New SEC-Registered Clearing House to Operate Alongside CME Group’s Longstanding Cross-Margining Partnership with FICC
CME Group, the world’s leading derivatives marketplace, announced that it will launch CME Securities Clearing Inc. on December 7, 2026, pending all necessary regulatory approvals. The clearing house will provide market participants with a new, capital-efficient option to clear U.S. Treasury cash and repo transactions and comply with the SEC’s central clearing mandate.
CME Securities Clearing will support both “done-with” and “done-away” execution and clearing, allowing clearing members and independent users to optimize capital efficiencies across cash Treasuries, repo, and CME Group interest rate futures. Eligible firms will be able to offset margin associated with eligible positions across both clearing houses, reducing margin requirements, freeing up capital and improving liquidity.
“With U.S. debt reaching a record $40 trillion and the clearing mandate months away, the U.S. Treasury market is undergoing the biggest transformation in a generation,” said Terry Duffy, CME Group Chairman and Chief Executive Officer. “Market participants are looking for more capacity and resilience. Along with our existing cross-margining arrangement with FICC, which already produces over $2 billion in daily margin savings, CME Securities Clearing will provide another capital-efficient clearing option precisely when the market needs it most. Together, these complementary offerings give clients greater choice and a lower total cost to clear.”
“This launch is the culmination of years of preparation and a natural extension of CME Group’s expertise in clearing interest rate risk,” said Suzanne Sprague, CME Group Chief Operating Officer and Global Head of Clearing and Post-Trade Services. “By offering cross-margining between both CME Group clearing houses, as well as between CME Clearing and FICC, we will ensure that eligible firms have multiple avenues to secure the capital efficiencies that come from offsetting cash and futures positions.”
CME Securities Clearing is an SEC-registered clearing agency designed to help market participants comply with the SEC’s Treasury clearing rule, which requires central clearing of eligible U.S. Treasury cash transactions by December 31, 2026, and eligible repo transactions by June 30, 2027.
Source: CME
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