SEC Lets Brokers Count Treasuries in Customer Reserves
Published Date: 4/14/2026
Notice
Summary
Broker-dealers can now count certain cash and U.S. Treasury securities they deposit to meet margin requirements as part of their customer protection reserves. This change helps them better manage money tied up with the CME Securities Clearing for U.S. Treasury trades. It starts right away and could free up some funds while keeping customers safe.
Free Policy Watch
New rules are filed every week. Most people never see them.
Pick a topic. PRIA watches every federal rule and tells you when one hits your household.
Pick a topic to get started
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Broker-Dealers May Count CMESC Margin
Broker-dealers may include a debit in their customer and PAB reserve computations when they deposit cash, U.S. Treasury securities, or qualified customer securities to meet a margin requirement of CME Securities Clearing Inc. (CMESC) that results from customers' U.S. Treasury positions. The Commission published this notice (Dated: April 10, 2026) after approving CMESC on December 1, 2025, and the SEC staff recommended CMESC's rules implement the Note H conditions in Rule 15c3-3a.
Permission Conditional and Withdrawable
The notice is conditional: if CMESC changes rules or practices in ways that undermine the Note H customer protection objectives, the Commission may withdraw this notice. If the Commission withdraws the notice, broker-dealers could no longer include the debit in their customer and PAB reserve computations.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in