CFTC Allows Combined Margins at CME and FICC
Published Date: 4/20/2026
Rule
Summary
Starting April 15, 2026, certain broker-dealers who also clear futures at both the Chicago Mercantile Exchange and the Fixed Income Clearing Corporation can combine their customers’ margin funds into one account. This change helps these firms manage money more efficiently and could save customers and firms some cash by reducing extra margin requirements. It’s a smart move to make trading smoother and safer for everyone involved!
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Cross-Margining Can Reduce Customer Margin
Starting April 15, 2026, customers of BD-FCM joint clearing members may elect to cross-margin U.S. Treasury securities cleared at FICC with related futures cleared at CME so margin models can net offsetting risks and reduce initial margin requirements; the petition includes an illustrative example where total initial margin fell from $343.24 million to $68.648 million (about an 80% reduction) under cross-margining.
Customers Must Sign Subordination Agreement
Customers choosing cross-margining must agree to have their FICC-cleared securities and related funds carried in a futures account and must enter a subordination agreement stating that their claim for XM Securities Customer Property will not receive customer treatment under the Exchange Act or SIPA and will not be treated as 'customer property' in a stock broker liquidation under chapter 7.
BD-FCMs May Hold Customer Funds at FICC
Starting April 15, 2026, joint clearing members that are dually-registered broker-dealers and futures commission merchants (``BD-FCMs'') may deposit customer funds and margin with FICC and hold securities positions and associated funds in a futures customer account at FICC, notwithstanding that FICC is not a permitted depository under CEA section 4d and Commission Regulations 1.20 and 1.49(d).
Bankruptcy Priority as Futures Customer Property
Under the Order, in a BD-FCM bankruptcy cross-margined customers' FICC-held positions and margin will be treated as customer property under Commission Part 190 and as net equity claims, giving them the same priority to distributions as other futures customers in the futures account class.
FICC Will Segregate XM Customer Margin in Specific Accounts
FICC will hold cross-margining customer margin either in a Federal Reserve Bank of New York account (co-located with certain other segregated customer margin if permitted by the Fed) or in a FDIC-insured commercial bank account; these FICC XM Customer Margin Accounts will be clearly labeled and separate from FICC's own assets and from BD-FCM proprietary margin accounts.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-19290, Privacy Act Regulations
The Commodity Futures Trading Commission (CFTC) is reopening the comment period for its proposed Privacy Act rule changes, which affect how insider risk program records are handled. This gives everyone 10 more days, until October 1, 2026, to share their thoughts. No new costs or deadlines beyond this extension are involved, but it’s a key chance to weigh in on privacy protections.
2026-14509, Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Starting August 17, 2026, swap dealers and big swap players get some margin rule relief! New rules say certain new investment funds won’t have to exchange initial margin for up to three years, and more types of money market funds can now count as good collateral. Plus, the rules tweak how much value gets discounted on some assets, making it easier and cheaper to trade uncleared swaps.
2026-05635, Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets
Starting March 23, 2026, the SEC and CFTC are making it clear that some crypto assets and transactions must follow federal securities laws. This means crypto companies and investors need to play by new rules to keep things fair and safe. Expect more transparency and possible costs for compliance as the government steps up oversight in the crypto world.
2026-20446, Agency Information Collection Activities Under OMB Review
The Commodity Futures Trading Commission is asking for public feedback on a new paperwork plan that affects traders and companies dealing with futures. They want to make sure the info they collect is useful and not too costly or time-consuming. You’ve got until November 5, 2026, to share your thoughts online or by mail—so don’t miss out!
2026-19338, Agency Information Collection Activities: Notice of Intent To Extend
The Commodity Futures Trading Commission (CFTC) wants to keep collecting info about off-exchange foreign currency trades and is asking the public to share their thoughts. This is a routine renewal with no new fees or big changes, but comments are due by November 23, 2026. If you’re involved in these currency transactions, this is your chance to speak up!
2026-19006, Whistleblower Award Determination
The Commodity Futures Trading Commission is updating its whistleblower rules to make the award process faster, clearer, and fairer for people who report wrongdoing. These changes, effective October 16, 2026, also fix some technical details and reflect the Whistleblower Office’s move to a new department. Whistleblowers can expect a smoother experience and better protection when helping keep markets honest.
Previous / Next Documents
Previous: 2026-07638, Safety Standard for Infant and Cradle Swings
The Consumer Product Safety Commission is updating the safety rules for infant and cradle swings to match the newest 2025 safety standards. This change affects manufacturers and sellers, making sure swings are safer for babies starting July 25, 2026. No big costs are expected, but companies need to follow the new rules or face penalties.
Next: 2026-07644, Amendment of Class D Airspace; Appleton, WI
The FAA is updating the Class D airspace around Appleton, WI to improve safety and support new instrument flight rules. This change affects pilots flying in and out of Appleton’s airport and takes effect on July 9, 2026. No extra costs for anyone—just smoother, safer skies!