Notice2026-19216
Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Partial Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change as Modified by Partial Amendment No. 1, by the Options Clearing Corporation Concerning the Payment of Interest on Margin Cash
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
September 21, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 181 (Monday, September 21, 2026)</title>
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[Federal Register Volume 91, Number 181 (Monday, September 21, 2026)]
[Notices]
[Pages 59818-59822]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-19216]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106391; File No. SR-OCC-2026-007]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing of Partial Amendment No. 1 and Order Granting
Accelerated Approval of Proposed Rule Change as Modified by Partial
Amendment No. 1, by the Options Clearing Corporation Concerning the
Payment of Interest on Margin Cash
September 16, 2026.
I. Introduction
On July 24, 2026, the Options Clearing Corporation (``OCC''), filed
with the Securities and Exchange Commission (``Commission''), pursuant
to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Exchange
Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed pule change
regarding the payment of interest on Clearing
[[Page 59819]]
Members' cash margin. The proposed rule change was published for
comment in the Federal Register on August 5, 2026.\3\ On September 15,
2026, OCC amended File No. SR OCC-2026-007 (hereinafter ``Partial
Amendment No. 1'') to clarify statements concerning the use of
subaccounts at a Federal Reserve Bank (``FRB'').\4\ The Commission has
not received any comments on the Proposed Rule Change. For the reasons
discussed below, the Commission is publishing this notice to solicit
comments on Partial Amendment No. 1 from interested persons, and
approving the proposed rule change, as modified by Partial Amendment
No. 1 (hereinafter, the ``Proposed Rule Change'').
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 106018 (July 31,
2026), 91 FR 50579 (Aug. 5, 2026) (File No. SR-OCC-2026-007)
(``Notice'').
\4\ This amendment does not change the purpose of or basis for
File No. SR-OCC-2026-007.
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OCC is a central counterparty (``CCP''), which means that, as part
of its function as a clearing agency, it interposes itself as the buyer
to every seller and seller to every buyer for certain financial
transactions. As the CCP for the listed options markets in the United
States,\5\ as well as for certain futures and stock loans, OCC is
exposed to various risks arising from providing clearance and
settlement services to its Clearing Members.\6\ Because OCC is
obligated to perform on the contracts it clears, one such risk that OCC
is exposed to is liquidity risk, including the risk that OCC would not
maintain sufficient liquid resources to cover payment obligations,
including exposures if one of its Clearing Members defaults or is
otherwise unable to perform its counterparty obligations.
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\5\ OCC describes itself as ``the sole clearing agency for
standardized equity options listed on a national securities exchange
registered with the Commission (`listed options').'' See Securities
Exchange Act Release No. 96533 (Dec. 19, 2022), 87 FR 79015 (Dec.
23, 2022) (File No. SR-OCC-2022-012).
\6\ Capitalized terms used but not defined herein have the
meanings specified in OCC's Rules and By-Laws, available at <a href="https://www.theocc.com/company-information/documents-and-archives/by-laws-and-rules">https://www.theocc.com/company-information/documents-and-archives/by-laws-and-rules</a>.
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One of the ways OCC manages liquidity risk is through the
collection of cash collateral from its Clearing Members. Although OCC
allows Clearing Members to contribute margin in different forms, OCC
may require each Clearing Member to post some amount of margin
collateral in cash. Similarly, OCC requires each Clearing Member to
contribute cash to meet a portion its Clearing Fund requirement. As
permitted under its current rules, OCC maintains an interest-bearing
FRB account which it uses to hold Clearing Fund cash. OCC holds some
Clearing Member cash margin in its FRB account, but OCC cannot hold
securities customer cash margin in its FRB account under OCC's current
rules. OCC manages securities customer cash through its commercial bank
relationships. According to OCC, Clearing Member cash margin deposits
averaged $2.5 billion during the year prior to filing, which OCC
describes as a small amount compared to the total amount of margined
assets, including valued securities and government securities.\7\
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\7\ See Notice, 91 FR at 50580. OCC states that it held, on
average, about $700 million in non-customer margin cash in the FRB
account over the past year with the remainder held in cash deposits
at commercial banks (about $800 million) and reverse repo
investments (about $1 billion). See id.
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Currently OCC passes on earned interest from its cash Clearing Fund
deposits to Clearing Members, minus a 5-basis point fee. OCC has
observed that since it began paying interest on Clearing Fund cash,
some Clearing Members deposit more Clearing Fund cash than is required
under OCC's Rules.\8\ OCC stated that, based on its experience and
analysis, if Clearing Members received interest on cash margin, they
would be more likely to deposit cash as margin in lieu of securities,
which would in turn improve OCC's capital efficiency and liquidity.\9\
OCC proposes, as described below, to amend its rules to permit OCC to
deposit cash margin deposited in respect of securities customer
accounts into its FRB account and require OCC to pay a defined interest
rate to its Clearing Members, minus an administrative fee.
