The US Securities and Exchange Commission (SEC) has approveda package of measures that will allow certain customers to cross‑margincash U.S. Treasury securities and related Treasury futures. The step marksanother stage in the rollout of the US Treasury clearing framework and aims tosupport liquidity and resilience in the market.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).Conditional Relief for Dual-Registered FirmsThe SEC issued a conditional exemptive order that permitscustomer cross‑margining between cash Treasury positions cleared at aregistered clearing agency and Treasury futures positions cleared at aregistered derivatives clearing organization.The relief applies to a broker‑dealer that also registers as afutures commission merchant (FCM) with the Commodity Futures Trading Commission(CFTC) and acts as a joint clearing member of both clearing entities. Under theorder, such firms may offer cross‑margining to eligible customers ina futures account, provided they comply with the conditions of the exemptionfrom the broker‑dealer customer protection rule.NEW: SEC Approves Exemptive Order and Proposed Rule Change to Permit Customer Cross-Margining in the U.S. Treasury MarketRead more: https://t.co/jTiN7BZgqZ— U.S. Securities and Exchange Commission (@SECGov) April 15, 2026The SEC’s move matters for FX and CFDs mainly through liquidity and funding channels rather than through direct rule changes: by allowing cross‑margining between cash Treasuries and Treasury futures, regulators lower collateral and funding costs for major macro and basis traders.You may also like: Pakistan Ends Seven-Year Crypto Banking Ban but Bars Trading by BanksThis can support more stable risk‑taking and liquidity in U.S. rates, a core anchor for global pricing in FX and index underlyings. It also reduces the chance of margin‑driven shocks spilling over into bank and non‑bank liquidity provision to FX and CFD markets.It allows these firms to recognize offsettingrisk between matched cash and futures Treasury positions in defined customerportfolios while remaining within the regulatory safeguards set out in theexemptive order.FICC–CME Agreement Extends Cross-Margining to ClientsSeparately, the SEC approved a proposed rule change from theFixed Income Clearing Corporation (FICC). The change allows FICC to enter intoa Third Amended and Restated Cross‑Margining Agreement with ChicagoMercantile Exchange Inc. (CME) and to incorporate that agreement into the rulesof FICC’s Government Securities Division,together with related rule amendments.The new agreement extends cross‑margining topositions cleared and carried for customers by a dually registered broker‑dealerand FCM that is a common member of FICC and CME. Until now, only clearingmembers’ proprietary positions could be cross‑marginedbetween Treasury futures at CME and cash Treasuries at FICC.“Today’s issuance of orders completes another step in theimplementation of Treasury clearing,” said SEC Commissioner Mark T. Uyeda, whohas led the SEC’s work in this area. “It advances the goal of both the SEC andthe CFTC to unlock additional liquidity and helps ensure the market for U.S.Treasury securities remains resilient.”The SEC said the exemptive order and the order approving therule change will appear on SEC.gov before publication in the Federal Register.A related CFTC exemptive order will also be available on CFTC.gov and in theFederal Register.This article was written by Jared Kirui at www.financemagnates.com.