the NSCC Rules to provide
additional clarity regarding (i) NSCC's ability to support industry
efforts to extend trading hours for the U.S. equity markets, and (ii)
general timeframes, deadlines or cutoff times related to NSCC's core
trade acceptance, clearing, settlement and risk management processes.
Trade Acceptance and Processing
The proposed rule change would amend NSCC Rule 1 (Definitions and
Descriptions) and Procedure II (Trade Comparison and Recording Service)
to add new defined terms and to describe trade acceptance and
processing for Exchange and QSR/ATS market trading sessions.
The proposed rule change would add definitions for ``Market Trading
Session'' and ``Trade Processing Date'' to NSCC Rule 1. ``Market
Trading Session'' would be defined as ``any market trading hours
established or agreed upon by (i) self-regulatory organizations, (ii)
automated execution systems (or alternative trading systems) for which
transactions are submitted on a locked-in basis by Qualified Special
Representatives, and/or (iii) securities information processors, which
may include, but are not limited to, any pre-market trading sessions,
core trading sessions, post-market trading sessions or overnight
trading sessions.'' ``Trade Processing Date'' would be defined as ``the
business date for which a trade is expected to be cleared by [NSCC].''
The proposed rule change would also adopt new subsection G of
Procedure II to describe trade acceptance and processing for locked-in
trades submitted during SRO (i.e., Exchange) and QSR/ATS Market Trading
Sessions, including those submitted during extended trading hours. The
proposed rule change would provide that NSCC may accept locked-in trade
data for any Market Trading Sessions, provided that such trades shall
be accepted and processed within the operating hours of NSCC's trade
capture system.
[[Page 32493]]
Under the proposed rule change, NSCC states that it would move to a
``24x5'' operating model where UTC would be open for accepting trades
for any valid trade date from Sunday at 8:00 p.m. to Friday at 8:00
p.m. to support all Market Trading Sessions during those times.\28\
NSCC states that the proposed 24x5 operating hours would allow NSCC to
accommodate trading activity currently anticipated from Exchanges and
QSR/ATSs, including any pre-market trading sessions, core trading
sessions, post-market trading sessions, and overnight trading sessions
that they may offer during NSCC's proposed 24x5 hours.\29\
---------------------------------------------------------------------------
\28\ Next day trades will not be accepted the night before a
non-U.S. trading day for equity markets. Id.
\29\ See Notice of Filing, supra note 4, at 20509.
---------------------------------------------------------------------------
The proposed rule change would also include new rule text in
proposed subsection G of Procedure II to require that SROs and QSRs
submitting locked-in trade data for overnight trading sessions include
such indicators as NSCC may determine to designate such transactions as
overnight trading session activity. NSCC states that the proposed rule
change would help to ensure that all trades submitted for the overnight
session are properly identified so that NSCC can verify Special
Representative trading relationships and perform appropriate trade
validations for the overnight session.\30\
---------------------------------------------------------------------------
\30\ Id. at 20509-10.
---------------------------------------------------------------------------
The proposal would also add rules describing the process for
Exchanges and QSRs to close out their trading activity for each Trade
Processing Date. NSCC states that, currently at the end of each Trade
Processing Date, trading markets and other sending entities (e.g.,
Exchanges and QSRs) send a ``Good Night Message'' to UTC with their
trade totals for each trading market, which UTC balances and confirms
before sending its own Good Night Message to NSCC Members indicating
trade totals as of each trading market close.\31\ NSCC states that when
all trading markets are closed, UTC sends a final Good Night Message to
Members indicating UTC is closed for the Trade Processing Date.\32\
NSCC states that this process is critical to ensure that (i) NSCC and
trade submitters can reconcile their trade submission information for
each Trade Processing Date; (ii) NSCC can communicate trade totals and
the close of each trading market and Trade Processing Date to its
Members; and (iii) NSCC can roll its trade capture and risk systems to
the next Trade Processing Date.\33\
---------------------------------------------------------------------------
\31\ Id. at 20510.
\32\ Id.
\33\ Id.
