The conditional exemptive order is designed to permit customer cross-margining of cash market positions in US Treasury securities cleared by a registered clearing agency
The continuation follows a review by Muqassa and Thomas Murray in line with CPMI-IOSCO self-assessment, where financial market infrastructures evaluate their compliance with the 24 principles
In the new exemptive order, the SEC allows broker-dealers to pledge baskets of liquid equity securities as collateral when borrowing equity securities from customers under a ‘fully-paid borrow’
The CMB says the original ban was imposed on 15 March 2026 to ensure the functioning of capital markets in a reliable, transparent, and stable environment
The plan provides a practical framework for all market participants and financial market infrastructures to test their readiness for the move to T+1 settlement
The organisation is inviting input from the wider public, including asset owners, market participants, regulators, and technology specialists on its 2026 Action Plan
The two regulatory products published by the ECB aim to support a transparent, predictable, and consistent approach to model assessment and authorisation across the EU
The decision aims to enhance market efficiency and increase liquidity and depth, thereby supporting the stability of transactions and protecting the rights of investors
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