Access model introduces new account structure designed to enhance capital efficiency for stock loan market participants acting in an agent capacity, supporting broader central clearing participation for securities financing transactions
New York/London/Hong Kong/Singapore/Sydney, May 13, 2026 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that the U.S. Securities and Exchange Commission (SEC) has approved DTCC subsidiary, National Securities Clearing Corporation (NSCC) 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.
This model also 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.
“This launch changes the economics of central clearing for securities financing transactions in a meaningful way,” said John Vinci, Managing Director and Head of Secured Funding, DTCC. “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 leverages 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 U.S. Treasury repo markets.
Effective immediately and aligned with regulatory approval, the new access model is available to market participants.
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About DTCC
With over 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes, bringing enhanced resilience and soundness to existing financial markets while advancing the digital asset ecosystem. In 2025, DTCC’s subsidiaries processed securities transactions valued at U.S. $4.7 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $114 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 25 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, X, YouTube, Facebook and Instagram.