---------------------------------------------------------------------------
Specifically, the proposed rule change would adopt new rules in
proposed subsection G of Procedure II to provide that, each business
day, each SRO and QSR shall submit a message to NSCC, in such form and
at such times established by NSCC, confirming the conclusion of trading
activity for the current Trade Processing Date (i.e., the ``Good Night
Message''). The proposed rule change would further provide that, in the
event that an SRO or QSR does not submit a Good Night Message for any
Trade Processing Date, NSCC would have the authority to issue a Good
Night Message on behalf of such SRO or QSR. NSCC states that it is
important to clarify this process, and particularly its authority to
issue Good Night Messages on behalf of SROs or QSRs who fail to submit
such messages, so that NSCC can close UTC for all activity for a given
Trade Processing Date in a timely manner and facilitate the end of day
reporting, reconciliation and UTC processing tasks described above.
The proposed rule change would also add new rules in proposed
subsection G of Procedure II to provide that SROs and QSRs shall not
submit locked-in trade data for the next trade date prior to (i) NSCC
processing a Good Night Message to close out the current Trade
Processing Date for such submitter, and (ii) NSCC's designated time for
accepting trades for the next Trade Processing Date, which NSCC
currently expects to occur around 8:00 p.m. Finally, the proposed rule
change would amend proposed subsection G of Procedure II to state that
NSCC will make available on its public website a schedule of timeframes
containing information concerning: (i) the operating hours of NSCC's
equity trade capture system (i.e., UTC); (ii) NSCC's time for accepting
locked-in trades for the next Trade Processing Date; and (iii) the
expected timelines and deadlines for the inclusion of locked-in trades
in NSCC's (a) CNS night and day cycles, (b) trade reporting and outputs
to Members, and (c) Required Fund Deposit calculations. NSCC states
that the proposed rule change would promote improved clarity and
transparency around NSCC's trade acceptance, trade processing and risk
management timelines to Members, SROs, ATSs and the general public.\34\
---------------------------------------------------------------------------
\34\ Id.
---------------------------------------------------------------------------
NSCC states that the proposed rule change is intended to reflect
industry alignment around standardized start and end times for the
trading day, and the beginning of overnight trading sessions, as
reflected in Exchange proposals, ATS operating hours, and the SIP Plan
Amendments discussed above.\35\ NSCC further states that standardizing
the trading day allows the industry to address a range of
implementation considerations and operational complexities necessary to
support the expansion of trading hours, including but limited to issues
related to settlement processes, corporate actions, risk management,
technology infrastructure and industry coordination.\36\
---------------------------------------------------------------------------
\35\ Id. at 20510.
\36\ Id.
---------------------------------------------------------------------------
Special Representative Relationships
As noted above, a Special Representative is a Member that is
authorized by one or more Member firms to act on their behalf,
including for the submission of trades to NSCC.\37\ A QSR is a type of
Special Representative that is authorized to submit trades executed on
an automated trading platform (e.g., an ATS).\38\ NSCC states that
transactions submitted by Special Representatives and QSRs are treated
by NSCC in the same manner as if both parties had agreed to the details
of the transactions, and that once a trade is submitted by a Special
Representative or QSR, NSCC treats it as ``locked-in,'' meaning it is
compared, validated, and guaranteed for settlement.\39\
---------------------------------------------------------------------------
\37\ See supra note 5.
\38\ Id.
\39\ See Notice of Filing, supra note 4, at 20510.
---------------------------------------------------------------------------
NSCC states that Special Representatives and QSRs must establish
and maintain their Special Representative relationships with NSCC.\40\
NSCC provides an automated relationship management system through which
Members may establish and ultimately retire these Special
Representative relationships pursuant to the NSCC Rules.\41\
---------------------------------------------------------------------------
\40\ Id. Special Representative relationships are bilateral
agreements between firms that are governed by the NSCC Rules and
cover both QSR and correspondent clearing arrangements. Id.
\41\ See Procedure IV, Section E, supra note 3.
---------------------------------------------------------------------------
The proposed rule change would expand Special Representative
relationships, and the relationship management system, to cover
separate relationships for the overnight trading session. Specifically,
Procedure IV.E of the NSCC Rules would be amended to clarify that
Members who wish to participate in overnight trading sessions must
establish and maintain separate Special Representative and Qualified
Special Representative relationships for overnight trading sessions.
NSCC states that the proposed rule change would
[[Page 32494]]
provide an additional control for Members to use to manage their
overnight activity at NSCC.\42\
---------------------------------------------------------------------------
\42\ Id.
---------------------------------------------------------------------------
Publication of Key Timeframes
The proposed rule change would also modify the NSCC Rules
concerning the maintenance of certain time schedules referenced in the
NSCC Rules. Procedure XII of the NSCC Rules currently provides that
NSCC will receive and deliver information, data and other items at
specified times, which may change from time to time, and that Members
may obtain the time schedule upon request and receive ten (10) days'
notice of any change.
