# 2026-22740: Treasury Margin Math Gets a Special Broker-Dealer Exception

2026-22740, Order Under Section 36 of the Securities Exchange Act of 1934 (the “Exchange Act”) Granting Conditional Exemptive Relief From Section 15(c)(3) of and Rule 15c3-3a, Note H Under the Exchange Act Relating to Certain Centrally Cleared U.S. Treasury Transactions, is a Federal Register notice from Securities and Exchange Commission published 2026-11-09, effective 2026-11-04; PRIA reads it as touching household money (as of 2026-11-11).

- Canonical: https://policyrisk.com/federal-register/2026-22740
- As of: 2026-11-11
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-22740
- Title: Order Under Section 36 of the Securities Exchange Act of 1934 (the “Exchange Act”) Granting Conditional Exemptive Relief From Section 15(c)(3) of and Rule 15c3-3a, Note H Under the Exchange Act Relating to Certain Centrally Cleared U.S. Treasury Transactions
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 70924
- Published: 2026-11-09
- Effective: 2026-11-04
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-11-11

## In one line

Treasury Margin Math Gets a Special Broker-Dealer Exception

## Summary

The SEC is giving broker-dealers a special pass to handle margin calculations for U.S. Treasury trades cleared through certain agencies more flexibly. This means they can count margin held on a net or omnibus basis even if the clearing agency calculates it differently, making the process smoother and less costly. This change helps keep the market running efficiently without risking investor protection, starting right away.

## Effects PRIA read

- Net/Omnibus Margining Allowed for Treasuries: benefit, medium. Broker-dealers are allowed to include a debit in their Rule 15c3-3a reserve computations for customer margin tied to U.S. Treasury trades even when they deliver margin on a net, omnibus basis rather than on a gross, customer-by-customer basis. The relief applies where the qualified clearing agency…
- Supports Access for Smaller/Indirect Participants: benefit, medium. The Commission found the exemption will help broker-dealers avoid costly, highly granular gross customer-level margin systems that could discourage onboarding of smaller or indirect market participants (including buy-side clients). The order states the relief should alleviate capital and operationa…
- Compliance Conditions and Limits Imposed: cost, low. Broker-dealers may use the exemption only if they meet seven specified conditions, including: (1) relief limited to purchases/sales and repo/reverse-repo in U.S. Treasuries that are cleared, settled, and novated; (2) collateral delivered may be only cash, U.S. Treasury securities, or qualified cust…

## Related documents

- [2026-21037](https://policyrisk.com/federal-register/2026-21037): Investment Company Cross Trading, 2026-10-15
- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21

## Sources
- [2026-22740 on federalregister.gov](https://www.federalregister.gov/documents/2026/11/09/2026-22740/order-under-section-36-of-the-securities-exchange-act-of-1934-the-exchange-act-granting-conditional)
- [2026-22740 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-11-09/pdf/2026-22740.pdf)

## Related
- [Previous: 2026-22738, Agency Information Collection Activities: Notice of Request for Extension of a…](https://policyrisk.com/federal-register/2026-22738)
- [Next: 2026-22744, Agency Information Collection Activities; Submission to the Office of Managemen…](https://policyrisk.com/federal-register/2026-22744)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-22740 (as of 2026-11-11).