The National Securities Clearing Corporation (NSCC) proposed a rule change to modify its fee structure, specifically the Clearing Fund Maintenance Fee. The change aims to exclude cash deposits from Securities Financing Transaction (SFT) accounts from this fee, to encourage broader participation in the SFT clearing service by reducing economic burdens. This proposal is expected to have minimal financial impact on Members while fostering greater access to NSCC's services. The amendment is planned to take effect on January 1, 2025, pending further comments and approval.
Simple Explanation
The NSCC wants to change how much they charge for a special kind of money-keeping account to make it cheaper for people to join, kind of like giving a discount to get more kids to play a game. This change is scheduled to start next year, but they still need to listen to what others think about it first.