U.S. regulators are nearing finalizing new rules meant to prevent clearinghouses and other financial utilities from posing a risk to the economy, NASDAQ reports. The Financial Stability Oversight Council has approved a proposed rule, which will determine which financial market utilities are systemically important.
After they are judged to be systemically important, they will come under greater regulatory review, but also gain new access to some of the Federal Reserve’s loans, including the discount window. The U.S. Department of Treasury, Federal Reserve, Federal Deposit Insurance Corporation and the Securities and Exchange Commission are some of the other agencies on the council.
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