The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission approved a new cross‑margining arrangement between the Depository Trust & Clearing Corporation (DTCC) and CME Group. The approval, announced on April 16 2026, allows end‑user clients of broker/dealers and futures commission merchants that are members of both DTCC’s Fixed Income Clearing Corporation (FICC) and CME to offset eligible U.S. Treasury securities and interest‑rate futures positions across the two clearinghouses. The arrangement will take effect on April 30 2026.
The expansion builds on a long‑standing cross‑margining program that has existed for proprietary accounts since 2004 and was enhanced in 2024. Under the new arrangement, DTCC and CME will enable daily risk offsets that previously averaged $1 billion for house accounts, and the parties expect additional offsets for end‑user clients. This capability reduces margin requirements, frees up capital, and improves liquidity for participants trading U.S. Treasuries and interest‑rate derivatives.
The regulatory approval comes at a pivotal moment as the SEC’s central clearing mandates for U.S. Treasury securities take effect. "With the SEC’s central clearing mandates now taking effect, cross‑margining is essential—not only for operational efficiency, but to help end users manage the real costs of compliance," said Terry Duffy, CME Group Chairman and CEO. "Decades of collaboration between our two organizations and regulators have laid the groundwork, and now our partnership will deliver additional margin and capital efficiencies across the marketplace.","Frank La Salla, President & CEO of DTCC, added, "The importance of efficient cross‑margining opportunities across U.S. Treasury securities and futures activity is critical as centrally cleared U.S. Treasury activity continues to grow. Our current cross‑margining arrangement with CME Group has a proven track record of creating an average of $1 billion across both clearing houses in risk offsets every day, and we expect the end‑user cross‑margin effort will lead to additional offsets for the industry.","By expanding its clearing footprint, CME Group strengthens its value proposition to institutional clients and reinforces its position as a leading derivatives marketplace and central counterparty clearing provider. The arrangement is expected to attract more business to both DTCC and CME, enhance market efficiency, and support participants in meeting regulatory capital requirements.
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