Federal Register #SR-COIN-2026-001

SEC Notice of Proposed Rule Change by Coinbase Derivatives, LLC for Customer Margin Requirements on Security Futures

This SEC notice announces a proposed rule change by Coinbase Derivatives, LLC regarding customer margin requirements for security futures products. - Government buyer: - Securities and Exchange Commission (SEC) - OEM/vendor mentioned: - Coinbase Derivatives, LLC - Products/services requested: - No products or services are being procured; this is a regulatory notice - Key requirements and details: - Establishes customer margin requirements for security futures traded on CDE - Specifies minimum margin rate of 15% of current market value - Defines acceptable margin assets and procedures for undermargined accounts - Provides exemptions for market makers and exempted persons - Aligns with SEC and CFTC regulations - Addresses treatment of funding payments and corporate actions - Designated clearing organizations have authority for certain adjustments - No procurement activity or contract value is associated with this notice

Description

Coinbase Derivatives, LLC (CDE) filed a proposed rule change with the Securities and Exchange Commission (SEC) to establish customer margin requirements for security futures products. The proposed rules, primarily in Chapter 12 of the CDE Rulebook, set forth margin rates, types of acceptable margin assets, treatment of undermargined accounts, and exemptions for certain persons. The rules align with current SEC and Commodity Futures Trading Commission (CFTC) regulations, including a minimum margin requirement of 15% of the current market value for security futures. The filing aims to promote fair trading, investor protection, and regulatory compliance for security futures trading on CDE.

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