The proposed rule change would delete existing rule text in
Procedure XII and replace it with new text to provide that NSCC shall
make available on its public website information concerning key
timeframes, deadlines or cutoff times related to its core trade
acceptance, clearing, settlement and risk management of transactions
under the NSCC Rules.\43\ The proposed rule change would also clarify
that all such times may be extended as needed by NSCC to (i) address
operational or other delays that would reasonably prevent Members or
NSCC from meeting the deadline or timeframe, as applicable, or (ii)
allow NSCC time to operationally exercise its existing rights under the
NSCC Rules. In addition, the proposed rule would clarify that all times
applicable to NSCC are standards and not deadlines, and that actual
processing times may vary slightly, as necessary. NSCC states that
making key timeframes available on its public website would improve
Members' and the general public's understanding of the timeframes
applicable to NSCC's core trade acceptance, clearing, settlement and
risk management of transactions.\44\
---------------------------------------------------------------------------
\43\ NSCC included a draft version of the NSCC Schedule of Trade
Processing Timeframes for Equity Clearing and Settlement in Exhibit
3 to this filing.
\44\ See Notice of Filing, supra note 4, at 20511.
---------------------------------------------------------------------------
Risk Management and Operational Monitoring of Overnight Trades
Risk Management Overview
NSCC is not currently proposing any changes to its risk management
rules or margin/Clearing Fund methodology in connection with the move
to 24x5. NSCC states that it would manage additional trading activity
received during overnight trading sessions through its existing risk
management rules and margin/Clearing Fund methodology, similar to the
risk management of overnight QSR/ATS activity and pre-market trading
session activity currently cleared by NSCC.\45\
---------------------------------------------------------------------------
\45\ Id.
---------------------------------------------------------------------------
NSCC states that it generally expects that overnight trading
sessions would occur between 9:00 p.m. and 9:30 a.m. for Exchanges and
8:00 p.m. to 4:00 a.m. for QSR/ATS activity; however, these timeframes
are subject to change based on, for example, proposed rule change
filings by the Exchanges and the approval of the SIP Plan Amendment
necessary to implement extended trading hours.\46\ NSCC states that,
under its current and future risk processing capabilities, it accepts
trades and incorporates those transactions into its start-of-day
(``SOD'') risk margin calculations until UTC sends a final Good Night
Message closing the Trade Processing Date for NSCC (approximately 12:00
a.m. each day).\47\ Accordingly, any overnight trades received prior to
UTC closing out the current Trade Processing Date would be incorporated
into NSCC's SOD risk margin calculations and Clearing Fund collection
processes, as set forth in NSCC Rule 4 and Procedure XV of the NSCC
Rules. Any overnight trades received after UTC has closed the current
Trade Processing Date would be included in NSCC's intraday monitoring
and margin process, as set forth in Section I.(B)(5) of Procedure
XV.\48\
---------------------------------------------------------------------------
\46\ Id.
\47\ Id.
\48\ Id. For example, NSCC states that a trade received at 11:00
p.m. on Monday would be included in NSCC's SOD margin/Clearing Fund
calculations for collection on Tuesday morning, while a trade
received at 1:30 a.m. on Tuesday would not be included in the SOD
calculations for Tuesday but would be included in Tuesday's intraday
risk monitoring and margin process. Id.
---------------------------------------------------------------------------
NSCC states that it believes its current risk management practices
would adequately address the risk presented by the additional activity
received during extended trading hours.\49\ NSCC calculates and
collects Clearing Fund from its Members using a risk-based margin
methodology that enables NSCC to identify the risks posed by a Member's
unsettled portfolio and quickly adjust and collect additional deposits
as needed to cover those risks.\50\ NSCC states that the margin
requirement differential (``MRD'') charge is specifically designed to
capture the risk of a Member's portfolio for the accumulated trades
during the entire day, up to the UTC Good Night Message, to cover the
day-over-day increase in the portfolio risk stemming from all trades
during the day, including any overnight trading session.\51\ NSCC
further states that the MRD charge's design also uses a look-back
period to capture the spikes in volumes and associated risk over the
past 100 days.\52\ MRD would be included as part of NSCC's SOD risk
margin calculations and Clearing Fund collection processes.
---------------------------------------------------------------------------
\49\ Id.
\50\ See id. and Procedure XV, supra note 3.
\51\ Notice of Filing, supra note 4, at 20511.
