# 2026-07643: CFTC Allows Combined Margins at CME and FICC 2026-07643, Order Providing Exemptive Relief To Facilitate Cross-Margining of Customer Positions Cleared at Chicago Mercantile Exchange, Inc. and Fixed Income Clearing Corporation, is a Federal Register rule from Commodity Futures Trading Commission published 2026-04-20, effective 2026-04-15; PRIA reads it as touching household money (as of 2026-06-11). - Canonical: https://policyrisk.com/federal-register/2026-07643 - As of: 2026-06-11 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Document number: 2026-07643 - Title: Order Providing Exemptive Relief To Facilitate Cross-Margining of Customer Positions Cleared at Chicago Mercantile Exchange, Inc. and Fixed Income Clearing Corporation - Type: Rule - Agencies: Commodity Futures Trading Commission - Citation: 91 FR 20880 - Published: 2026-04-20 - Effective: 2026-04-15 - Comments close: not stated - Significant: no - Touches household money: yes - Regulation identifier numbers: none - Last updated: 2026-06-11 ## In one line CFTC Allows Combined Margins at CME and FICC ## 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! ## Abstract The Commodity Futures Trading Commission ("CFTC" or "Commission") is issuing an order pursuant to the Commodity Exchange Act ("CEA") that provides exemptive relief from the CEA and Commission regulations related to segregation and protection of futures customer funds. The order permits joint clearing members of the Chicago Mercantile Exchange, Inc. ("CME") and the Fixed Income Clearing Corporation ("FICC") that are dually registered as broker-dealers with the Securities and Exchange Commission ("SEC") and futures commission merchants ("FCMs") with the Commission ("BD-FCMs") to hold futures customer funds in a commingled customer account at FICC. ## Effects PRIA read - BD-FCMs May Hold Customer Funds at FICC: benefit, medium. 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 FIC… - Cross-Margining Can Reduce Customer Margin: benefit, high. 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… - Customers Must Sign Subordination Agreement: cost, high. 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… - Bankruptcy Priority as Futures Customer Property: benefit, medium. 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: benefit, low. 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 sep… ## Related documents - [2026-19290](https://policyrisk.com/federal-register/2026-19290): Privacy Act Regulations, 2026-09-21 - [2026-14509](https://policyrisk.com/federal-register/2026-14509): Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants, 2026-07-17 - [2026-05635](https://policyrisk.com/federal-register/2026-05635): Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets, 2026-03-23 - [2026-20446](https://policyrisk.com/federal-register/2026-20446): Agency Information Collection Activities Under OMB Review, 2026-10-06 - [2026-19338](https://policyrisk.com/federal-register/2026-19338): Agency Information Collection Activities: Notice of Intent To Extend, 2026-09-22 - [2026-19006](https://policyrisk.com/federal-register/2026-19006): Whistleblower Award Determination, 2026-09-16 ## Sources - [2026-07643 on federalregister.gov](https://www.federalregister.gov/documents/2026/04/20/2026-07643/order-providing-exemptive-relief-to-facilitate-cross-margining-of-customer-positions-cleared-at) - [2026-07643 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-04-20/pdf/2026-07643.pdf) ## Related - [Previous: 2026-07638, Safety Standard for Infant and Cradle Swings](https://policyrisk.com/federal-register/2026-07638) - [Next: 2026-07644, Amendment of Class D Airspace; Appleton, WI](https://policyrisk.com/federal-register/2026-07644) - [All Federal Register documents](https://policyrisk.com/federal-register) Source: PRIA, https://policyrisk.com/federal-register/2026-07643 (as of 2026-06-11).