Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule Change To Amend and Restate the Second Amended and Restated Cross-Margining Agreement Between FICC and CME and Amend Related GSD Rules
Published Date: 1/29/2026
Notice
Summary
The Fixed Income Clearing Corporation (FICC) wants to update its agreement with the Chicago Mercantile Exchange (CME) to make cross-margining easier for broker-dealers who work with both groups. This change helps these members manage their customer positions more smoothly and could save them money. The Securities and Exchange Commission is reviewing the proposal and will decide within 45 to 90 days.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Cross‑Margining Expanded for Dual Members
FICC filed a proposal on December 12, 2025 to amend its cross‑margining agreement with CME to extend cross‑margining to positions cleared and carried for customers by a dually registered broker‑dealer and futures commission merchant that is a common member of FICC and CME. This change would let those member firms combine margin across FICC and CME accounts and may help them manage customer positions more smoothly and reduce their costs. The SEC is reviewing the proposal and will act by March 29, 2026.
Customers May See Smoother Position Management
If your broker is dually registered as both a broker‑dealer and a futures commission merchant and is a common member of FICC and CME, the proposed change (filed December 12, 2025) would let that broker cross‑margin positions it clears and carries for customers. That could make it easier for your broker to manage your positions and could reduce costs passed through to customers. The SEC will decide on the proposal by March 29, 2026.
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