SEC Probes Update to FICC-CME Margin-Sharing Pact
Published Date: 3/23/2026
Notice
Summary
The SEC is reviewing a proposal to update the agreement between the Fixed Income Clearing Corporation (FICC) and the Chicago Mercantile Exchange (CME). This change would let certain broker-dealers and futures merchants combine their margin requirements, making it easier and potentially cheaper to manage risks. The decision will affect financial firms that clear trades through both FICC and CME, with the SEC taking extra time to decide if this rule change should move forward.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Cross‑Margining Expanded to Customers
FICC proposes to let customers whose positions are cleared and carried by a dually registered broker‑dealer and futures commission merchant (an "Eligible BD‑FCM") participate in cross‑margining. That change would allow those Cross‑Margining Customers to benefit from margin reductions that are currently available only to joint clearing members and their eligible affiliates under the Existing Agreement.
Easier Access for Indirect Participants
FICC states the change would facilitate access of indirect participants to central clearing by extending cross‑margining to customer positions. That means indirect participants (customers who access clearing through a direct member) could gain the same risk‑management and margin benefits as direct participants.
New Contract Terms for Participation
The proposal would require Eligible BD‑FCMs to sign a Customer Cross‑Margining Clearing Member Agreement (Appendix C) and would require Cross‑Margining Customers to enter into agreements with Eligible BD‑FCMs that include specified terms. These contractual requirements are conditions for participating in the customer cross‑margining arrangement.
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