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\8\ Id. OCC filed confidential data with File No. SR-OCC-2026-
007 that showed an increase of excess cash deposits in the Clearing
Fund, as a percentage of cash required in the Clearing Fund, from
less than 17 percent to over 38 percent (at times rising above 40
percent).
\9\ Id.
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OCC initially stated that it would establish a subaccount at the
FRB under the master account to separately account for customer
margin.\10\ In Partial Amendment No. 1, OCC stated that will request a
subaccount for securities customer margin. OCC stated further that
until such time that OCC could secure a separate subaccount for its
Clearing Member's Clearing Fund deposits, OCC would include transaction
activity for Clearing Fund deposits in the existing subaccount for non-
customer margin cash.
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\10\ See Notice, 91 FR at 50580 n.8. OCC explained that it uses
a similar subaccount for non-customer margin at the FRB.
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II. Description of Proposed Rule Changes
A. Changes to Interest Treatment
OCC proposes to amend Rule 604B to require that it pay interest to
Clearing Members on all margin cash, with the exception of cash held in
cross margin, or X-M, accounts.\11\ Specifically, OCC proposes to adopt
new Rule 604B(g),\12\ Interest on Margin Cash, to require OCC to set a
fixed interest rate on deposited margin cash equal to the Federal
Reserve's Interest on Reserve Balance (``IORB''). OCC intends to
calculate interest daily at IORB less an administrative fee and to pay
interest to Clearing Members monthly.
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\11\ As defined in the OCC By-Laws, X-M accounts are Clearing
Member accounts in which positions subject to cross-margining
treatment are maintained. See OCC By-Laws Art. I, Sec. O. Margin
cash held in X-M accounts must be deposited in joint accounts at a
depository in accordance with OCC's Cross Margin Agreement with CME.
Accordingly, such funds are not available to be deposited in OCC's
FRB account at which they would earn interest at the IORB rate.
\12\ Current Rule 604B(g), Investment of Margin Cash, would be
renumbered as Rule 604B(h).
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Under the Proposed Rule Change, OCC would also change its approach
to paying interest on Clearing Fund cash deposits. OCC Rule 1002(c)(1)
currently states that Clearing Fund deposits at an FRB accrue to the
benefit of Clearing Members. OCC proposes to replace this provision of
Rule 1002(c)(1) with new Rule 1002(c)(2) requiring OCC to pay the IORB,
less the administrative fee, on all Clearing Fund cash deposits without
reference to where such Clearing Fund cash is deposited.
OCC also proposes to make conforming changes to its Cash and
Investment Management Policy (``CIMP''). Specifically, OCC proposes to
replace language indicating that interest earned on Clearing Fund cash
deposits at an FRB would accrue to the benefit of Clearing Members with
language requiring OCC to pay interest to Clearing Members on all and
margin cash deposits other than cash in X-M accounts.
B. Changes to Customer Margin Custody Arrangements
OCC proposes to amend its rules to all the depositing of securities
customer cash margin in its FRB account. Specifically, OCC proposes to
broaden Rule 604B(b)(2)(B)(iii), which current allows OCC to deposit
non-customer margin assets at an FRB account, to allow OCC to deposit
margin assets generally at an FRB account. OCC also proposes amending
Interpretation & Policy (I&P) .04 associated with Rule 1002 in much the
same way, by
[[Page 59820]]
eliminating the requirement that margin assets held at the FRB belong
only to non-customers.\13\ OCC proposes adding language to its Cash and
Investment Management Policy (``CIMP''), however, to make it clear that
OCC would not comingle its own cash with Clearing Member cash deposits.
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\13\ I&P .04, however, would specifically exclude cash derived
from cash margin deposited in respect of segregated futures
accounts, which OCC has stated must be segregated as required by
Commodity Futures Trading Commission (``CFTC'') Regulation 1.20. See
Notice at 50581. See also 17 CFR 1.20(a). OCC has stated that it
will not title its FRB account as a margin account, since it will
hold additional assets, and that it can hold margin assets at the
FRB under both its own Rules and under CFTC Regulation 1.20. See id.
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OCC's account agreement for its FRB account provides the FRB with a
lien on deposits to the extent of any unpaid fees.\14\ To mitigate the
possibility of such a lien attaching to Clearing Member cash deposited
in OCC's FRB account, OCC proposes changes ensure it can cover the
required FRB service charges.
