Securities and Exchange Commission
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-106155; File No. SR-LCH SA-2026-004] August 18, 2026. I. Introduction On June 22, 2026, Banque Centrale de Compensation, which conducts business under the name LCH SA (“LCH SA”), filed with the Securities and Exchange Commission (the “Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act”)  [ 1 ] and Rule 19b-4 thereunder, [ 2 ] a proposed rule change to submit for Commission approval the LCH SA Liquidity Plan (“Liquidity Plan”). The proposed rule change was published for comment in the Federal Register on July 9, 2026. [ 3 ] The Commission did not receive comments regarding the proposed rule change. For the reasons discussed below, the Commission is approving the proposed rule change. II. Description of the Proposed Rule Change Background LCH SA is a clearing agency registered with the Commission. Through its CDSClear business unit, LCH SA provides central counterparty (“CCP”) services for security-based swaps, including credit default swaps (“CDS”) and options on CDS. LCH SA is an affiliate of LCH, Ltd, through common ownership by LCH Group Holdings Limited (“LCH Group”). LCH SA's ultimate parent company is London Stock Exchange Group. As a CCP, LCH SA is exposed to certain risks, including liquidity risk. Liquidity risk is the risk that LCH SA will not have enough liquid financial resources to me…
Citation: 91 FR 54427
