美国证券交易委员会批准豁免令和提议的规则变更，以允许客户在美国国债市场进行交叉保证金

美国证券交易委员会今天发布了一项有条件豁免令，允许客户对由注册清算机构清算的美国国债现金市场头寸和由注册衍生品清算组织清算的美国国债期货头寸进行交叉保证金。该命令规定，对于在商品期货交易委员会（CFTC）双重注册为期货佣金商、并且是清算机构和衍生品清算组织的联合清算会员的经纪自营商，可以豁免经纪自营商客户保护规则，允许经纪自营商在满足订单条件的情况下，向期货账户中的某些客户提供交叉保证金。
此外，美国证券交易委员会还批准了固定收益清算公司 (FICC) 提交的拟议规则变更，根据该变更，固定收益清算公司 (FICC) 将与芝加哥商品交易所 (CME) 签订拟议的第三次修订和重述交叉保证金协议，并将该协议与相关规则变更一起纳入 FICC 政府证券部规则。该协议将把交叉保证金的可用性扩展到由双重注册的经纪自营商和期货佣金商（FICC 和 CME 的共同成员）为客户清算和持有的头寸。该协议及相关规则与豁免令一致。在此之前，只有清算会员可以将在 CME 清算的美国国债的跨保证金期货头寸与在 FICC 清算的美国国债的现金市场头寸进行交叉。
“今天发布的命令完成了财政部清算实施的又一步，”一直领导 SEC 在这一领域工作的 SEC 委员 Mark T. Uyeda 表示。 “它推进了 SEC 和 CFTC 释放额外流动性的目标，并有助于确保美国国债市场保持弹性。”
豁免令和批准拟议规则变更的命令将在《联邦公报》公布之前在 SEC.gov 上公布，相关的 CFTC 豁免令将在 CFTC.gov 和《联邦公报》上公布。

The Securities and Exchange Commission today issued a conditional exemptive order that permits customer cross-margining of cash market positions in U.S. Treasury securities cleared by a registered clearing agency and futures positions in U.S. Treasury securities cleared by a registered derivatives clearing organization. The order provides for an exemption from the broker-dealer customer protection rule for a broker-dealer that is dually-registered as a futures commission merchant with the Commodity Futures Trading Commission (CFTC), and is a joint clearing member of the clearing agency and derivatives clearing organization, to permit the broker-dealer to make cross-margining available to certain customers in a futures account provided the conditions of the order are met.
In addition, the Securities and Exchange Commission approved a proposed rule change filed by the Fixed Income Clearing Corporation (FICC) pursuant to which it would enter into a proposed Third Amended and Restated Cross-Margining Agreement with the Chicago Mercantile Exchange Inc. (CME) and incorporate that agreement into the FICC Government Securities Division rules, along with related rule changes. The agreement 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. The agreement and related rules are consistent with the exemptive order. Prior to today only clearing members could cross-margin futures positions in U.S. Treasury securities cleared at CME with cash market positions in U.S. Treasury securities cleared at FICC.
“Today’s issuance of orders completes another step in the implementation of Treasury clearing,” said SEC Commissioner Mark T. Uyeda, who has been leading the SEC’s efforts in this area. “It advances the goal of both the SEC and the CFTC to unlock additional liquidity and helps ensure the market for U.S. Treasury securities remains resilient.”
The exemptive order and order approving the proposed rule change will be available on SEC.gov before publication in the Federal Register, and a related CFTC exemptive order will be available on CFTC.gov and also in the Federal Register.