The National Securities Clearing Corporation (NSCC) has proposed a rule change related to how it handles disruptions in participant systems to ensure the safety and continuity of its operations. This change would update definitions and procedures within its rules to better manage events that could impact its systems, improve notification and reporting requirements when disruptions occur, and set new standards for how an affected participant could be reconnected. These measures aim to enhance the NSCC's ability to maintain efficient and secure securities transactions and protect the broader financial market from the effects of such disruptions. The Securities and Exchange Commission is inviting public comments on this proposal.
Simple Explanation
When something goes wrong with the computers that help manage buying and selling stocks, the NSCC wants to change how it handles these issues to keep things running smoothly, like making sure important people are told right away and making it easier to fix these problems quickly. They want everyone to stay safe and make sure everyone can keep trading without trouble.