The financial watchdog said the new regulations are in line with the Securities Exchange Act of 1934 and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Under the Dodd Frank Act, the SEC has been vested with additional authority to set up standards for clearing agencies, including for those that clear security-based swaps.
Commenting on the issue, SEC chairman Mary Schapiro said, "These new rules are designed to ensure that clearing agencies will be able to fulfill their responsibilities in the multi-trillion dollar derivatives market as well as more traditional securities markets."
Pursuant to the new regulation, it would be essential for registered clearing agencies to provide central counterparty services to maintain certain standards with respect to risk management and operations.
It has also set up standards for measurement and management of credit exposures, margin requirements, financial resources and margin model validation.
Under the new rule, it would be vital for the registered firm to establish certain recordkeeping and financial disclosure requirement.
The rule will become effective within 60 days after its publication in the Federal Register.