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\14\ In OCC's case, the only fee owed to the FRB is a monthly
service charge, which is approximately $3,000 per month. See Notice,
91 FR at 50582.
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Specifically, OCC's Proposed Rule Change authorizes it to charge a
10-basis point cash management fee that can be used to pay the monthly
service fee.\15\ As a further safeguard, OCC proposes to amend Rule 101
to include unpaid FRB services charges as an authorized use of the
Minimum Capital Contribution.\16\ Further, OCC proposes to add language
to its Rule 1006 that would allow OCC to use the Clearing Fund to
satisfy any unpaid FRB account service charges.
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\15\ OCC would amend its schedule of fees to reflect the 10-
basis point service charge on each Clearing Member's average daily
cash balance other than cash held in X-M accounts. This language
would replace the current 5-basis point fee on Clearing Member cash
held in OCC's FRB account.
\16\ OCC also proposes a conforming change to its Capital
Management Policy related to the use of the Minimum Corporate
Contribution.
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Finally, OCC proposes to make certain categorization changes, by
moving paragraphs (i) and (j) from Rule 1006 to Rule 1002, which
specifically deals with Clearing Fund contributions. The former
paragraph concerns an acknowledgement by Clearing Members that OCC
maintains a lien on all assets, including cash, contributed to the
Clearing Fund, while the latter concerns OCC's role as a securities
intermediary for securities deposited by Clearing Members in the
Clearing Fund.
III. Discussion and Commission Findings
Section 19(b)(2)(C) of the Exchange Act requires the Commission to
approve a proposed rule change of a self-regulatory organization if it
finds that the proposed rule change is consistent with the requirements
of the Exchange Act and the rules and regulations thereunder applicable
to the organization.\17\ Under the Commission's Rules of Practice, the
``burden to demonstrate that a proposed rule change is consistent with
the Exchange Act and the rules and regulations issued thereunder . . .
is on the self-regulatory organization [`SRO'] that proposed the rule
change.'' \18\
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\17\ 15 U.S.C. 78s(b)(2)(C).
\18\ Rule 700(b)(3), Commission Rules of Practice, 17 CFR
201.700(b)(3).
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The description of a proposed rule change, its purpose and
operation, its effect, and a legal analysis of its consistency with
applicable requirements, must all be sufficiently detailed and specific
to support an affirmative Commission finding,\19\ and any failure of an
SRO to provide this information may result in the Commission not having
a sufficient basis to make an affirmative finding that a proposed rule
change is consistent with the Exchange Act and the applicable rules and
regulations.\20\ Moreover, ``unquestioning reliance'' on an SRO's
representations in a proposed rule change is not sufficient to justify
Commission approval of a proposed rule change.\21\
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\19\ Id.
\20\ Id.
\21\ Susquehanna Int'l Group, LLP v. Securities and Exchange
Commission, 866 F.3d 442, 447 (D.C. Cir. 2017).
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After carefully considering the Proposed Rule Change, the
Commission finds that the Proposed Rule Change is consistent with the
requirements of the Exchange Act and the rules and regulations
thereunder applicable to OCC. 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 Exchange Act,\22\ and Rules 17ad-
22(e)(7)(ii) and 17ad-22(e)(7)(iii) thereunder, as described in detail
below.\23\
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\22\ 15 U.S.C. 78q-1(b)(3)(F).
\23\ 17 CFR 240.17ad-22(e)(7)(ii) and (e)(7)(iii).
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A. Consistency With Section 17A(b)(3)(F) of the Exchange Act
Section 17A(b)(3)(F) of the Exchange Act requires, among other
things, that the rules of OCC be designed to promote the prompt and
accurate clearance and settlement of securities transactions and, to
the extent applicable, derivative agreements, contracts, and
transactions and to assure the safeguarding of securities and funds
which are in the custody or control of OCC or for which it is
responsible.\24\ Based on a review of the record, and for the reasons
discussed below, the proposed changes are consistent with the promotion
of the prompt and accurate clearance and settlement of transactions at
OCC and the safeguarding of securities and funds which it has custody
or control over.
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\24\ 15 U.S.C. 78q-1(b)(3)(F).
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OCC is the sole registered clearing agency for the U.S. listed
options markets. As described above, one purpose of the proposed
changes is to incentivize Clearing Members to meet a larger portion of
their collateral requirements in cash. An increase in the amount of
collateral provided in cash, as opposed to other permissible forms,
would increase the likelihood that OCC would be able to meet its
payment obligations when due by removing the potential delays that come
with other qualifying liquid resources, such as prearranged funding
arrangements. Increasing the likelihood that OCC would be able to meet
its payment obligations would increase the likelihood that OCC could
promptly and accurately clear transactions in the event of a default.
