CME Group to Launch CME Securities Clearing on December 7 to Expand Clearing Capacity, Choice and Capital Efficiency in the U.S. Treasury Market

CME Securities Clearing is intended to give U.S. Treasury market participants another capital-efficient option to meet upcoming SEC clearing rules.

Rhea-AI Summary

CME Group (CME) plans to launch its new SEC-registered clearing house, CME Securities Clearing Inc., on December 7, 2026, pending required regulatory approvals.

The platform will clear U.S. Treasury cash and repo transactions and is intended to give market participants a capital-efficient way to meet the SEC's central clearing mandate. It will support both "done-with" and "done-away" execution, and will offer cross-margining between CME Group’s two clearing houses, as well as between CME Clearing and FICC. The company highlights that its existing FICC cross-margining arrangement already generates over $2 billion in daily margin savings for clients.

Positive

• New SEC-registered clearing house launching December 7, 2026, pending approvals
• Clears U.S. Treasury cash and repo to help meet SEC central clearing mandate deadlines
• Supports cross-margining between CME Securities Clearing and CME Clearing
• Maintains cross-margining with FICC that produces over $2 billion in daily margin savings

Negative

• None.

News Explained

The planned new clearing house is not yet cleared to launch: CME says regulatory approval remains pending, with eligible U.S. Treasury cash transactions subject to central-clearing requirements by December 31, 2026 and eligible repo transactions by June 30, 2027.

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New SEC-Registered Clearing House to Operate Alongside CME Group's Longstanding Cross-Margining Partnership with FICC

CHICAGO, Sept. 10, 2026 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that it will launch CME Securities Clearing Inc. on December 7, 2026, pending all necessary regulatory approvals. The clearing house will provide market participants with a new, capital-efficient option to clear U.S. Treasury cash and repo transactions and comply with the SEC's central clearing mandate.

CME Securities Clearing will support both "done-with" and "done-away" execution and clearing, allowing clearing members and independent users to optimize capital efficiencies across cash Treasuries, repo, and CME Group interest rate futures. Eligible firms will be able to offset margin associated with eligible positions across both clearing houses, reducing margin requirements, freeing up capital and improving liquidity.

"With U.S. debt reaching a record $40 trillion and the clearing mandate months away, the U.S. Treasury market is undergoing the biggest transformation in a generation," said Terry Duffy, CME Group Chairman and Chief Executive Officer. "Market participants are looking for more capacity and resilience. Along with our existing cross-margining arrangement with FICC, which already produces over $2 billion in daily margin savings, CME Securities Clearing will provide another capital-efficient clearing option precisely when the market needs it most. Together, these complementary offerings give clients greater choice and a lower total cost to clear."

"This launch is the culmination of years of preparation and a natural extension of CME Group's expertise in clearing interest rate risk," said Suzanne Sprague, CME Group Chief Operating Officer and Global Head of Clearing and Post-Trade Services. "By offering cross-margining between both CME Group clearing houses, as well as between CME Clearing and FICC, we will ensure that eligible firms have multiple avenues to secure the capital efficiencies that come from offsetting cash and futures positions."

CME Securities Clearing is an SEC-registered clearing agency designed to help market participants comply with the SEC's Treasury clearing rule, which requires central clearing of eligible U.S. Treasury cash transactions by December 31, 2026, and eligible repo transactions by June 30, 2027.

For more information on CME Securities Clearing Inc., please visit here.

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, cryptocurrencies, 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 Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners. 

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SOURCE CME Group

FAQ

What types of transactions will CME Securities Clearing support?

CME Securities Clearing will provide a clearing option for eligible U.S. Treasury cash and repo transactions, and is designed to work alongside CME Group interest rate futures.

How does cross-margining work across CME Group and FICC in this setup?

The company states that eligible firms will be able to offset margin for eligible positions across both CME Group clearing houses, and also between CME Clearing and FICC, which can reduce margin requirements, free capital, and improve liquidity.

How does this launch relate to the SEC's Treasury clearing rule deadlines?

CME Securities Clearing is designed to help market participants comply with the SEC Treasury clearing rule, which requires central clearing of eligible U.S. Treasury cash transactions by December 31, 2026 and eligible repo transactions by June 30, 2027.

What execution models will CME Securities Clearing support?

The new clearing house will support both "done-with" and "done-away" execution and clearing, allowing clearing members and independent users to optimize capital efficiencies across cash Treasuries, repo, and CME Group interest rate futures.