\52\ Id.
---------------------------------------------------------------------------
NSCC states that trading activity submitted for the overnight
trading session represents a small fraction of the overall trade volume
cleared by NSCC.\53\ Based on feedback from industry outreach, NSCC
states that it believes that overnight trading volumes will increase
gradually and steadily over the next few years as ATSs and Exchanges
expand and normalize overnight trading hours as opposed to seeing an
immediate significant increase in volumes upon the implementation of
NSCC's 24x5 proposal.\54\
---------------------------------------------------------------------------
\53\ Id.
\54\ Id.
---------------------------------------------------------------------------
Required Fund Deposits
NSCC manages its credit exposure to its Members by determining the
appropriate Required Fund Deposit to the Clearing Fund for each Member
and by monitoring the sufficiency of such deposits, as provided for in
the NSCC Rules.\55\ The objective of a Member's Required Fund Deposit
is to mitigate potential losses to NSCC associated with liquidating a
Member's portfolio in the event NSCC ceases to act for that Member
(hereinafter referred to as a ``default'').\56\ Required Fund Deposits
operate, individually, as the Member's margin, and the aggregate of all
such Members' deposits is referred to, collectively, as the Clearing
Fund. NSCC would access the Clearing Fund should a defaulting Member's
own Required Fund Deposit be insufficient to satisfy losses to NSCC
caused by the liquidation of that Member's portfolio.
---------------------------------------------------------------------------
\55\ See NSCC Rule 4, supra note 3.
\56\ The NSCC Rules identify when NSCC may cease to act for a
Member and the types of actions NSCC may take. See NSCC Rule 46,
supra note 3.
---------------------------------------------------------------------------
NSCC calculates and collects Clearing Fund from its Members (i.e.,
a Required Fund Deposit) on a daily basis using a risk-based margin
methodology.\57\ A Member's Required Fund Deposit may vary daily and is
generally based upon the Member's trading activity and current
unsettled positions.\58\ Required Fund Deposit deficits are due to NSCC
each business day, typically by 10:00 a.m.\59\ Transactions accepted by
NSCC prior to UTC's final Good Night
[[Page 32495]]
Message, which is expected to occur at approximately 12:00 a.m. each
business day, would be factored into this SOD margin collection.\60\
---------------------------------------------------------------------------
\57\ See NSCC Rule 4, supra note 3.
\58\ Id.
\59\ Id.
\60\ See Notice of Filing, supra note 4, at 20511 and Procedure
XV, supra note 3.
---------------------------------------------------------------------------
Each Member's Required Fund Deposit amount consists of a number of
applicable components, each of which is calculated to address specific
risks faced by NSCC, as identified within the NSCC Rules. The major
components of NSCC's Clearing Fund charges include, but are not limited
to: (i) volatility charges for securities based on asset type and
liquidity profile; (ii) mark-to-market charges; (iii) fail charges;
(iv) a charge for Family-Issued Securities to mitigate wrong way risk;
(v) a charge to mitigate day-over-day margin differentials (i.e., the
margin requirement differential or ``MRD'' charge); (vi) a coverage
component; (vii) a margin liquidity adjustment component; (viii) a
backtesting charge; and (ix) an excess capital premium charge.\61\
---------------------------------------------------------------------------
\61\ See Procedure XV, supra note 3.
---------------------------------------------------------------------------
NSCC states that the MRD charge addresses potential market risk
based on portfolio fluctuations as a Member executes trades throughout
the day, which would include portfolio fluctuations that occur during
extended/overnight trading hours. Pursuant to Addendum K of the NSCC
Rules, NSCC's central counterparty trade guaranty generally attaches
immediately upon trade validation, which may occur before the time that
NSCC has collected the Member's Required Fund Deposit at the start of
each day.\62\ As a result, NSCC states that it may be exposed to large
un-margined intraday portfolio fluctuations before NSCC has collected
the Member's Clearing Fund requirement the following morning.\63\
---------------------------------------------------------------------------
\62\ See Notice of Filing, supra note 4, at 20511-12 and
Addendum K, supra note 3.
\63\ See Notice of Filing, supra note 4, at 20512.
