SEC proposes new rules to enhance clearing houses' risk management and resilience.

The SEC has proposed rule changes to improve the resilience and recovery planning of covered clearing agencies. The proposal would amend existing rules regarding intraday margin and the use of substantive inputs to a covered clearing agency’s risk-based margin system and add a new rule to establish requirements for the contents of a covered clearing agency’s recovery and wind-down plan. The proposal aims to ensure the continuity of clearing services during times of significant stress and enhance the resiliency of this part of the market plumbing.