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A Year Ahead of a Treasury Clearing Deadline, a Cross-Margining Enhancement Nears

December 12, 2025 | 4 minutes reading time | By John Hintze

The joint offering of CME and Depository Trust & Clearing Corp.’s FICC is on track. Operational preparations for the clearing mandate and new competitive dynamics will play out in the new year.

With the deadline for mandatory central clearing of cash U.S. Treasury securities extended until year-end 2026, CME Group and Depository Trust & Clearing Corp. are pushing to implement an enhancement of their cross-margining arrangement by this December 31.

CME filed its proposal with the Commodity Futures Trading Commission in September, and DTCC’s Fixed Income Clearing Corp. (FICC) had to similarly seek Securities and Exchange Commission approval. The objective is to reduce the capital requirements of eligible end-user clients of CME clearing members who also hold positions at the FICC Government Securities Division (GSD) when trading CME interest rate futures and Treasury bonds.

“We are targeting a year-end 2025 go-live, subject to regulatory approval,” affirms Laura Klimpel, head of Fixed Income and Financing Solutions in DTCC’s Clearing & Securities Services businesses.

“FICC continues to focus on additional opportunities to further improve margin efficiency, including evaluating a broader expansion of cross-margining opportunities,” Klimpel said in written testimony for a House Financial Services Committee task force hearing...

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Topics: Financial Markets, Counterparty

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