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2024-29037 — Self-Regulatory Organizations; ICE Clear Credit LLC; Order Granting Accelerated Approval of Proposed Rule Change Relating to the ICC Operational Risk Management Framework
December 11, 2024
Type:Notice
Citation:89 FR 99949
Reading Time:about 26 minutes
The Securities and Exchange Commission (SEC) approved a rule change proposed by ICE Clear Credit LLC (ICC) to revise its Operational Risk Management Framework (ORMF). This change enhances how ICC manages risks from partnerships with core service providers, including requiring evaluations of these relationships by senior management and ICC's Board. The updates align ICC with regulatory requirements, helping ensure clear responsibilities and improving the governance and risk management of operations associated with clearing securities transactions. The approval was granted on an accelerated basis to meet the compliance date of December 5, 2024.
Simple Explanation
The SEC said it's okay for a company called ICE Clear Credit to change how it keeps things safe and well-organized with their work partners. They want to make sure people in charge check on these relationships to keep everything fair and square.
2024-31610 — Self-Regulatory Organizations; The Options Clearing Corporation; Order Granting Approval of Proposed Rule Change, as Modified by Partial Amendment No. 1, by The Options Clearing Corporation Concerning Its Process for Adjusting Certain Parameters in Its Proprietary System for Calculating Margin Requirements During Periods When the Products It Clears and the Markets It Serves Experience High Volatility
January 06, 2025
Type:Notice
Citation:90 FR 710
Reading Time:about 23 minutes
The Securities and Exchange Commission approved a proposed rule change by the Options Clearing Corporation (OCC) to formally document its practices for adjusting margin requirements during periods of high market volatility. OCC uses high-volatility parameter controls to ensure that the margin requirements do not spike unreasonably during volatile times, which helps protect against the possibility of clearing members defaulting on their payments. These adjustments are part of OCC's system for calculating margin requirements, which already includes methods for setting and reviewing both regular and high-volatility parameters, monitoring market conditions, and overseeing the implementation of these controls. The rule change aims to improve clarity and governance without altering OCC's existing practices.
Simple Explanation
When things get very jumpy in the money world, the Securities and Exchange Commission said it's okay for a group called the Options Clearing Corporation to follow special rules to make sure people don't owe too much or get in trouble because of big surprises in the market. This helps keep everything safe and steady, even when things get a bit wild.
2021-03342 — Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1, To Amend Options 4, Section 5, To Limit Short Term Options Series Intervals Between Strikes That Are Available for Quoting and Trading on BX
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February 19, 2021
Type:Notice
Citation:86 FR 10375
Reading Time:about 21 minutes
In a proposed rule change, Nasdaq BX, Inc. seeks to adjust the intervals between strikes for Short Term Options Series (STOS) contracts that have expiration dates more than twenty-one days from their listing date. This change aims to create a more efficient market by reducing the number of strikes for less frequently traded options, refining them based on customer demand and the stock's price. The Securities and Exchange Commission (SEC) approved this proposal, as it aligns with regulations designed to improve market operations and protect investors. Public comments generally supported the proposal, with some suggestions for simplifying its implementation.
Simple Explanation
Nasdaq wants to make trading some short-term options easier by having fewer price choices, which helps both traders and people buying and selling stocks. The big finance boss group, called the SEC, thinks this is a good idea and says, "Okay!"
2021-03219 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Order Approving a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, To Amend Rules 5.37 and 5.73 Related to the Solicitation of Market Makers for SPX Initiating Orders in the Automated Improvement Mechanism and FLEX Automated Improvement Mechanism
February 18, 2021
Type:Notice
Citation:86 FR 10154
Reading Time:about 17 minutes
The Securities and Exchange Commission (SEC) has approved a rule change proposed by Cboe Exchange, Inc. The rule now allows market makers with an appointment in S&P 500 Index Options (SPX) to participate in Automated Improvement Mechanism (AIM) auctions, which could potentially improve pricing and liquidity. Previously, such market makers were restricted from participating in these electronic auctions, though they could participate in open outcry trading. This change aims to bring the benefits of open outcry trading to electronic settings, offering better price opportunities for retail investors in SPX options.
Simple Explanation
The SEC says that more people who help set prices for S&P 500 options can join in special electronic trading games, which is like playing on a computer instead of in a playground, to help find better prices for buying and selling.
2021-00815 — Self-Regulatory Organizations; The Depository Trust Company; Order Approving a Proposed Rule Change To Allow for the Deposit of Electronic Certificates of Deposit and Technical Changes
January 15, 2021
Type:Notice
Citation:86 FR 4151
Reading Time:about 20 minutes
The Securities and Exchange Commission (SEC) has approved changes proposed by The Depository Trust Company (DTC) to introduce an electronic system for managing Certificates of Deposit (CDs) issued by banks. This new system allows CDs to be generated, executed, and stored electronically in a secure digital vault, reducing the need for physical certificates and associated operational concerns like transport disruptions. The approved rule aims to improve efficiency by streamlining the process, enhancing legal clarity, and reducing risks associated with physical handling. Additionally, the DTC plans to make technical updates, such as clarifying terminology and updating obsolete system references.
Simple Explanation
The SEC has said it's okay for a company that helps keep track of money stuff to use computers instead of paper to handle special savings papers from banks, making it easier and safer. But some people are a bit worried because it's not clear how much it will cost, who will make money from it, and there are some tricky words that people might not understand.

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