The SEC announced last night that it will delay the compliance date for Rule 15c3-5 from July 14, 2011 until November 30, 2011 for fixed income securities. In addition to delaying all aspects of the Rule for fixed income securities, the SEC will also delay until November 30 the pre-trade credit and capital limit requirements of the Rule for all securities. Rule 15c3-5 requires brokers or dealers with access to trading directly on an exchange or alternative trading system, including those providing sponsored or direct market access to customers or other persons, and broker-dealer operators of an ATS that provide access to their ATS to a non-broker-dealer, to implement risk management controls and supervisory procedures reasonably designed to manage the financial, regulatory, and other risks of this business activity. The SEC release is available here.
