The Securities and Exchange Commission has sent U.S. broker-dealers a stern message — Depository Trust & Clearing Corp. (DTCC) can cause you to shut down if you are financially unsound and it thinks you won’t be able to fulfill your margin requirements. The U.S. regulatory agency has just upheld DTCC’s 2022 decision that it could […]
Goodbye NSCC: Hello Paxos for Clearing US Equities?
US clearinghouses, such as the National Securities Clearing Corp. (NSCC), could become either a thing of the past or take a backseat, if custodian Paxos has its way in clearing and settling US securities. The US Securities and Exchange Commission’s recent no-action letter to Paxos allows the firm to serve as a clearinghouse for a […]