CME Securities Clearing proposes amendments to stress testing policy
The filing, submitted on August 6, 2026, seeks comments on changes that would affect CMESC's clearing members and Guaranty Fund allocations.
On August 6, 2026, CME Securities Clearing Inc. (CMESC) filed a proposed rule change with the Securities and Exchange Commission, as announced in a notice dated August 13, 2026 (Federal Register Volume 91, No. 158, pages 53469-53473, FR Doc No. 2026-16785, Release No. 34-106131; File No. SR-CMESC-2026-006). The filing, made pursuant to Section 19(b)(1) and (2) of the Securities Exchange Act of 1934 and Rule 19b-4, invites comments on the proposed amendments to the CMESC Stress Testing & Guaranty Fund Sizing Policy and to Rule 402(b).
The proposed revisions to the Policy aim to provide greater detail on CMESC's stress testing methodology. Section 4.1 would be rewritten to distinguish "historical" and "hypothetical" stress scenarios, clarify the selection of historical dates, and describe how shocks capture different interest-rate environments. Table 1 would be recategorized into "Historical: Risk Factor Shocks," "Historical: Event-Driven," and "Hypothetical" scenarios, with expanded descriptions of the underlying risk-factor filters.
In addition, CMESC seeks to modify Rule 402(b) to align the description of the Guaranty Fund allocation process with the revised Policy language. The amendment would clarify how member contributions are weighted and allocated, enhancing consistency across CMESC's documentation.
CMESC notes that the Policy and its associated risk-management framework were previously approved as part of its registration under Section 17A of the Act. The Commission is publishing the notice to solicit comments from interested persons on the substance of the proposed changes.