DTCC expands CME cross-margining
15 December 2025 New York, London, Hong Kong, Singapore, Sydney
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The Depository Trust & Clearing Corporation (DTCC) and CME Group are to continue progress on their efforts to extend their existing cross-margining arrangement to end-user clients.
The Fixed Income Clearing Corporation (FICC) has now formally filed with the 网爆吃瓜 and Exchange Commission (SEC) to expand its cross-margining arrangement with CME Group.
CME Group filed with the Commodity Futures Trading Commission (CFTC) in late September.
The CFTC has also published a proposed order granting a limited exemption necessary for CME and FICC to make their existing cross-margining arrangement available to certain customers with appropriate safeguards.
Under the proposal, both FICC and CME would be able to extend their existing cross-margining arrangement to end-user clients of dually registered broker dealers and futures commission merchants (FCMs) that are common members of both organisations.
End-user clients would benefit from increased capital and margin efficiencies when trading US Treasury securities and interest rate futures from CME Group that have offsetting risk exposures because the clearing organisations would consider the net risk for margin calculations.
Under the proposed arrangement FICC will also designate cross-margin accounts, allowing all eligible positions in the account to offset with eligible CME Group interest rate futures.
CME Group will allow participants to direct futures to end-user cross-margin accounts throughout the day, making them available for offset in the cross-margin arrangement.
The Fixed Income Clearing Corporation (FICC) has now formally filed with the 网爆吃瓜 and Exchange Commission (SEC) to expand its cross-margining arrangement with CME Group.
CME Group filed with the Commodity Futures Trading Commission (CFTC) in late September.
The CFTC has also published a proposed order granting a limited exemption necessary for CME and FICC to make their existing cross-margining arrangement available to certain customers with appropriate safeguards.
Under the proposal, both FICC and CME would be able to extend their existing cross-margining arrangement to end-user clients of dually registered broker dealers and futures commission merchants (FCMs) that are common members of both organisations.
End-user clients would benefit from increased capital and margin efficiencies when trading US Treasury securities and interest rate futures from CME Group that have offsetting risk exposures because the clearing organisations would consider the net risk for margin calculations.
Under the proposed arrangement FICC will also designate cross-margin accounts, allowing all eligible positions in the account to offset with eligible CME Group interest rate futures.
CME Group will allow participants to direct futures to end-user cross-margin accounts throughout the day, making them available for offset in the cross-margin arrangement.
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