Additionally, the Proposed Rule Change is consistent with assuring
the safeguarding of funds, by allowing OCC to deposit customer cash
margin in its FRB account. Access to an FRB account is a valuable tool,
the use of which would reduce custody risk in a clearing agency.\25\
Further, the Proposed Rule Change would not limit OCC's access to
commercial banks, and would, therefore, provide OCC with an additional
custodian at which to deposit customer cash margin.
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\25\ See Securities Exchange Act Release 90100 (Oct. 6, 2020),
85 FR 64603, 64604 (Oct. 13, 2020) (File No. SR-OCC-2020-010). See
also Securities Exchange Act Release 68080, 77 FR 66220, 66268 (Nov.
2, 2012) (File No. S7-08- 11).
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For the reasons stated above, the Commission finds that the
Proposed Rule Change is consistent with Section 17A(b)(3)(F) of the
Exchange Act.\26\
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\26\ Id.
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B. Consistency With Rule 17ad-22(e)(7)(ii) Under the Exchange Act
Rule 17ad-22(e)(7)(ii) under the Exchange Act requires, in part,
each covered clearing agency 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 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, at
[[Page 59821]]
a minimum, holding qualifying liquid resources sufficient to meet its
minimum liquidity resource requirements in each relevant currency for
which the covered clearing agency has payment obligations owed to
clearing members.\27\ Cash, held either at the central bank of issuance
or at a creditworthy commercial bank, is the first resource listed in
the definition of qualifying liquid resources.\28\
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\27\ 17 CFR 240.17ad-22(e)(7)(ii).
\28\ 17 CFR 240.17ad-22(a).
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Since OCC began paying interest on Clearing Fund cash, Clearing
Members have deposited more cash in the Clearing Fund than OCC
requires. Based on the data provided by OCC, Clearing Member cash
contributions to the Clearing Fund have exceeded requirements generally
risen over time. In contrast, Clearing Members currently deposit only a
small percentage of total margin assets as cash relative to valued
securities. Based on the data provided and excess cash deposited in the
Clearing Fund, the Proposed Rule Change is likely to increase the
percentage of margin Clearing Members post in cash over any minimum
requirement imposed by OCC. Increasing the likelihood that members will
provide cash to OCC above and beyond what OCC requires increases the
likelihood that OCC will continue to hold sufficient qualifying liquid
resources to meet its liquidity requirements, which would allow OCC to
better manage its liquidity risk.
For the reasons stated above, allowing OCC to pay interest on cash
deposited as margin is consistent with the requirements of Rule 17ad-
22(e)(7)(ii) under the Exchange Act.\29\
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\29\ 17 CFR 240.17ad-22(e)(7)(ii).
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C. Consistency With Rule 17ad-22(e)(7)(iii) Under the Exchange Act
Rule 17ad-22(e)(7)(iii) requires each covered clearing agency 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 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, at a minimum, using the access to
accounts and services at a Federal Reserve Bank, pursuant to Section
806(a) of the Payment, Clearing, and Settlement Supervision Act of 2010
(12 U.S.C. 5465(a)),\30\ or other relevant central bank, when available
and where determined to be practical by the board of directors of the
covered clearing agency, to enhance its management of liquidity
risk.\31\
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\30\ 12 U.S.C. 5465(a). The Board of Governors of the Federal
Reserve System may authorize a Federal Reserve Bank to establish and
maintain an account for a designated financial market utility. See
also Board of Governors of the Federal Reserve System, Designated
Financial Market Utilities, Title VIII of the Dodd-Frank Act,
available at <a href="https://www.federalreserve.gov/paymentsystems/title-viii-dfa.htm">https://www.federalreserve.gov/paymentsystems/title-viii-dfa.htm</a>.
\31\ 17 CFR 240.17ad-22(e)(7)(iii).
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OCC may use cash margin deposits, including customer cash margin
deposits, to manage liquidity risk. OCC's Liquidity Risk Management
Framework document (``LRMF'') sets forth an overview of OCC's liquidity
risk management practices and governs OCC's policies and procedures as
they relate to liquidity risk management.\32\ The LRMF describes the
primary liquidity risks OCC faces when managing a Clearing Member
default, and describes the maintenance of liquidity resources designed
to address a variety of stress scenarios through the sizing of such
resources.\33\ The LRMF defines such liquidity resources to include
cash margin deposits where such deposits are required under OCC's
Contingency Funding Plan.\34\ OCC's Proposed Rule Change would permit
OCC to deposit securities customer cash margin in its FRB account.
