Page 29 - 期货和衍生品行业监管动态（2025年12月）

期货和衍生品行业监管动态

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Acting Chairman Pham Announces Implementation of U.S. Treasury Market

Reforms (2025/12/12)

Proposed Order Would Expand CME-FICC Cross-Margining Program to

Customers

Commodity Futures Trading Commission Acting Chairman Caroline D. Pham

today announced the Commission has approved a proposed order to grant a limited

exemption necessary for the Chicago Mercantile Exchange Inc. (CME) and the Fixed

Income Clearing Corporation (FICC) to make their existing cross-margining

arrangement available to certain customers with appropriate safeguards.

“The CFTC is committed to working with the SEC to implement Treasury

market reforms,” Acting Chairman Pham said. “Expanding cross-margining to

customers will provide capital efficiencies that can increase liquidity and resiliency in

U.S. Treasuries, the most important market in the world.”

This proposed order implements a CFTC Global Markets Advisory Committee

recommendation on Treasury market reform and the Securities and Exchange
Commission’s U.S. Treasury clearing mandate [see CFTC press release No. 8860-24].

Currently, only clearing members may cross-margin futures positions in U.S. Treasury

securities cleared at CME with cash market positions in U.S. Treasury securities

cleared at FICC.

Comments on the proposal are due 30 days following publication in the Federal

Register. Comments may be submitted electronically through the CFTC Comments

online process. All comments received will be posted on CFTC.gov.

https://www.cftc.gov/PressRoom/PressReleases/9155-25

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