CME Group Files to Expand FICC Cross-Margining to End User Clients
CME Group (NYSE:CME), the world's leading derivatives marketplace, has filed with the CFTC to expand its cross-margining agreement with The Depository Trust & Clearing Corporation (DTCC). The enhancement, expected to be implemented by December 2025 pending regulatory approval, will allow eligible end-user clients to benefit from capital efficiencies when trading U.S. Treasury securities and CME Group interest rate futures with offsetting risk exposures.
To participate, clients must use the same dually-registered Futures Commission Merchant and broker/dealer at both clearinghouses. The arrangement will enable clients to have positions in eligible products at both CME Group and FICC's Government Securities Division carried in a cross-margining account, with margin requirements based on combined risk exposure.
CME Group (NYSE:CME), il principale mercato mondiale delle derivati, ha depositato presso la CFTC una richiesta per ampliare l'accordo di cross-margining con The Depository Trust & Clearing Corporation (DTCC). Il potenziamento, che si prevede sarà implementato entro dicembre 2025 soggetto all'approvazione regolamentare, permetterà ai clienti finali idonei di beneficiare di efficienze di capitale quando negozieranno titoli di stato statunitensi e futures sui tassi d'interesse CME Group con esposizioni di rischio opposte.
Per partecipare, i clienti devono utilizzare lo stesso Futures Commission Merchant (FCM) e broker/dealer a doppia registrazione presso entrambe le clearinghouses. L'accordo consentirà ai clienti di avere posizioni in prodotti idonei sia presso CME Group sia presso la Divisione Titoli Governativi della FICC, gestite in un conto di cross-margining, con requisiti di margine basati sull'esposizione di rischio complessiva.
CME Group (NYSE:CME), el principal mercado mundial de derivados, ha presentado ante la CFTC una solicitud para ampliar su acuerdo de cross-margining con The Depository Trust & Clearing Corporation (DTCC). La mejora, que se espera implementar para diciembre de 2025 sujeto a la aprobación regulatoria, permitirá que clientes finales elegibles se beneficien de eficiencias de capital al operar valores del Tesoro de EE. UU. y futuros de tasas de interés de CME Group con exposiciones de riesgo opuestas.
Para participar, los clientes deben usar el mismo Futures Commission Merchant y corredor/broker-dealer con doble registro en ambas cámaras de compensación. El acuerdo permitirá a los clientes tener posiciones en productos elegibles tanto en CME Group como en la División de Valores Gubernamentales de FICC, mantenidas en una cuenta de cross-margining, con requisitos de margen basados en la exposición de riesgo combinada.
CME Group (NYSE:CME), 전 세계 선물거래의 선두 시장은 DTCC와의 교차마진 협정을 확장하기 위해 CFTC에 제소했습니다. 규제 승인을 전제로 2025년 12월에 구현될 것으로 기대되는 이번 개선은 적격 최종 사용자 고객이 미국 재무부 채권과 CME Group 금리 선물 거래에서 상계 위험 노출이 있는 경우 자본 효율성을 얻을 수 있게 할 것입니다.
참여하려면 고객은 양 청산소 모두에서 동일한 이중 등록된 선물위탁중개인(FCM)과 브로커/딜러를 사용해야 합니다. 이 조정으로 고객은 CME Group과 FICC의 정부 증권 부문에서 자격 있는 상품 포지션을 교차마진 계정으로 보유하게 되며, 마진 요건은 결합된 위험 노출을 기준으로 합니다.
CME Group (NYSE:CME), le premier marché mondial des dérivés, a déposé auprès de la CFTC une demande d’extension de son accord de cross-margining avec The Depository Trust & Clearing Corporation (DTCC). L’amélioration, qui devrait être mise en œuvre d’ici décembre 2025 sous réserve de l’approbation réglementaire, permettra aux clients finaux éligibles de bénéficier d’économies de capital lorsqu’ils négocieront des titres du Trésor américain et des contrats à terme sur les taux d’intérêt CME Group avec des expositions de risque compensées.
Pour participer, les clients doivent utiliser le même Futures Commission Merchant (FCM) et broker/dealer à double enregistrement dans les deux chambres de compensation. L’accord permettra aux clients d’avoir des positions dans des produits éligibles à la fois chez CME Group et la Division des titres gouvernementaux de la FICC, détenues sur un compte de cross-margining, avec des exigences de marge basées sur l’exposition au risque combinée.
CME Group (NYSE:CME), der weltweit führende Derivate-Marktplatz, hat bei der CFTC einen Antrag gestellt, seine Cross-Margining-Vereinbarung mit The Depository Trust & Clearing Corporation (DTCC) zu erweitern. Die Verbesserungen, die voraussichtlich bis Dezember 2025 umgesetzt werden, vorbehaltlich regulatorischer Genehmigung, ermöglichen es berechtigten Endkunden, Kapitalrenditen zu erzielen, wenn sie US-Staatsanleihen und CME Group Zinsfutures mit ausgleichenden Risikopositionen handeln.
