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"With U.S. debt reaching a record $40 trillion and the clearing mandate months away, the U.S. Treasury market is undergoing the biggest transformation in a generation." - Terry Duffy, Chairman and CEO, CME Group
CME Group has said it will launch a new clearing house, CME Securities Clearing Inc., on 7 December 2026, subject to regulatory approval. The venue will clear US Treasury cash and repo transactions and is intended to help firms meet the US Securities and Exchange Commission's central clearing mandate.
CME Securities Clearing is registered with the SEC as a clearing agency. It will sit alongside CME Group's existing cross-margining arrangement with the Fixed Income Clearing Corporation (FICC), the DTCC subsidiary that clears US Treasury cash and repo activity today.
Done-With And Done-Away Support
The clearing house will support both "done-with" and "done-away" execution and clearing, so clearing members and independent users can access it whether or not they execute with their clearer.
CME Group said eligible firms will be able to offset margin on eligible positions across both of its clearing houses, covering cash Treasuries, repo and CME Group interest rate futures. The company said the offsets will reduce margin requirements, free up capital and improve liquidity.
Two Routes To Capital Efficiency
CME Group is positioning the launch as an addition to, rather than a replacement for, its FICC arrangement, which it says currently generates more than $2 billion in daily margin savings.
"With U.S. debt reaching a record $40 trillion and the clearing mandate months away, the U.S. Treasury market is undergoing the biggest transformation in a generation. Market participants are looking for more capacity and resilience. Along with our existing cross-margining arrangement with FICC, which already produces over $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." - Terry Duffy, Chairman and Chief Executive Officer, CME Group
"This launch is the culmination of years of preparation and a natural extension of CME Group's expertise in clearing interest rate risk. By 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." - Suzanne Sprague, Chief Operating Officer and Global Head of Clearing and Post-Trade Services, CME Group
The Mandate Timetable
The SEC's Treasury clearing rule requires central clearing of eligible US Treasury cash transactions by 31 December 2026 and eligible repo transactions by 30 June 2027. The 7 December launch date gives firms a little over three weeks of live operation before the first deadline.
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