CFTC and SEC Want Easier Stock-Derivative Margin Rules
Published Date: 6/30/2026
Proposed Rule
Summary
The CFTC and SEC want your thoughts on making it easier and smarter to manage money across stocks and derivatives together. This could help investors save money on margin requirements and make trading smoother. If you’re involved in trading or investing, speak up by August 31, 2026, to help shape these important changes.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 0 costs, 3 mixed.
Segregation, Bankruptcy, Capital Concerns
The Commissions ask for comment on how further portfolio or cross-margining could affect customer protection, segregation of customer funds, and bankruptcy treatment, and on potential impacts to regulatory capital requirements. For example, the notice highlights that SIPA includes futures and options on futures in the definition of customer property for certain securities accounts but does not include swaps or security-based swaps.
Portfolio Margining Can Lower Collateral
The Commissions describe portfolio margining as allowing related positions to be netted in a single account, which can reduce the aggregate amount of collateral required, alleviate excess margin calls, free up collateral for new trading, improve cash flows and liquidity, and reduce volatility. The agencies request comment on these potential efficiency benefits as they consider further implementation.
Competition Effects for Intermediaries
The Commissions request comment on how expanding portfolio and cross-margining could affect efficiency and competition among market intermediaries, including U.S.-registered broker-dealers, futures commission merchants, swap dealers, security-based swap dealers, covered clearing agencies, DCOs, and foreign financial institutions such as foreign banks and foreign clearing organizations.
Possible Product Scope Expansion (swaps, FX, futures)
The Commissions seek comment on expanding portfolio and cross-margining to additional products and arrangements — for example, cleared and uncleared swaps and security-based swaps, futures and options on futures in securities portfolio margin accounts, foreign exchange (FX), leveraged positions (e.g., basis trades), and positions with different trading hours — and on related safeguards such as stress-testing and margin methodologies.
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Key Dates
Department and Agencies
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