Order to Further Strengthen U.S. Treasury Market Liquidity
Summary
The CFTC approved an exemptive order enabling Chicago Mercantile Exchange Inc. and the Fixed Income Clearing Corporation to extend their existing cross-margining arrangement to certain customers. The order permits joint clearing members dually registered as SEC broker-dealers and CFTC futures commission merchants to hold futures customer funds in a commingled customer account at FICC. Previously, only clearing members could cross-margin futures positions in U.S. Treasury securities with cash market positions cleared at FICC.
What changed
The CFTC approved an order granting a limited exemption permitting joint clearing members of CME and FICC that are dually registered as SEC broker-dealers and CFTC futures commission merchants to hold futures customer funds in a commingled customer account at FICC. Previously, only clearing members could cross-margin futures positions in U.S. Treasury securities cleared at CME with cash market positions in U.S. Treasury securities cleared at FICC.\n\nAffected firms that meet the dual registration requirement should monitor for the order's publication on CFTC.gov and the Federal Register to assess eligibility and implement any required safeguards for participating in the expanded cross-margining arrangement.
What to do next
- Monitor CFTC.gov for the exemptive order publication
- Review eligibility criteria for the expanded cross-margining arrangement
Archived snapshot
Apr 16, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Release Number 9214-26
CFTC Approves Order to Further Strengthen U.S. Treasury Market Liquidity
April 15, 2026
WASHINGTON — The Commodity Futures Trading Commission today approved an order to grant a limited exemption necessary for the Chicago Mercantile Exchange Inc. and the Fixed Income Clearing Corporation to make their existing cross-margining arrangement available to certain customers with appropriate safeguards.
The order permits joint clearing members of CME and FICC that are dually registered as broker-dealers with the Securities and Exchange Commission and futures commission merchants with the Commission to hold futures customer funds in a commingled customer account at FICC. Prior to today’s exemptive order, only clearing members could cross-margin futures positions in U.S. Treasury securities cleared at CME with cash market positions in U.S. Treasury securities cleared at FICC.
"Today's joint action supports both the CFTC's and SEC's broader effort to strengthen the resilience and liquidity of the U.S. Treasury market," said Chairman Michael S. Selig. "By enabling more efficient risk management across related products, this proposal moves us closer toward a more modern, robust market structure."
The exemptive order will be available on CFTC.gov and published in the Federal Register. A related SEC exemptive order will be available on SEC.gov and published in the Federal Register.
-CFTC-
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