CME Group and DTCC to Expand Cross-Margining Arrangement by December 2025

CME Group and The Depository Trust & Clearing Corporation (DTCC) have revealed plans to expand their existing cross-margining arrangement by December 2025, pending regulatory approval. The enhancement will allow eligible end-user clients to access greater capital efficiencies when trading U.S. Treasury securities and CME Group interest rate futures with offsetting risk exposures.

To participate, clients must use the same dually registered Futures Commission Merchant (FCM) and broker/dealer at both central counterparties (CCPs). The initiative aligns with upcoming regulatory changes for U.S. Treasury clearing, promoting increased central clearing and reducing systemic risk. Under the proposed structure, FICC will designate cross-margin accounts, and CME Group will enable futures to be directed to these accounts throughout the day. Ahead of regulatory approvals, end-users can begin account setup, legal documentation, and workflow testing.