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CME Group and DTCC secure regulatory approval for enhanced cross-margining arrangement
Editor
Published Sep 12, 2023 09:44
CME Group (NASDAQ:CME) and The Depository Trust & Clearing Corporation (DTCC) have received approvals from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) for their enhanced cross-margining arrangement, which is set to launch in January 2024, on Tuesday.
The new cross-margining arrangement will permit eligible clearing members of CME and the Government Securities Division (GSD) of DTCC's Fixed Income Clearing Corporation (FICC) to cross-margin an expanded suite of products. These include CME Group SOFR futures, Ultra 10-Year U.S. Treasury Note futures, Ultra U.S. Treasury Bond futures, FICC-cleared U.S. Treasury notes and bonds, and repo transactions with Treasury collateral having a remaining time to maturity greater than one year.
Suzanne Sprague, CME Group Global Head of Clearing and Post-Trade Services, expressed satisfaction over the development, stating that it aligns with their longstanding commitment to provide capital efficiencies to market users. "We appreciate the opportunity to further our collaboration with DTCC for the benefit of market participants who trade across cash and futures markets," she added.
Laura Klimpel, General Manager of Fixed Income Clearing Corporation (FICC) & Head of SIFMU Business Development at DTCC, also welcomed the regulatory approval of their enhanced cross-margining arrangement. She highlighted that this approval paves the way for increased efficiency and resiliency of the overall U.S. Treasury Market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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