Marex launches customer cross-margining for US Treasury securities
07 May 2026 US
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Marex has launched a customer cross-margining for US Treasury securities, executing the first customer cross-margin trade under the newly approved framework.
According to the firm, clients can now cross-margin US Treasury futures cleared at the Chicago Mercantile Exchange (CME) with cash US Treasury securities cleared at The Depository Trust & Clearing Corporation鈥檚 (DTCC鈥檚) Fixed Income Clearing Corporation (FICC).
Stephen Hood, head of clearing, Americas, at Marex, states: 鈥淏ringing cross-margining to the US Treasury market is a vital step toward providing measurable liquidity to the world鈥檚 most resilient financial market.
鈥淲e are excited to help clients free up more of their capital and improve US Treasury trading efficiencies through this new offering, and we are proud that Marex facilitated the first customer cross-margin transaction under this new structure.鈥�
The new service has been made possible by recent regulatory approvals from the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and will enhance liquidity in the US Treasury market and provide cost efficiencies for market participants.
Suzanne Sprague, CME Group chief operating officer and global head of clearing and post-trade services, comments: 鈥淲e are pleased with the early adoption of our new client cross-margining service, which is designed to make US Treasury markets more efficient for all participants.
鈥淎long with our partners at DTCC, we continue to deliver margin savings to both cash and futures market users.鈥�
Laura Klimpel, managing director, head of DTCC鈥榮 Fixed Income and Financing Solutions, adds: 鈥淔ICC鈥檚 expanded cross-margining arrangement with CME Group represents the next chapter in our efforts to bring increased savings and efficiencies to the US Treasury market.鈥�
On 15 April 2026, the SEC issued an exemptive order permitting cross-margining of cash market positions in US Treasury securities cleared by registered clearing agencies and futures positions in US Treasury securities cleared by registered derivatives clearing organisations.
The SEC also approved a proposed rule change filed by the Fixed Income Clearing Corporation (FICC) that enabled FICC to enter into an agreement with the CME that would extend the availability of cross-margining to positions cleared and carried for customers by a dually registered broker-dealer and futures commission merchant that is a common member of FICC and CME.
Ram Vittal, CEO, Marex Americas, comments: 鈥淐lients value solutions that enhance liquidity and optimise capital efficiency.
鈥淏y executing the industry鈥檚 first trade under this new framework, Marex is excited to support clients engaging in Treasury basis trades and to help them enhance liquidity and capture capital efficiencies.鈥�
According to the firm, clients can now cross-margin US Treasury futures cleared at the Chicago Mercantile Exchange (CME) with cash US Treasury securities cleared at The Depository Trust & Clearing Corporation鈥檚 (DTCC鈥檚) Fixed Income Clearing Corporation (FICC).
Stephen Hood, head of clearing, Americas, at Marex, states: 鈥淏ringing cross-margining to the US Treasury market is a vital step toward providing measurable liquidity to the world鈥檚 most resilient financial market.
鈥淲e are excited to help clients free up more of their capital and improve US Treasury trading efficiencies through this new offering, and we are proud that Marex facilitated the first customer cross-margin transaction under this new structure.鈥�
The new service has been made possible by recent regulatory approvals from the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and will enhance liquidity in the US Treasury market and provide cost efficiencies for market participants.
Suzanne Sprague, CME Group chief operating officer and global head of clearing and post-trade services, comments: 鈥淲e are pleased with the early adoption of our new client cross-margining service, which is designed to make US Treasury markets more efficient for all participants.
鈥淎long with our partners at DTCC, we continue to deliver margin savings to both cash and futures market users.鈥�
Laura Klimpel, managing director, head of DTCC鈥榮 Fixed Income and Financing Solutions, adds: 鈥淔ICC鈥檚 expanded cross-margining arrangement with CME Group represents the next chapter in our efforts to bring increased savings and efficiencies to the US Treasury market.鈥�
On 15 April 2026, the SEC issued an exemptive order permitting cross-margining of cash market positions in US Treasury securities cleared by registered clearing agencies and futures positions in US Treasury securities cleared by registered derivatives clearing organisations.
The SEC also approved a proposed rule change filed by the Fixed Income Clearing Corporation (FICC) that enabled FICC to enter into an agreement with the CME that would extend the availability of cross-margining to positions cleared and carried for customers by a dually registered broker-dealer and futures commission merchant that is a common member of FICC and CME.
Ram Vittal, CEO, Marex Americas, comments: 鈥淐lients value solutions that enhance liquidity and optimise capital efficiency.
鈥淏y executing the industry鈥檚 first trade under this new framework, Marex is excited to support clients engaging in Treasury basis trades and to help them enhance liquidity and capture capital efficiencies.鈥�
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