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  • Statement On Covered Clearing Agency Resilience And Recovery And Wind-Down Plans, SEC Commissioner Caroline A. Crenshaw, May 17, 2023

    Date 17/05/2023

    Thank you, Chair Gensler. Clearing agencies play an increasingly important role in the capital markets. As I’ve noted in the past, clearance and settlement infrastructure is often referred to as the “plumbing” of the markets – and as someone who has been dealing with ongoing household plumbing issues, I believe that label is appropriate, as I can personally attest to the fundamental importance of plumbing to the smooth functioning of a household. By standing between buyers and sellers involved in securities transactions, clearing agencies help to ensure that those transactions are carried out promptly and accurately. They are also essential to managing risk; in particular, the risks that a counterparty will not perform and a trade will fail.

  • Statement On Proposed Amendments To Covered Clearing Agency Standards, SEC Commissioner Hester M. Peirce, May 17, 2023

    Date 17/05/2023

    Thank you, Mr. Chair. Moving risk into a clearing agency does not eliminate risk, but doing so can foster market resilience if the clearing agency manages its own risks well. Clearing mandates and non-member-owned clearing agencies complicate risk management, making a regulatory hand in risk management inevitable. Regulating clearing agencies is difficult and delicate work. If we get it wrong, the harm to the market could be severe. Periodically revisiting the rules to ensure they are working properly is important. For that reason, I am supporting today’s proposal. That support comes with a plea for input from the public despite the as-is-now-usual unduly short comment period.

  • Statement On Covered Clearing Agency Resilience And Recovery And Wind-Down Plans, SEC Commissioner Mark T. Uyeda, May 17, 2023

    Date 17/05/2023

    Thank you, Chair Gensler. In Section 17A of the Securities Exchange Act of 1934 (“Exchange Act”), Congress determined that “the development of uniform standards and procedures for clearance and settlement will reduce unnecessary costs and increase the protection of investors and persons facilitating transactions by and acting on behalf of investors.” Congress thus directed the Commission “to facilitate the establishment of a national system for clearance and settlement of transactions in securities.” In doing so, Congress also directed the Commission to have “due regard for the public interest, the protection of investors, the safeguarding of securities and funds, and maintenance of fair competition”.  The proposal before the Commission today would change the covered clearing agency rules promulgated under the Exchange Act.

  • CFTC Staff Issues An Advisory Related To Prime Brokerage Arrangements And Derivatives Clearing Organization Registration Requirements

    Date 17/05/2023

    The Commodity Futures Trading Commission’s Division of Clearing and Risk (DCR) today issued a staff advisory that encourages entities using prime brokerage arrangements that provide credit substitution on a centralized basis to examine the specific nature of their activities for the potential need to register as a DCO.

  • Covered Clearing Agency Resilience And Recovery And Wind-Down Plans, Jessica Wachter, SEC Chief Economist And Director Of The Division Of Economic And Risk Analysis, May 17, 2023

    Date 17/05/2023

    Good morning, Chair Gensler and Commissioners.  Today, the Commission is proposing to strengthen resiliency standards of covered clearing agencies through a new rule and new amendments. 

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