Federal Register #2026-07643

CFTC Order Granting Exemptive Relief for Cross-Margining at CME and FICC

This notice from the Commodity Futures Trading Commission (CFTC) announces an order granting exemptive relief for cross-margining at the Chicago Mercantile Exchange, Inc. (CME) and the Fixed Income Clearing Corporation (FICC). - Government Buyer: - Commodity Futures Trading Commission (CFTC), an independent U.S. federal agency - OEMs and Vendors Mentioned: - Chicago Mercantile Exchange, Inc. (CME) - Fixed Income Clearing Corporation (FICC) - Products/Services Requested: - No procurement of products or services; this is a regulatory order, not a solicitation - Unique or Notable Requirements: - The order allows joint clearing members (BD-FCMs) to hold futures customer funds in a commingled customer account at FICC - Extends an existing proprietary cross-margining arrangement to certain customers - Maintains strict requirements for customer fund segregation and regulatory compliance - Aims to support financial stability, resiliency, and capital efficiency - No contract value, product line items, or service line items are associated with this notice - Key locations referenced include the CFTC, CME, and FICC offices/facilities

Description

The Commodity Futures Trading Commission (CFTC) issued an order granting exemptive relief under the Commodity Exchange Act to facilitate cross-margining of customer positions cleared at the Chicago Mercantile Exchange (CME) and the Fixed Income Clearing Corporation (FICC). This order permits joint clearing members registered as broker-dealers and futures commission merchants to hold futures customer funds in a commingled customer account at FICC, supporting financial stability and capital efficiency. The relief supports the extension of an existing proprietary cross-margining arrangement to certain customers, subject to conditions ensuring customer fund segregation and regulatory compliance.

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