The update directly addresses trading, clearing, and settlement infrastructure for U.S. Treasury securities (fixed income instruments), enabling cross-margining between cash and futures positions in Treasury markets.
Mandatory inheritance: Fixed Income as primary triggers Investment Services as the mandatory secondary tag, reflecting the asset-management and investment infrastructure dimension of Treasury market operations.
Specialism
The SEC's approval of customer cross-margining in Treasury markets represents a regulatory change to market infrastructure and clearing arrangements that affects how broker-dealers and futures commission merchants operate, falling within operational and prudential market conduct oversight.
The approval involves changes to clearing agency rules and cross-margining agreements that affect how positions are reported and managed across clearing organizations, though the primary focus is market infrastructure rather than mandatory reporting templates.
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2026-04-16 09:04:54·ggallwey@vixio.com
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TITLE: United States Securities and Exchange Commission Approves Customer Cross-Margining in Treasury Market
BODY:
On April 15, 2026, the Securities and Exchange Commission (SEC) issued a conditional exemptive order permitting customer cross-margining of cash market positions in U.S. Treasury securities cleared by a registered clearing agency with futures positions in U.S. Treasury securities cleared by a registered derivatives clearing organization.
The exemptive order permits broker-dealers that are dually registered as futures commission merchants with the Commodity Futures Trading Commission (CFTC) and are joint clearing members of both the clearing agency and derivatives clearing organization to offer cross-margining to certain customers in futures accounts. The SEC simultaneously approved a proposed rule change filed by the Fixed Income Clearing Corporation (FICC) to enter into a Third Amended and Restated Cross-Margining Agreement with the Chicago Mercantile Exchange Inc. (CME). This agreement extends cross-margining availability to positions cleared and carried for customers by dually registered broker-dealers and futures commission merchants that are common members of both FICC and CME.
Prior to this approval, only clearing members could cross-margin futures positions in U.S. Treasury securities cleared at CME with cash market positions in U.S. Treasury securities cleared at FICC. The expansion to customers represents a significant development in Treasury market infrastructure. SEC Commissioner Mark T. Uyeda noted that the orders advance efforts to unlock additional liquidity and ensure the resilience of the U.S. Treasury securities market.
The exemptive order and rule change approval are available on SEC.gov and will be published in the Federal Register. A related CFTC exemptive order will be published on CFTC.gov and in the Federal Register.
REFERENCES:
https://www.sec.gov/news/press-release/2026-36