The SEC and CFTC have finally begun working together on the PM framework. If cross-product margin offsets can be implemented, it will be a tangible cost reduction and efficiency improvement for market makers and institutions—await the detailed rules.

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly issued a public request for comment, aiming to further coordinate the regulatory framework for portfolio margining of securities, security-based swaps, futures, and related products to enhance risk management efficiency, reduce market fragmentation, and strengthen investor protection. The request for comment covers topics such as cross-product margin offsets, customer protection, collateral management, risk models, clearing mechanisms, and market liquidity. The public comment period is 60 days after publication in the Federal Register.