---------------------------------------------------------------------------
The MRD charge is calculated based on the day-over-day positive
changes in the Member's SOD volatility charge and mark-to-market
(``MTM'') charge components, which are calculated based on the
overnight or end-of-day positions.\64\ The MRD charge is designed to
mitigate the risks posed to NSCC by day-over-day fluctuations in a
Member's portfolio by forecasting future changes in a Member's
portfolio based on a historical look-back at each Member's portfolio
over a given time period.\65\ Since the MRD charge captures the risk of
the portfolio for the accumulated trades during the entire day, up to
the UTC Good Night Message at approximately 12:00 a.m., the day-over-
day increase in the portfolio risk stemming from all trades during the
day, including any overnight trading session, would be reflected in the
MRD calculation.\66\ Given the MRD's design to use a look-back period,
the spikes in volumes and associated risk over the past 100 days are
already captured in the MRD calculation each day.\67\ NSCC states that
members that present NSCC with larger increases in day-over-day value-
at-risk (``VaR'') and MTM also have larger MRD amounts.\68\ NSCC states
that it believes that the MRD charge will capture credit exposures that
may arise from its participants related to overnight trading
activity.\69\
---------------------------------------------------------------------------
\64\ See Section I.(A)(1)(e) and I.(A)(2)(d) of Procedure XV,
supra note 3.
\65\ See Notice of Filing, supra note 4, at 20512.
\66\ Id.
\67\ Id.
\68\ Id.
\69\ Id.
---------------------------------------------------------------------------
NSCC further states that its Clearing Fund methodology, including
the MRD component, is subject to regular periodic model performance
monitoring reviews under the Clearing Agency Model Risk Management
Framework and associated policies and procedures, both in the aggregate
and at the Member-level, and that any model performance issues, if
found attributable to the extended trading activities, will lead to
further analysis, escalation, and remediation.\70\
---------------------------------------------------------------------------
\70\ Id.
---------------------------------------------------------------------------
Intraday Monitoring and Margin Collection
NSCC may also collect payments from Members on an intraday basis
based on changes in its risk exposures (an ``Intraday Margin Charge''),
including when certain risk thresholds are breached or when the
products cleared or markets served display elevated volatility.\71\
Intraday Margin Charges include charges based on NSCC's re-calculated
intraday mark-to-market exposures (``Intraday MTM Charge'') \72\ and
intraday volatility exposures (``Intraday Volatility Charge'') \73\ for
each Member. Any overnight trades received after UTC has closed the
current Trade Processing Date would be included in these intraday
monitoring and margin processes.
---------------------------------------------------------------------------
\71\ See Section I.(B)(5) of Procedure XV, supra note 3.
\72\ The Intraday MTM Charge is based on the difference between
the last marked-to-market price of a Member's net CNS and Balance
Order positions (including CNS fails) and the most recently observed
market price for such positions. See Section I.(B)(5)(a) of
Procedure XV, supra note 3.
\73\ The Intraday Volatility Charge is designed to address the
volatility risks presented by Members' intraday net unsettled
positions between the collection of margin at the start of each
business day. See Procedure XV, supra note 3.
---------------------------------------------------------------------------
NSCC risk systems generate and monitor intraday volatility and
mark-to-market exposures on a 15-minute basis between 6:00 a.m. and
11:00 p.m. each business day. NSCC states that it generally conducts
intraday monitoring of its exposures for purposes of assessing Intraday
Margin Charges at 15-minute intervals between the hours of 10:00 a.m.
and 4:30 p.m.; however, NSCC maintains authority and operational
capacity to collect Intraday Margin Charges at any time during the
system monitoring window if circumstances warrant.\74\ Furthermore,
NSCC states that it is currently working to expand its 15-minute
monitoring capability beyond the current hours of 6:00 a.m. to 11:00
p.m.\75\
---------------------------------------------------------------------------
\74\ See Notice of Filing, supra note 4, at 20512. Additional
information concerning NSCC's margin methodology and intraday risk
management processes can be found in the NSCC Risk Margin Component
Guide, available at <a href="https://dtcclearning.com/products-and-services/equities-clearing/nscc-risk-management.html">https://dtcclearning.com/products-and-services/equities-clearing/nscc-risk-management.html</a>.
\75\ See Notice of Filing, supra note 4, at 20512.
---------------------------------------------------------------------------
NSCC states that it also plans to expand its offshore time zone
footprint beyond existing locations with continuous training to be
provided to offshore teams, with U.S.-based staff remaining available
for escalation support to ensure continuity and oversight.\76\
---------------------------------------------------------------------------
\76\ See Notice of Filing, supra note 4, at 20512-13.
