CME-FICC cross-margin extension timeline questioned

SEC changes and queries around margin segregation may make end-2025 deadline unrealistic

Deadline

Market participants are sceptical a key cross-margin deal between two US clearing houses can be completed on schedule by the end of 2025, amid uncertainties over how the new model will work and ongoing regulatory changes. The arrangement, which allows cross-margining between cash and repo Treasuries trades cleared at the Fixed Income Clearing Corporation and Treasury futures trades at CME, is to be extended to include end-clients.

The deal would require approval from both the Securities and

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