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Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule Change To Modify the GSD Rules To Adopt a U.S. Treasury Clearing Trade Submission Requirement
Plain English Summary
The Fixed Income Clearing Corporation (FICC) has proposed a new rule that will require certain financial entities, including insurance companies and brokers, to submit U.S. Treasury trade information. This change affects all direct participants in the FICC's clearing services, which include banks and investment firms. Insurance agents should be aware of this new requirement as it may impact how they handle U.S. Treasury transactions in the future.
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and indirectly to other market participants through its indirect access models—the Sponsored Service or Agent Clearing Service.
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FICC's direct participants include brokers, dealers, inter-dealer brokers, futures commission merchants, government securities issuers, <span class="match">insurance</span> companies, registered clearing agencies, registered investment companies and both U.S. and non-U.S. banks. Currently, other market participants, including investment funds, pension plans and other buy-side institutions, generally access GSD's central counterparty services