Cross Margining Resources

Fixed Income Clearing Corporation (FICC) and CME Group (CME) have established a cross-margining arrangement which enables capital efficiencies for clearing members that trade and clear both U.S. Treasury securities and CME Group interest rate futures. Such entities may elect to have positions in Eligible Products at FICC and Eligible Products at CME carried in a Cross-Margining Account which are then margined based upon the combined risk presented by these positions.

CME and FICC are working together to extend this program to end-user customers, with a target “go-live” date of December 2025. Subject to regulatory approval, the proposed enhancement will allow eligible end user clients at CME Group and the Government Securities Division (GSD) at FICC the ability to access capital efficiencies. To participate in end-user cross margining, clients will need to leverage the same dually registered Futures Commission Merchant (FCM) and broker/dealer (as registered with the SEC) at both CCPs.