FICC - GOV Alert! Government Securities Division (“GSD”) will reset each Netting Member’s Individual Total Amount (“CCLF Cap”) on January 3, 2023. The reset will reflect a look-back period of July 1, 2022, to December 31, 2022.
FICC - GOV Alert! Government Securities Division (“GSD”) will reset each Netting Member’s Individual Total Amount (“CCLF Cap”) on January 3, 2023. The reset will reflect a look-back period of July 1, 2022, to December 31, 2022. The new CCLF Cap will be effective as of January 3, 2023.
Source: https://www.dtcc.com/-/media/Files/pdf/2022/12/6/GOV1391-22.pdf
Fixed Income Clearing Corporation’s Government Securities Division (“GSD”) will reset each Netting Member’s (“Member”) Individual Total Amount (“CCLF Cap”) on January 3, 2023. The reset will reflect a look-back period of July 1, 2022, to December 31, 2022. The new CCLF Cap will be effective as of January 3, 2023.
All Members are reminded that:
- as reflected in the Officers’ Certificate,1 each Member has certified, among other things, that (i) it will incorporate any change to its Individual Total Amount into its liquidity planning and (ii) it will, through periodic discussions with its financing sources and other methods, continually reassess its liquidity plans and related operational plans and procedures, including in the event of any changes to the Member’s CCLF Cap, to ensure its ability to meet any funding obligations incurred as a result of FICC’s declaration of a CCLF Event
- on a daily basis, each Member’s CCLF Cap is available via the Report Center under the Clearing Fund folder.
From a previous post: hypothesis TL:DR I believe the DTCC realizes the Fed changes require a third option for members that will no longer be eligible under the updated Bank Discount Window Requirements but wants to make damn sure any sort of firm failure losses is spread out amongst all members.
