CDEL
In other words, heavily exposed market makers like Citadel Securities would have to cover their short-selling bets within a day, less they risk defaulting and have their assets frozen as outlined in the NSCC framework.
“If, after closing out and liquidating a defaulting Member’s positions, NSCC were to suffer a loss, that loss would first be satisfied by the amounts on deposit to the Clearing Fund and Eligible Clearing Fund Securities pledged from the defaulting Member”
Of course, the NSCC also has the authority to close any open positions of a defaulting member. Rule #2 stands out in particular as it invokes Citadel’s impressive list of FINRA violations. The Tokenist covered Citadel Securities extensively, both in terms of its history of market manipulation and its acutely conflicted ties to Robinhood brokerage, providing it with 43% of revenue for Q1 2021 via controversial payment for order flow (PFOF) business model.
With the new rule about to go live, the ability of market makers like Citadel to exert such market force will be greatly reduced due to their liquidity reduction – daily down payment collection will tie up their available capital. In turn, this translates to the reduction of open positions they can take, given all their other exposed short positions.
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