The Fixed Income Clearing Corporation (FICC) submitted a proposed rule change to the Securities and Exchange Commission (SEC) on April 16, 2025. The proposal aims to update FICC's Recovery and Wind-Down Plan to meet new SEC requirements under Rule 17ad-26, ensuring FICC can maintain its essential services during times of financial stress or potential failure. This plan involves detailed strategies for recovering from financial losses and procedures for potentially winding down operations in an orderly manner to minimize market disruption. FICC invites public comments on these proposed changes to improve clarity and effectiveness.
Simple Explanation
The FICC is making sure it can keep working during tough times by updating its safety plan to follow new rules. They are asking everyone what they think about these changes to make sure they're easy to understand and work well.