Moreover, as described above, the collection of interest from the FRB
for cash margin, and consequent delivery of that interest, minus a
management fee, to Members would incentivize Members to contribute more
cash as part of their margin responsibilities, in lieu of less liquid
assets. The holding of a greater amount of cash as margin would help
OCC better manage its liquidity risk.
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\32\ See Securities Exchange Act Release 89014 (Jun. 4, 2020),
85 FR 35446 (Jun. 10, 2020) (File No. SR-OCC-2020-003) (``LRMF
Approval Order'').
\33\ See LRMF Approval Order at 35447.
\34\ Id.
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For the reasons stated above, allowing OCC to deposit non-customer
cash margin in its FRB account is consistent with the requirements Rule
17ad-22(e)(7)(iii) under the Exchange Act.\35\
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\35\ 17 CFR 240.17ad-22(e)(7)(iii).
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IV. Solicitation of Comments on Partial Amendment No. 1 to the Proposed
Rule Change
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change, as modified by Partial Amendment No. 1, is consistent with the
Exchange Act. Comments may be submitted by any of the following
methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#b1c3c4ddd49cd2dedcdcd4dfc5c2f1c2d4d29fd6dec7"><span class="__cf_email__" data-cfemail="2153544d440c424e4c4c444f5552615244420f464e57">[email protected]</span></a>. Please include
file number SR-OCC-2026-007 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-OCC-2026-007. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of such filing will be available for inspection and
copying at the principal office of OCC and on OCC's website at https://
www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-
Rules.
Do not include personal identifiable information in submissions;
you should submit only information that you wish to make available
publicly. We may redact in part or withhold entirely from publication
submitted material that is obscene or subject to copyright protection.
All submissions should refer to File Number SR-OCC-2026-007 and
should be submitted on or before October 13, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
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\36\ 17 CFR 200.30-3(a)(12).
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V. Accelerated Approval of Proposed Rule Change, as Modified by Partial
Amendment No. 1
The Commission finds good cause, pursuant to Section 19(b)(2) of
the Exchange Act,\37\ to approve the proposed rule change prior to the
30th day after the date of publication of notice of the filing of
Partial Amendment No. 1 in the Federal Register. As discussed above,
Partial Amendment No. 1 modified the original Proposed Rule Change to
correcting a statement made regarding subaccounts at the FRB, as part
of File No. SR-OCC-2026-007 on September, 15, 2026. OCC initially
stated that it would establish a subaccount at the FRB under the master
account to separately account for
[[Page 59822]]
customer margin.\38\ In Partial Amendment No. 1, OCC stated that will
request a subaccount for securities customer margin. OCC stated further
that until such time that OCC could secure a separate subaccount for
its Clearing Member's Clearing Fund deposits, OCC would include
transaction activity for Clearing Fund deposits in the existing
subaccount for non-customer margin cash. Partial Amendment No. 1 does
not change the purpose of or basis for the proposed changes.
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\37\ 15 U.S.C. 78s(b)(2).
\38\ See Notice, 91 FR at 50580 n.8. OCC explained that it uses
a similar subaccount for non-customer margin at the FRB.
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For similar reasons as discussed above, the Commission finds that
Partial Amendment No. 1 is consistent with the requirement that OCC's
rules not be designed to permit unfair discrimination among
participants in the use of the clearing agency, under Section
17A(b)(3)(F) of the Exchange Act.\47\ Accordingly, the Commission finds
good cause, pursuant to Section 19(b)(2) of the Exchange Act, to
approve the proposed rule change, as modified by Partial Amendment No.
1, on an accelerated basis, pursuant to Section 19(b)(2) of the
Exchange Act.\39\
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\39\ 15 U.S.C. 78s(b)(2).
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VI. 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 with Section
17A(b)(3)(F) of the Exchange Act,\40\ and Rules 17ad-22(e)(7)(ii) and
17ad-22(e)(7)(iii) thereunder.\41\
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\40\ 15 U.S.C. 78q-1(b)(3)(F).
\41\ 17 CFR 240.17ad-22(e)(7)(ii) and (e)(7)(iii).
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It is therefore ordered pursuant to Section 19(b)(2) of the
Exchange Act \42\ that the proposed rule change (SR-OCC-2026-007) be,
and hereby is, approved.\43\
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\42\ 15 U.S.C. 78s(b)(2).
\43\ In approving the Proposed Rule Change, the Commission
considered the proposal's 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.\44\
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\44\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-19216 Filed 9-18-26; 8:45 am]
BILLING CODE 8011-01-P
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