CME Group launches clearing house to expand US Treasury clearing
11 September 2026 US
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CME Group has announced that it will launch a new clearing house, CME Securities Clearing on 7 December 2026, subject to regulatory approval.
The clearing house will provide market participants with a new, capital-efficient option to clear US Treasury cash and repo transactions and comply with the US Securities and Exchange Commission鈥檚 (SEC's) central clearing mandate.
CME Securities Clearing will support both 鈥榙one-with鈥� and 鈥榙one-away鈥� execution and clearing, allowing clearing members and independent users to optimise capital efficiencies across cash Treasuries, repo, and CME Group interest rate futures.
Eligible firms will be able to offset margin associated with eligible positions across both clearing houses, reducing margin requirements, freeing up capital, and improving liquidity.
鈥淲ith US debt reaching a record US$40 trillion and the clearing mandate months away, the US Treasury market is undergoing the biggest transformation in a generation,鈥� says Terry Duffy, CME Group chairman and CEO.
鈥淢arket participants are looking for more capacity and resilience. Along with our existing cross-margining arrangement with FICC, which already produces over US$2 billion in daily margin savings, CME Securities Clearing will provide another capital-efficient clearing option precisely when the market needs it most. Together, these complementary offerings give clients greater choice and a lower total cost to clear.鈥�
CME Securities Clearing is an SEC-registered clearing agency designed to help market participants comply with the SEC's Treasury clearing rule, which requires central clearing of eligible US Treasury cash transactions by 31 December 2026, and eligible repo transactions by 30 June 2027.
Suzanne Sprague, CME Group chief operating officer and global head of clearing and post-trade services, comments: 鈥淭his launch is the culmination of years of preparation and a natural extension of CME Group's expertise in clearing interest rate risk.
鈥淏y offering cross-margining between both CME Group clearing houses, as well as between CME Clearing and FICC, we will ensure that eligible firms have multiple avenues to secure the capital efficiencies that come from offsetting cash and futures positions.鈥�
The clearing house will provide market participants with a new, capital-efficient option to clear US Treasury cash and repo transactions and comply with the US Securities and Exchange Commission鈥檚 (SEC's) central clearing mandate.
CME Securities Clearing will support both 鈥榙one-with鈥� and 鈥榙one-away鈥� execution and clearing, allowing clearing members and independent users to optimise capital efficiencies across cash Treasuries, repo, and CME Group interest rate futures.
Eligible firms will be able to offset margin associated with eligible positions across both clearing houses, reducing margin requirements, freeing up capital, and improving liquidity.
鈥淲ith US debt reaching a record US$40 trillion and the clearing mandate months away, the US Treasury market is undergoing the biggest transformation in a generation,鈥� says Terry Duffy, CME Group chairman and CEO.
鈥淢arket participants are looking for more capacity and resilience. Along with our existing cross-margining arrangement with FICC, which already produces over US$2 billion in daily margin savings, CME Securities Clearing will provide another capital-efficient clearing option precisely when the market needs it most. Together, these complementary offerings give clients greater choice and a lower total cost to clear.鈥�
CME Securities Clearing is an SEC-registered clearing agency designed to help market participants comply with the SEC's Treasury clearing rule, which requires central clearing of eligible US Treasury cash transactions by 31 December 2026, and eligible repo transactions by 30 June 2027.
Suzanne Sprague, CME Group chief operating officer and global head of clearing and post-trade services, comments: 鈥淭his launch is the culmination of years of preparation and a natural extension of CME Group's expertise in clearing interest rate risk.
鈥淏y offering cross-margining between both CME Group clearing houses, as well as between CME Clearing and FICC, we will ensure that eligible firms have multiple avenues to secure the capital efficiencies that come from offsetting cash and futures positions.鈥�
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