SEC and CFTC Seek Input on Unified Securities and Derivatives Margin Rules

The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission separately oversee securities and derivatives markets, each with its own margin regime. As crypto derivatives and multi-asset trading expand, unified portfolio margin rules could reduce duplicative collateral requirements, free up liquidity and ease market fragmentation.

The SEC and CFTC have launched a joint public consultation seeking market feedback on calculating margin across securities and derivatives positions, including eligible assets, risk measurement and regulatory coordination. The agencies have not proposed specific monetary thresholds. The 60-day comment period will begin when the document is published in the Federal Register.