Net Capital Rule

The Securities and Exchange Commission ("Commission') is proposing for comment amendments to Rule 15c3-1 ("net capital rule' or "Rule') under the Securities Exchange Act of 1934 ("Act'), regarding the Commission's capital requirements for broker-dealers. The proposed amendments, if adopted, would alter the charges, or "haircuts,' from net worth in computing net capital for certain interest rate instruments, including government securities, investment grade nonconvertible debt securities, certain mortgage-backed securities, money market instruments, and debt-related derivative instruments.