DTCC and CME Group have expanded their cross-margining initiative for clients of CME and the Government Securities Division (GSD) of DTCC’s Fixed Income Clearing Corporation (FICC).
By December 2025, end-users will be able to cross margin US Treasuries and CME Group interest rate futures when using the same futures commission merchant and broker dealer at both central counterparty clearing houses (CCPs).
This will provide capital efficiencies and margin savings, DTCC stated.
It added that the functionality will encourage the use of central clearing, in line with upcoming US Treasury clearing requirements expected to come into play by the end of the year.
Laura Klimpel, managing director and head of DTCC’s fixed income and financing solutions, shared that cross-margining will later be expanded to other product types.
“Doing so will enable even greater efficiency, cost reduction, improved liquidity and increased risk management in the US Treasury markets,” she commented.
Cross-margin accounts will be designated by FICC, with participants able to direct futures to end-user cross-margin accounts throughout the day. In advance of regulatory approval, users can create accounts and test end-to-end workflows.
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