CME Gets OK to Adjust Futures Margin Rules
Published Date: 7/16/2026
Notice
Summary
The Chicago Mercantile Exchange (CME) just got the green light to update its rules on how much money account holders need to keep as performance bonds for security futures contracts. This change affects traders using CME’s platform and aims to keep things safer and smoother. The new rules kick in soon, helping everyone manage risk better without shaking up the money side too much.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
Minimum 15% Margin Requirement
If you trade security futures on CME, each long or short position must have a performance bond (margin) of at least 15% of the contract's current market value, or no lower than levels required by SEC Rule 242.403 and CFTC Regulation 41.45. The SEC approved CME's rule change on July 13, 2026.
Allowed Offsets for Offset Positions
If you hold offsetting security futures and related positions, CME's rule allows lower combined performance bond levels under the SEC and CFTC exceptions; CME includes a table of permitted strategy-based offsets consistent with the Commissions' 2020 release. Those offsets let qualifying combinations reduce the margin that would apply if positions were calculated separately.
Market-Maker Exclusion From Customer Margins
CME will exclude qualifying security futures dealers (market makers) from the customer performance bond rules if they are CME members, registered as dealers with the SEC under Section 15(b), and meet one of three quoting/assignment alternatives. Examples of the standards: by the 181st calendar day 'meaningful proportion' means at least 20% of trading volume; alternatively, respond to at least 75% of requests-for-quotation and quote within five seconds with a maximum bid/ask spread no greater than the greater of $0.20 or 150% of the primary market spread; or meet assignment-based activity and quoting thresholds (e.g., 75% of trading activity in assigned contracts, quotes near best market during at least 50% of the trading day, and quarterly day compliance at 90% or 80%).
Deduction and Liquidation for Underfunded Accounts
If a customer fails to meet a required performance bond call within a reasonable period, the security futures intermediary must deduct the underfunded amount in computing its net capital and may liquidate accounts with a liquidating deficit, consistent with SEC Rule 242.406 and CFTC Regulation 41.48. These actions reflect the Commission-approved CME rules.
What You Can Post As Performance Bond
To meet performance bond calls, CME allows deposits of cash, margin securities (with restrictions), exempted securities, or other assets permitted under Regulation T, valued per applicable SEC and CFTC rules. Intermediaries may not accept securities issued by the customer or an affiliate unless they petition the Exchange, and all deposited assets must remain unencumbered by third-party claims.
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