SEC approves DTCC’s $74 billion liquidity facility

The SEC has approved DTCC’s Capped Contingency Liquidity Facility (CCLF), which creates overnight repos between FICC and each of DTCC’s solvent firms so that, if a firm fails, the funding to offset its portfolio would be sourced across FICC’s membership rather than being dependent on an expensive, long-term line of credit.

DTCC said it’s “pleased the Securities and Exchange Commission has approved the Capped Contingency Liquidity Facility (CCLF) proposal. Once implemented, CCLF will provide a reasonable and effective means to further limit systemic risk in the marketplace, meeting the Commission’s requirement for a committed liquidity resource”.

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