CME, FICC to overhaul Treasury market margining

Clearers eye deal to dramatically improve cross-margin savings, aim to extend offsets to end-users

US Treasuries

CME Clearing and the Fixed Income Clearing Corporation (FICC) are working on a major overhaul of the two central counterparties’ (CCPs) cross-margining service for US Treasuries. The deal could unlock billions in margin offsets for major banks and liquidity providers, as well as – further ahead, they hope – the market’s end-users.

The two clearing houses already facilitate relatively limited cross-margining for direct clearing member firms that clear both cash Treasuries and Treasury futures

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