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Board of Governors of the Federal Reserve System
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Press Release

Federal Reserve Press Release

Release Date: March 30, 2011

For immediate release

The Federal Reserve Board on Wednesday requested comment on a proposed rule that implements two provisions of Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to the supervision of financial market utilities (FMUs) designated as systemically important by the Financial Stability Oversight Council. FMUs, such as payment systems, central securities depositories, and central counterparties, provide the essential infrastructure to clear and settle payments and other financial transactions.

First, the proposed rule establishes risk-management standards governing the operations related to the payment, clearing, and settlement activities of designated financial market utilities, except those registered as a clearing agency with the Securities and Exchange Commission or as a derivatives clearing organization with the Commodity Futures Trading Commission. The proposed risk-management standards are based on the existing international standards that the Board has incorporated previously into its Policy on Payment System Risk.

Second, the proposed rule establishes requirements and procedures for advance notice of material changes to the rules, procedures, or operations of a designated financial market utility for which the Board is the primary supervisor under Title VIII of the Dodd-Frank Act.

Comments on the proposal must be submitted within 45 days from the date of publication in the Federal Register, which is expected shortly.

Federal Register notice: 113 KB PDF | HTML

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Last update: March 30, 2011