Cross-margining at CME slowed by practical challenges

Only two FCMs are currently offering margin offsets between interest rate swaps and futures at CME


Nearly five months on from the start of mandatory clearing in the US, only a handful of clients at two dealers – Barclays and Citi – have been able to take advantage of cross-product margining between listed and over-the-counter derivatives at CME Group, the first venue to offer the service.

The operational challenges faced by dealers and clients – which include finding the optimal offsets and rearranging clients' portfolios to allow them to take advantage – mean take-up has been slower than

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