Um teilnehmen zu können, müssen Kunden denselben doppelt registrierten Futures Commission Merchant (FCM) und Broker/Dealer an beiden Clearinghäusern verwenden. Die Vereinbarung ermöglicht es den Kunden, Positionen in zulässigen Produkten sowohl bei CME Group als auch in FICCs Abteilung Government Securities zu halten, geführt in einem Cross-Margining-Konto, wobei die Margenanforderungen auf der kombinierten Risikobelastung basieren.
CME Group (NYSE:CME)، رائد سوق المشتقات في العالم، قد قدمت إلى الـ CFTC طلباً لتوسيع اتفاقية الهامش المتبادل (cross-margining) مع The Depository Trust & Clearing Corporation (DTCC). من المتوقع تنفيذ التحسينات بحلول ديسمبر 2025 رهن الموافقات التنظيمية، مما سيسمح للعملاء النهائيين المؤهلين بالاستفادة من كفاءات رأس المال عند تداول سندات الخزانة الأمريكية وعقود CME Group الآجلة لأسعار الفائدة مع تعرضات مخاطر متقابلة.
للمشاركة، يجب على العملاء استخدام نفس وسيط فوريّة (FCM) وبورص ال/ وسيط مُسجل بشكل مزدوج في كلاClr Clearinghouse. ستتيح الترتيبة للعملاء أن يكون لديهم مراكز في منتجات مؤهلة لدى كل من CME Group وقسم الأوراق الحكومية التابع لـ FICC، محفوظة في حساب هامش تقاطعي، مع متطلبات هامش قائمة على التعرض للمخاطر المجمعة.
CME Group (NYSE:CME)，全球领先的衍生品市场，已向美国商品期货交易委员会（CFTC）提交申请，拟扩大与 The Depository Trust & Clearing Corporation（DTCC）的跨保证金（cross-margining）协议。预计在
参与条件为，客户在两家清算所使用相同的双注册期货经纪商/经纪商-经销商（FCM 与经纪/交易商）。该安排将使客户能够在 CME Group 与 FICC 的政府证券部之间，对合格产品的头寸保留在一个跨保证金账户中，保证金要求将基于合并的风险暴露进行计算。
- Enhanced capital efficiency through cross-margining capabilities for end-user clients
- Potential margin savings for clients with offsetting risk exposures
- Streamlined risk management across U.S. Treasury securities and interest rate futures
- Implementation subject to regulatory approval from both CFTC and SEC
- Limited to clients using specific dually-registered brokers
Insights
CME Group's cross-margining expansion with DTCC will create significant capital efficiencies for institutional traders managing Treasury and futures positions.
CME Group's regulatory filing to expand its cross-margining agreement with DTCC represents a significant infrastructure enhancement for institutional investors and traders. The proposed system would allow eligible clients to combine positions in U.S. Treasury securities (cleared through DTCC's Fixed Income Clearing Corporation) with CME's interest rate futures in a single cross-margining account, creating substantial capital efficiencies.
This development addresses a critical market friction point. Currently, institutional investors trading both Treasuries and interest rate futures must post separate margin at each clearinghouse, even when positions have offsetting risk exposures. This inefficiency ties up excess capital that could otherwise be deployed elsewhere. The cross-margining enhancement would calculate margin requirements based on the combined risk profile, potentially freeing up significant capital.
The technical implementation requires coordination between two different regulatory regimes – CME has filed with the CFTC while DTCC plans to file with the SEC. The complexity is further increased by requiring participants to use the same dual-registered clearing firm at both venues. This creates a natural advantage for larger financial institutions with the scale to maintain these relationships.
For market participants, particularly hedge funds, asset managers, and bank trading desks with active Treasury and futures positions, this enhancement could substantially improve return on capital metrics by reducing margin requirements for naturally hedged positions. The December 2025 implementation timeline suggests significant technical and regulatory work remains before these benefits can be realized.
DTCC plans to make a similar filing with its regulator, the SEC, in the near future. Together, the firms intend to enable the cross-margining capabilities needed to provide increased margin savings and capital efficiencies to end user clients by December 2025, subject to regulatory approval.
The proposed enhancement will enable eligible end user clients with positions at CME Group and the Government Securities Division (GSD) of DTCC's Fixed Income Clearing Corporation (FICC) to benefit from capital efficiencies when trading
As previously announced, to participate in end-user cross-margining, clients will need to use the same dually-registered Futures Commission Merchant (registered with the CFTC) and broker/dealer (registered with the SEC) at both clearinghouses. Under the new arrangement, end user clients could elect to have positions in eligible products at CME Group and positions in eligible products at FICC carried in a cross-margining account and margined based on the combined risk presented by those positions.
For more information on the CME Group FICC Cross-Margining arrangement expansion, please visit here .
About CME Group
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and
About DTCC
With over 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes, bringing enhanced resilience and soundness to existing financial markets while advancing the digital asset ecosystem. In 2024, DTCC's subsidiaries processed securities transactions valued at
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SOURCE CME Group
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