CFTC and SEC request comments on portfolio margining frameworks
29 June 2026 US
Image: Alexandr_Peers/stock.adobe.com
The Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) have issued a joint request for public comment on potential approaches to further harmonise regulatory frameworks applicable to portfolio margining across securities, security-based swaps, futures, swaps, and related positions.
The request for comment is intended to assist the agencies in evaluating whether greater coordination or alignment in portfolio margining requirements may improve risk management efficiency, reduce unnecessary market fragmentation, and enhance customer protections consistent with the agencies鈥� respective statutory authorities and responsibilities.
CFTC Chairman Michael S. Selig says: 鈥淔ostering enhanced cooperation between the CFTC and SEC with respect to portfolio margining promises to unleash untapped capital while ensuring a more robust risk management framework and market protections.
鈥淚 look forward to reviewing and implementing stakeholder feedback as we build the new frontier of finance.鈥�
The joint request for comment seeks input on a range of issues, including: existing portfolio margining models and practices; cross-margining and cross-product offsets; capital, segregation, and collateral treatment; as well as clearing agency and derivatives clearing organisation considerations.
鈥淏y further harmonising our frameworks, we can ensure that jurisdictional overlap does not stifle innovation and efficiency,鈥� notes SEC Chairman Paul S. Atkins.
鈥淐ross-margining offers a clear opportunity to unlock liquidity that remains frozen in separate accounts, and we encourage market participants to provide feedback on ideas that will help improve coordination between both agencies.鈥�
The public comment period will remain open for 60 days following publication of the request for comment in the Federal Register.
The request for comment is intended to assist the agencies in evaluating whether greater coordination or alignment in portfolio margining requirements may improve risk management efficiency, reduce unnecessary market fragmentation, and enhance customer protections consistent with the agencies鈥� respective statutory authorities and responsibilities.
CFTC Chairman Michael S. Selig says: 鈥淔ostering enhanced cooperation between the CFTC and SEC with respect to portfolio margining promises to unleash untapped capital while ensuring a more robust risk management framework and market protections.
鈥淚 look forward to reviewing and implementing stakeholder feedback as we build the new frontier of finance.鈥�
The joint request for comment seeks input on a range of issues, including: existing portfolio margining models and practices; cross-margining and cross-product offsets; capital, segregation, and collateral treatment; as well as clearing agency and derivatives clearing organisation considerations.
鈥淏y further harmonising our frameworks, we can ensure that jurisdictional overlap does not stifle innovation and efficiency,鈥� notes SEC Chairman Paul S. Atkins.
鈥淐ross-margining offers a clear opportunity to unlock liquidity that remains frozen in separate accounts, and we encourage market participants to provide feedback on ideas that will help improve coordination between both agencies.鈥�
The public comment period will remain open for 60 days following publication of the request for comment in the Federal Register.
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