Section 17A of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 17Ab2-1 require an entity to register with the Commission or obtain an exemption from registration prior to performing the functions of a clearing agency. Under the statute, the Commission is not permitted to grant registration unless it determines that the rules and operations of the clearing agency meet the standards set forth in Section 17A.

Clearing agencies are broadly defined under Section 3(a)(23)(A) of the Exchange Act and undertake a variety of functions. Two common functions of registered clearing agencies are the functions of a central counterparty (“CCP”) or a central securities depository (“CSD”). Under Rule 17Ad-22(a)(2), a clearing agency performs the functions of a CCP when it interposes itself between the counterparties to securities transactions, acting functionally as the buyer to every seller and the seller to every buyer. As defined in Rule 17Ad-22(a)(3), a clearing agency performs the functions of a CSD when it provides the services of a clearing agency that is a securities depository under Section 3(a)(23)(A) of the Exchange Act. Generally, a clearing agency performs the functions of a CSD when it operates a centralized system for the handling of securities certificates.

Registered Clearing Agencies

Following is a list of clearing agencies registered with the Commission:

• The Depository Trust Company (“DTC”)
  • Order Granting DTC Full Registration, Release 34-20221
• National Securities Clearing Corporation (“NSCC”)
  • Order Granting NSCC Full Registration, Release 34-20221
• Fixed Income Clearing Corporation (“FICC”)
  • Order Granting FICC Permanent Registration, Release 34-69838
• The Options Clearing Corporation (“OCC”)
  • Order Granting OCC Full Registration, Release 34-20221
• ICE Clear Credit LLC (“ICC”) (successor in name to ICE U.S. Trust LLC)
  • Deemed registered as a clearing agency on July 16, 2011, pursuant to the Dodd-Frank Act. PL 111-203
• LCH SA (“LCH SA”)
  • Order Approving Registration and Exemption, Release 34-79707

Link to SRO Proposed Rule Change and Advance Notice Filings

Exempt Clearing Agencies

Following is a list of clearing agencies for which the Commission has approved an exemption from registration as a clearing agency:

• Clearstream Banking, S.A. (successor in name to Cedel Bank, societe anonyme, Luxembourg)
  • Order Approving Exemption, Release 34-38328
• DTCC ITP Matching US LLC (successor in name to Omgeo and Global Joint Venture Matching Services US, LLC)
  • Order Granting Exemption, Release 34-44188
• Bloomberg STP LLC
  • Order Approving Exemption, Release 34-76514
• SS&C Technologies, Inc.
  • Order Approving Exemption, Release 34-76514
• Euroclear Bank SA/NV (successor in name to Morgan Guaranty Trust Company of NY)
  • Order Approving Modification to an Existing Exemption, Release 34-79577
  • Order Approving Exemption, Release 34-49643

Selected Releases and Documents

• Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule With Respect to U.S. Treasury Securities Fund Advisers
  • Final Rule, Release 34-99149 (January 16, 2024)
  • Proposed Rule, Release 34-95763 (September 14, 2022)
• Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities
  • Final Rule, Release 34-98845 (December 15, 2023)
  • Proposed Rule, Release 34-94615 (May 11, 2022)
  • Terminates the following temporary exemption from clearing agency registration: Exemptive Order, Release 34-64796 (July 7, 2011)
• Clearing Agency Governance and Conflicts of Interest
  • Final Rule, Release 34-98959 (December 5, 2023)
  • Proposed Rule, Release 34-95431 (August 8, 2022)
• Electronic Submission of Certain Material Under the Securities Exchange Act of 1934; Amendments Regarding the FOCUS Report
  • Proposed Rule, Release 34-97182 (March 22, 2023)
  • Includes proposed amendments to Rules 17a-22 and 17Ab2-1 and Form CA-1
• Regulation Systems Compliance and Integrity
  • Proposed Rule, Release 34-97143 (March 15, 2023)
  • Proposes to apply requirements to all registered and exempt clearing agencies
• Cybersecurity Risk Management Rule for Broker-Dealers, Clearing Agencies, Major Security-Based Swap Participants, the Municipal Securities Rulemaking Board, National Securities Associations, National Securities Exchanges, Security-Based Swap Data Repositories, Security-Based Swap Dealers, and Transfer Agents
  • Proposed Rule, Release 34-97142 (March 15, 2023)
  • Proposes to apply requirements to all registered and exempt clearing agencies
• Shortening the Securities Transaction Settlement Cycle
  • Final Rule, Release 34-96930 (February 15, 2023)
  • Proposed Rule, Release 34-94196 (February 9, 2022)
• Exemption from the Definition of "Clearing Agency" for Certain Activities of Security-Based Swap Dealers and Security-Based Swap Execution Facilities
  • Final Rule, Release 34-90667 (February 1, 2021)
  • Proposed Rule, Release 34-64017 (March 16, 2011)
• Statement on CCPs Authorized under the European Markets Infrastructure Regulation Seeking to Register as a Clearing Agency or to Request Exemptions from Certain Requirements Under the Exchange Act
  • Policy Statement, Release 34-90492 (November 30, 2020)
• Staff Report on the Regulation of Clearing Agencies
  • Staff Report (October 1, 2020)
• Definition of Covered Clearing Agency
  • Final Rule, Release 34-88616 (May 14, 2020)
  • Proposed Rule, Release 34-78963 (October 13, 2016)
• Amendment to Securities Transaction Settlement Cycle
  • Final Rule, Release 34-80295 (March 29, 2017)
  • Proposed Rule, Release 34-78962 (October 5, 2016)
• Standards for Covered Clearing Agencies
  • Final Rule, Release 34-78961 (October 13, 2016)
  • Proposed Rule, Corrected Republication, Release 34-71699 (May 22, 2014)
  • Proposed Rule, Release 34-71699 (March 26, 2014)
• Letter from SEC Chair Mary Jo White to the Securities Industry and Financial Markets Association and the Investment Company Institute Regarding Shortening the Settlement Cycle to T+2
  • Chair's Letter (September 16, 2015)
• Clearing Agency Standards
  • Final Rule, Release 34-68080 (November 2, 2012)
  • Proposed Rule, Release 34-64017 (March 16, 2011)
• Process for Submissions for Review of Security-Based Swaps for Mandatory Clearing and Notice Filing Requirements for Clearing Agencies
  • Final Rule, Release 34-67286 (July 13, 2012)
  • Proposed Rule, Release 34-63557 (December 30, 2010)
• Order Pursuant to Section 36 of the Securities Exchange Act of 1934 Granting Temporary Exemptions From Clearing Agency Registration Requirements Under Section 17A(b) of the Exchange Act for Entities Providing Certain Clearing Services for Security-Based Swaps
  • Exemptive Order, Release 34-64796 (July 7, 2011)
  • Terminated in the following rulemaking release: Final Rule, Release 34-98845 (December 15, 2023)
• Securities Transactions Settlement
  • Concept Release, Release 33-8398 (March 18, 2004)
• Confirmation and Affirmation of Securities Trades
  • Interpretive Release, Release 34-39829 (April 13, 1998)
• SEC Registration of Clearing Agencies
  • Order Approving Registration, Release 34-20221 (September 23, 1983)
• Regulation of Clearing Agencies
  • Announcement of Standards for the Registration of Clearing Agencies, Release 34-16900 (June 17, 1980)