The U.S. Securities and Exchange Commission (SEC) is applying tougher market infrastructure standards to all clearing firms.
The SEC adopted rule changes that extend enhanced requirements beyond systemically important firms to all registered central counterparties (CCPs) and central securities depositories.
The enhanced standards were initially established in 2016 for firms that are deemed systemically important.
The new rules, which take effect in 60 days, will apply to all clearing agencies that perform a range of critical post-trade functions.
“These amendments both enhance and clarify the definition of a covered clearing agency, which is an important step in the regulation of the U.S. financial system’s critical market infrastructure,” said Brett Redfearn, director of the SEC’s division of trading and markets, in a statement.