July 30 (Bloomberg) -- The Federal Reserve approved a final rule setting risk management standards for transaction processing systems including central counterparties, payments systems and central securities depositories.
The final rule, focused on firms that clear and settle trades, is “substantively similar” to the proposed version except for a provision that lets the Fed waive standards for some financial market utilities, the central bank said in a statement today.
The regulations for financial market utilities, mandated under the Dodd-Frank Act regulatory overhaul, set risk-management standards for payment, clearing, and settlement activities, except clearing firms designated by the Securities and Exchange Commission or Commodity Futures Trading Commission.
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