Fed Seeks Comment on Dodd-Frank Financial Utility Accounts Rule

The Federal Reserve requested comment today on a new rule that would authorize its 12 district banks to provide financial services to financial market utilities designated as systemically important by the Financial Stability Oversight Council.

The FSOC, a board of U.S. regulators including the Fed and U.S. Treasury, on July 18 designated eight financial market utilities as systemically important.

The Treasury Department listed the entities as: ICE Credit LLC, Chicago Mercantile Exchange Inc., and the Clearing House Payments Co. LLC. Also listed by the Treasury were the Options Clearing Corp., CLS Bank International, the Depository Trust Co., Fixed Income Clearing Corp., and National Securities Clearing Corp.

The Fed district banks would also provide financial services to the firms.

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