---------------------------------------------------------------------------
Operational Monitoring and Support
In addition to the risk management framework described above, NSCC
also has additional operational monitoring and support capabilities to
support extended trading hours. NSCC states that it would leverage
DTCC's existing global footprint to ensure continuous support coverage
and monitoring from Sunday at 8:00 p.m. through Friday at 8:00 p.m.
without expanding infrastructure or concentrating risk in any single
region.\77\ NSCC states that it currently operates with a 24x7
technology/application support model and 24x6.5 client/trade submitter
support hours (currently from Sunday at 7:00 a.m. to Saturday at 4:00
p.m.) to monitor and address issues during extended trading hours, with
trained staffing around the globe to support these functions and
address significant incidents.\78\ NSCC states that it is also
[[Page 32496]]
enhancing its trade capture platform by developing data observability
dashboards to provide detective anomaly controls to assist in
identifying potentially erroneous submissions in UTC, and that all
transaction monitoring protocols used during core trading hours (9:30
a.m.-4:00 p.m.) would be extended to the overnight session.\79\
---------------------------------------------------------------------------
\77\ See Notice of Filing, supra note 4, at 20513.
\78\ Id. This includes client/trade submitter support across
three (3) shifts that would be covered from the U.S. (Jersey City,
Boston, Dallas and Tampa), Philippines (Manilla), United Kingdom
(London), Singapore (Singapore), and India (Chennai and Hyderabad).
Id.
\79\ See Notice of Filing, supra note 4, at 20513.
---------------------------------------------------------------------------
NSCC further states that DTCC's Enterprise Resiliency Office
(``ERO'') plays a central role in the Clearing Agencies' coordination
and facilitation of the incident management and reporting processes,
and that ERO has implemented a 24x7 ``follow-the-sun'' coverage model
to appropriately identify, assess, and manage incidents or potential
incidents that may impact NSCC's ability to deliver products or
services, including those that may occur during the overnight trading
session.\80\
---------------------------------------------------------------------------
\80\ Id.
---------------------------------------------------------------------------
Additional Risk Management Enhancements
Following implementation of this proposed rule change, NSCC states
that it will continue to monitor and evaluate trading volumes and risk
exposures during the overnight trading session, and determine whether
additional margin or risk management enhancements are necessary to
address the additional risks presented by overnight trading.\81\ NSCC
states that such risk management enhancements could include changes to
NSCC's margin methodology or Clearing Fund requirements, Intraday
Margin Charge requirements, or ongoing membership requirements
concerning financial or operational capability related to the 24x5
operating model.\82\ Based on its assessment of any additional risks
presented by overnight trading, NSCC states that it will propose and
file further rule changes pursuant to Section 19(b)(1) of the Act,\83\
and the rules thereunder, prior to accepting overnight trades from
Exchanges, if NSCC determines that additional risk management
enhancements are necessary to address additional risks presented by
overnight trading.\84\ NSCC states that it would file such proposed
rule change(s) with the objective of seeking regulatory approval and
implementation of any proposed enhancements to risk management prior to
Exchanges going live with 24x5 trading.\85\ NSCC plans to implement the
proposed rule change on June 28, 2026.\86\
---------------------------------------------------------------------------
\81\ Id.
\82\ Id.
\83\ 15 U.S.C. 78s(b)(1).
\84\ See Notice of Filing, supra note 4, at 20513.
\85\ Id.
\86\ Id.
---------------------------------------------------------------------------
IV. Discussion and Commission Findings
Section 19(b)(2)(C) of the Act \87\ 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 NSCC. More specifically, for the reasons given below, the
Commission finds that the proposed rule change is consistent with
Section 17A(b)(3)(F) of the Act \88\ and Rules 17ad-22(e)(4)(i),
(6)(iii) and (21) thereunder.\89\
---------------------------------------------------------------------------
\87\ 15 U.S.C. 78s(b)(2)(C).
\88\ 15 U.S.C. 78q-1(b)(3)(F).
\89\ 17 CFR 240.17ad-22(e)(4)(i), (6)(iii) and (21).
---------------------------------------------------------------------------
A. Consistency With Section 17A(b)(3)(F)
Section 17A(b)(3)(F) of the Act \90\ requires, in part, that the
rules of a clearing agency be designed to promote the prompt and
accurate clearance and settlement of securities transactions, and to
assure the safeguarding of securities and funds which are in the
custody or control of the clearing agency or for which it is
responsible.
