# 2025-23886: SEC Extends Review on FICC-CME Margin Pact Updates

2025-23886, Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Extension of Review Period of Advance Notice To Amend and Restate the Second Amended and Restated Cross-Margining Agreement Between FICC and CME and Amend Related GSD Rules, is a Federal Register notice from Securities and Exchange Commission published 2025-12-29 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-23886
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-23886
- Title: Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Extension of Review Period of Advance Notice To Amend and Restate the Second Amended and Restated Cross-Margining Agreement Between FICC and CME and Amend Related GSD Rules
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 60766
- Published: 2025-12-29
- Effective: unknown
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

SEC Extends Review on FICC-CME Margin Pact Updates

## Summary

The Fixed Income Clearing Corporation (FICC) wants to update its cross-margining deal with CME and tweak some related rules to make things clearer and smoother. This affects traders and firms using these services by potentially improving how risks and money are managed. The review period for these changes has been extended, so the final decision is still a bit away, but it’s all about keeping the system safe and efficient.

## Effects PRIA read

- Customer Access to Cross‑Margining: benefit, high. If you are a futures customer whose positions are carried by a dually registered broker‑dealer and futures commission merchant (an Eligible BD‑FCM), the proposed Third Amended and Restated Cross‑Margining Agreement would let your FICC‑cleared and CME‑cleared positions be treated together for margin…
- Eligibility and Subordination Requirement: mixed, medium. Only an Eligible BD‑FCM (a firm registered both as a broker‑dealer with the SEC and as an FCM with the CFTC) may establish Customer Cross‑Margining Accounts. Cross‑Margining Customers must qualify as a "futures customer" under CFTC Regulation 1.3 and as a Sponsored Member or Executing Firm Customer…
- Customer Margin Segregation and Bankruptcy Protection: benefit, high. FICC would credit Cross‑Margining Customer Margin to a custody account in the name of the Eligible BD‑FCM for the benefit of its customers and treat those assets as "financial assets" in a securities account under New York UCC. FICC would hold Cross‑Margining Customer Margin in segregated accounts…
- Separate Default Treatment for Customer Positions: benefit, medium. If a Joint Clearing Member defaults, Customer Positions and Proprietary Positions would form separate "Liquidation Portfolios" and be closed out and netted separately so that customer positions and associated margin cannot be used to satisfy obligations from proprietary positions. The agreement pre…
- Account Designation and Pair Limits: cost, low. An Eligible BD‑FCM would be required to designate each Cross‑Margining Account as either a Customer Cross‑Margining Account or a Proprietary Cross‑Margining Account, may establish only one Pair of Cross‑Margining Accounts for each type of Indirect Participant account offered at FICC, and a Cross‑Ma…

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## Sources
- [2025-23886 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/29/2025-23886/self-regulatory-organizations-fixed-income-clearing-corporation-notice-of-filing-and-extension-of)
- [2025-23886 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-29/pdf/2025-23886.pdf)

## Related
- [Previous: 2025-23885, Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Fil…](https://policyrisk.com/federal-register/2025-23885)
- [Next: 2025-23887, Administrative Declaration of a Disaster for the State of Minnesota](https://policyrisk.com/federal-register/2025-23887)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-23886 (as of 2026-06-08).