The CME–FICC cross-margining program enables eligible positions in U.S. Treasury securities and CME Group interest rate futures to be margined based on their combined risk. By recognizing offsetting exposures across both markets, the program reduces margin requirements while maintaining the protections of central clearing.
Launched for end-user clients in April 2026 following regulatory approvals, the program expands access to capital efficiencies across a broader set of market participants. As part of FICC’s broader innovation agenda, this capability helps firms reduce the cost of clearing, optimize margin and liquidity usage, and better manage balance sheet capacity.
In the context of upcoming U.S. Treasury clearing requirements, cross-margining provides a critical tool to mitigate incremental margin and capital demands — freeing liquidity that can be deployed more productively across trading and investment activities.
Potential margin savings for eligible portfolios
Average risk offsets generated in proprietary program
Savings vary based on portfolio composition and market conditions.
Observed end-of-day savings rate (Q3 2024)
Data as of Q3 2026
Access requires coordination with a clearing broker that is dually registered across both CME and FICC.
Access requires coordination with a clearing broker that is dually registered across both CME and FICC.
This centralized resource page provides direct access to essential materials about FICC’s GSD business.
Aggregate transaction volume cleared through the Government Securities Division (GSD) over the past 12 months.
DTCCLearning provides access to training materials, educational resources and documentation designed to help users understand DTCC products, services and operational processes.
Explore important notices, regulatory rule filings, bylaws, risk management information and operational requirements from DTCC and its clearing agencies.