Regulatory Alerts2026-04-15
SEC Approves Exemptive Order and Proposed Rule Change to Permit Customer Cross-Margining in the U.S. Treasury Market
The Securities and Exchange Commission issued a conditional exemptive order and approved a proposed rule change to permit dually registered broker-dealers and futures commission merchants to offer customer cross-margining of U.S. Treasury cash and futures positions. This regulatory action extends existing clearing member privileges to eligible customers by integrating the Fixed Income Clearing Corporation’s agreement with the Chicago Mercantile Exchange into FICC rules. The combined measures unlock additional market liquidity and strengthen the resilience of U.S. Treasury clearing operations.
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