In a September 2025 Coalition Greenwich study, 94% of survey respondents indicated a belief in achieving margin savings across their portfolio of USD interest rate swaps and futures. CME Group’s Portfolio Margining program currently facilitates this with record levels of utilization, helping clients realize over $8B in daily margin savings. The demand for these types of capital efficiencies is expected to increase with upcoming clearing mandates. Key findings from this study include:
After liquidity, derivatives participants view initial margin as having the highest impact on their total cost of trading.
93% of surveyed participants signaled a willingness to selectively clear trades (i.e., invoice swap spreads) at a specific CCP to take advantage of cross-margining, even when accounting for variables such as the CME-LCH basis.
Clearing mandates for cash U.S. Treasuries and repos will open the door to savings opportunities that span cash, futures and swaps. CME Group aims to unlock this for clients following the launch of CME Securities Clearing.
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
