CME Polishes Its Rulebook: No Drama, Just Clarity
Published Date: 2/12/2026
Notice
Summary
CME Securities Clearing Inc. is updating its rulebook to move existing procedures into the official rules, making everything clearer and easier to follow. These changes mainly tidy up language and confirm how margin collateral is handled, affecting members and their users. The updates took effect right away on January 29, 2026, with no new fees or costs involved.
Analyzed Economic Effects
6 provisions identified: 2 benefits, 4 costs, 0 mixed.
Minimum Guaranty Fund Contribution
CMESC incorporated language into Rule 402(b)(i) stating that one potential value for a Member's Required Guaranty Fund Contribution is $10,000,000, which is the minimum amount of cash or securities a Member is required to contribute to the Guaranty Fund.
Default Assessment Trigger and Consequences
CMESC added Rule 402(c)(i) specifying that a Default Assessment may be imposed if losses or liabilities arising from a Member Default exceed 50% of the funds available to the Corporation for discharging such losses and liabilities, and that CMESC may impose a Default Assessment in its sole discretion. The rules also state that a Member who does not satisfy a Default Assessment may be declared to be in Default and include provisions for calculation of each Member's Default Assessment.
Limits on Withdrawing Excess Margin
CMESC revised Rule 510 to confirm it may reject a request to withdraw excess collateral submitted by a Member on behalf of a Supported User or by an Independent User only for reasons related to risk considerations as reasonably determined by CMESC in its sole judgment. The rule also states that unreturned excess margin will be held subject to margin-holding requirements, including applicability of Rule 513 for margin deposited for Supported Users authorized by broker-dealer Members, consistent with Note H to Rule 15c3-3a under the Exchange Act.
Daily Stress Testing Can Change Fund Requirements
CMESC added language in Rule 402(d) that recalculations of Required Guaranty Fund Contributions and maximum Default Assessments may be based on the results of the Corporation's daily stress testing for risk management purposes, including adherence to the "cover two" standard.
Where CMESC Will Hold Margin
CME Securities Clearing Inc. confirmed in Rule 101 that it will hold margin collateral in a U.S. Federal Reserve Bank or in a bank that meets the definition of 'bank' in section 3(a)(6) of the Exchange Act and is insured by the Federal Deposit Insurance Corporation. This definition change states how CMESC designates the bank where it holds margin assets and makes or receives payments in satisfaction of Outstanding Exposure Settlement.
Immediate Effect; No New Fees
CMESC's rule changes were filed and took effect immediately on January 29, 2026. The filing states that the changes involve no new fees or costs.
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