---------------------------------------------------------------------------
\90\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
As described above in Section III, the proposed rule change would
describe NSCC's arrangements to support extended trading hours for the
U.S. equity markets and provide improved clarity around relevant
processing times for its equity clearing services. The extension of
NSCC's UTC operating and clearing hours should enable NSCC to promptly
and accurately clear, guarantee, risk manage, and settle trades
executed during extended trading hours, particularly those trades
executed during overnight trading sessions, which are not fully covered
by NSCC's existing operating model. Under the proposed rule change,
NSCC would operate on a ``24x5'' basis from Sunday at 8:00 p.m. to
Friday at 8:00 p.m. As a result, the proposed rule change should enable
NSCC to promptly and accurately clear and apply its CCP trade guaranty
to trades executed during extended trading hours. Accordingly, the
proposed rule change is designed to promote the prompt and accurate
clearance and settlement of securities transactions.
NSCC would manage the risk from the activity cleared during
extended trading hours using its existing risk management framework.
NSCC uses a risk-based margin and Clearing Fund methodology to
calculate and collect SOD margin requirements each day from Members to
cover NSCC's potential exposures and to monitor and address intraday
exposures through the Intraday MTM Charge and Intraday Volatility
Charge. NSCC's margin methodology also includes an MRD charge
specifically designed to mitigate the risks posed to NSCC by day-over-
day fluctuations in a Member's portfolio by forecasting future changes
in a Member's portfolio based on a historical look-back at each
Member's portfolio over a given time period, which should capture
fluctuations in NSCC's risk exposure during overnight trading sessions.
NSCC's existing risk management framework should enable it to
identify, measure, monitor, and manage the potential credit exposures
that may arise from its participants related to overnight trading
activity. NSCC uses the margin and Clearing Fund it collects to
mitigate potential losses to NSCC (and, through loss allocation, to its
Members) associated with liquidating a defaulting Member's portfolio.
This risk management framework should allow NSCC to continue to effect
the prompt and accurate clearance and settlement of securities
transactions in the event NSCC ceases to act for a Member, thereby
assuring the safeguarding of securities and funds which are in the
custody or control of NSCC or for which it is responsible.
Following implementation of this proposed rule change, NSCC has
stated that it will continue to monitor and evaluate trading volumes
and risk exposures during the overnight trading session, and determine
whether additional margin or risk management enhancements are necessary
to address the additional risks presented by overnight trading.\91\
NSCC has further stated that such risk management enhancements could
include changes to NSCC's margin methodology or Clearing Fund
requirements, Intraday Margin Charge requirements, or ongoing
membership requirements concerning financial or operational capability
related to the 24x5 operating model, and that it will propose and file
further rule changes pursuant to Section 19(b)(1) of the Act prior to
accepting overnight trades from Exchanges, if NSCC
[[Page 32497]]
determines that additional risk management enhancements are necessary
to address additional risks presented by overnight trading.\92\
---------------------------------------------------------------------------
\91\ See Notice of Filing, supra note 4, at 20513.
\92\ NSCC states that it would file such proposed rule change(s)
with the objective of seeking regulatory approval and implementation
of any proposed enhancements to risk management prior to Exchanges
going live with 24x5 trading. Id.
---------------------------------------------------------------------------
The proposed rule change would also require NSCC to maintain a
schedule of its key equity clearing and settlement processes on its
public website, which should improve Members' understanding of the key
timeframes applicable to NSCC's core trade acceptance, clearing,
settlement and risk management of transactions. This, in turn, should
help Members understand their potential obligations to NSCC,
facilitating the prompt and accurate clearance and settlement of
securities transactions.
For these reasons, the proposed rule change is designed to promote
the prompt and accurate clearance and settlement of securities
transactions, and to assure the safeguarding of securities and funds
which are in the custody or control of NSCC or for which it is
responsible, consistent with the requirements of Section 17A(b)(3)(F)
of the Act.
B. Consistency With Rules 17ad-22(e)(4)(i) and (6)(iii)
Rule 17ad-22(e)(4)(i) \93\ under the Act requires that a covered
clearing agency establish, implement, maintain, and enforce written
policies and procedures reasonably designed to effectively identify,
measure, monitor, and manage its credit exposures to participants and
those arising from its payment, clearing, and settlement processes,
including by maintaining sufficient financial resources to cover its
credit exposure to each participant fully with a high degree of
confidence. Rule 17ad-22(e)(6)(iii) \94\ under the Act further requires
that a covered clearing agency that provides CCP services establish,
implement, maintain, and enforce written policies and procedures
reasonably designed to cover its credit exposures to its participants
by establishing a risk-based margin system that calculates margin
sufficient to cover its potential future exposure to participants in
the interval between the last margin collection and the close out of
positions following a participant default.
