Regulatory Alerts2026-04-20 | 2026-07643Order Providing Exemptive Relief To Facilitate Cross-Margining of Customer Positions Cleared at Chicago Mercantile Exchange, Inc. and Fixed Income Clearing Corporation
The Commodity Futures Trading Commission issued an order granting exemptive relief to permit joint clearing members of the Chicago Mercantile Exchange and the Fixed Income Clearing Corporation to hold futures customer funds in a commingled account. This relief allows broker-dealer futures commission merchants to cross-margin customer positions cleared at both entities, thereby reducing initial margin requirements by accounting for risk offsets between correlated Treasury and interest rate futures positions. The order becomes effective on April 15, 2026, and is subject to conditions designed to ensure the segregation and protection of customer funds despite the commingling arrangement.
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