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SEC approves DTCC’s new client access model
13 May 2026 US
Image: Andrey_Popov/stock.adobe.com
The US Securities and Exchange Commission (SEC) has approved National Securities Clearing Corporation (NSCC), a Depository Trust & Clearing Corporation (DTCC) subsidiary, to offer a new client access model for the Securities Financing Transaction (SFT) Clearing Service.
The new client access model introduces a dedicated account structure, called the Agent Clearing Member Customer Net Margin Account, that allows stock loan market participants acting in an agent capacity to net margin and clearing fund requirements across their clients' activity.
Rather than calculating margin on a gross, client-by-client basis, offsetting positions across underlying customers are taken into account, improving capital efficiency while maintaining NSCC's robust risk management standards, says the DTCC.
The model more closely aligns margin treatment with proprietary SFT activity and comparable agency models in other cleared markets, while supporting the benefits of central clearing, including reduced counterparty credit risk, enhanced operational efficiency, and greater market stability, particularly during periods of stress.
Commenting on the news, John Vinci, managing director and head of secured funding, DTCC, says: “This launch changes the economics of central clearing for securities financing transactions in a meaningful way.
“By enabling margin netting across client positions, we’re better aligning the SFT Clearing Service with how market participants operate today, with real impact to balance sheets and capital. At the same time, we’re delivering the risk reduction, transparency, and resilience that central clearing provides.”
The new access model uses NSCC’s existing risk management framework and aligns with practices already in use at DTCC’s Fixed Income Clearing Corporation (FICC), where Agency Clearing Models have supported increased participation in centrally cleared US Treasury repo markets.
The new client access model introduces a dedicated account structure, called the Agent Clearing Member Customer Net Margin Account, that allows stock loan market participants acting in an agent capacity to net margin and clearing fund requirements across their clients' activity.
Rather than calculating margin on a gross, client-by-client basis, offsetting positions across underlying customers are taken into account, improving capital efficiency while maintaining NSCC's robust risk management standards, says the DTCC.
The model more closely aligns margin treatment with proprietary SFT activity and comparable agency models in other cleared markets, while supporting the benefits of central clearing, including reduced counterparty credit risk, enhanced operational efficiency, and greater market stability, particularly during periods of stress.
Commenting on the news, John Vinci, managing director and head of secured funding, DTCC, says: “This launch changes the economics of central clearing for securities financing transactions in a meaningful way.
“By enabling margin netting across client positions, we’re better aligning the SFT Clearing Service with how market participants operate today, with real impact to balance sheets and capital. At the same time, we’re delivering the risk reduction, transparency, and resilience that central clearing provides.”
The new access model uses NSCC’s existing risk management framework and aligns with practices already in use at DTCC’s Fixed Income Clearing Corporation (FICC), where Agency Clearing Models have supported increased participation in centrally cleared US Treasury repo markets.
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