---------------------------------------------------------------------------
\93\ 17 CFR 240.17ad-22(e)(4)(i).
\94\ 17 CFR 240.17ad-22(e)(6)(iii).
---------------------------------------------------------------------------
As described above in Sections III and IV.A, NSCC would manage the
risk from the activity cleared during extended trading hours using its
existing risk management framework. NSCC's risk-based margin and
Clearing Fund methodology, including the MRD charge designed to capture
day-over-day Member portfolio fluctuations through a historical look-
back period, should capture fluctuations in NSCC's risk exposure during
overnight trading sessions. Overnight trades received prior to UTC
closing the Trade Processing Date would be incorporated into NSCC's SOD
risk margin calculations and subject to the MRD charge, while trades
received after UTC closure would be included in NSCC's intraday
monitoring and margin processes. Trading activity submitted for
overnight trading sessions represents a small fraction of overall trade
volume cleared by NSCC, and NSCC expects overnight trading volumes to
increase gradually and steadily over time.\95\ Moreover, as noted
above, NSCC has stated that it will continue monitoring and evaluating
trading volumes and risk exposures during the overnight trading session
and propose additional risk management enhancements, if necessary,
including prior to the Exchanges expanding their trading hours.
---------------------------------------------------------------------------
\95\ See Notice of Filing, supra note 4, at 20511.
---------------------------------------------------------------------------
The proposed rule change also includes operational controls to
support overnight trading risk management. Under the proposal, SROs and
QSRs submitting locked-in trade data for overnight trading sessions
must include indicators designating such transactions as overnight
trading session activity, enabling NSCC to verify Special
Representative trading relationships and perform appropriate trade
validations. Moreover, Members participating in overnight trading
sessions must establish and maintain separate Special Representative
and Qualified Special Representative relationships for overnight
trading sessions, providing NSCC with enhanced controls to manage
overnight activity.
Therefore, NSCC's existing risk management framework, combined with
these operational controls, is reasonably designed to enable NSCC to
identify, measure, monitor, and manage the potential credit exposures
that may arise from its participants related to overnight trading
activity, and to calculate and collect margin sufficient to cover its
potential future exposure to participants in accordance with the
requirements of Rules 17ad-22(e)(4)(i) and (6)(iii) under the Act.
C. Consistency With Rule 17ad-22(e)(21)
Rule 17ad-22(e)(21) \96\ under the Act requires, in part, that a
covered clearing agency establish, implement, maintain, and enforce
written policies and procedures reasonably designed to be efficient and
effective in meeting the requirements of its participants and the
markets it serves. As described above in Section III, the industry is
currently working on several initiatives to expand trading hours for
the U.S. equity markets due to growing interest in 24-hour trading,
particularly from retail investors. This includes initiatives by
Exchanges, QSRs and ATS operators, and the SIPs, as well as industry
coordination through task forces and working groups organized by DTCC
and SIFMA. The proposed 24x5 operating model is designed to accommodate
these industry efforts and should enable NSCC to promptly and
accurately clear and apply its CCP trade guaranty to trades executed
during extended trading hours, particularly overnight trading sessions
occurring across different time zones for global industry participants.
Accordingly, the proposed rule change is reasonably designed to
efficiently and effectively meet the requirements of its participants
and the markets it serves in accordance with Rule 17ad-22(e)(21).
---------------------------------------------------------------------------
\96\ 17 CFR 240.17ad-22(e)(21).
---------------------------------------------------------------------------
V. Conclusion
On the basis of the foregoing, the Commission finds that the
proposed rule change is consistent with the requirements of the
Exchange Act and in particular with the requirements of Section 17A of
the Exchange Act \97\ and the rules and regulations promulgated
thereunder.
---------------------------------------------------------------------------
\97\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Section 19(b)(2) of the
Exchange Act \98\ that proposed rule change SR-NSCC-2026-006 be, and
hereby is, APPROVED.\99\
---------------------------------------------------------------------------
\98\ 15 U.S.C. 78s(b)(2).
\99\ In approving the proposed rule change, the Commission
considered the proposals' 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.\100\
---------------------------------------------------------------------------
\100\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-10836 Filed 5-29-26; 8:45 am]
BILLING CODE 8011-01-P
</pre></body>
</html>Indexed from Federal Register on June 1, 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.