SEC, CFTC Seek Public Comment on the Harmonization of Portfolio Margining Frameworks

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On June 26, 2026, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission issued a joint request for public comment on potential approaches to further harmonize portfolio margining frameworks across securities, security-based swaps, futures, swaps, and related positions. The agencies state the request is intended to help them evaluate whether greater coordination or alignment in portfolio margining requirements may improve risk management efficiency, reduce unnecessary market fragmentation, and enhance customer protections. The request seeks input on topics including existing portfolio margining models and practices, customer protection considerations, cross-margining and cross-product offsets, capital, segregation, and collateral treatment, risk management and margin methodologies, clearing agency and derivatives clearing organization considerations, operational and technical implementation issues, and potential impacts on market liquidity and competition. The agencies state that the public comment period will remain open for 60 days following publication of the request for comment in the Federal Register.

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