Launching SPAN 2 Initial Margin Framework in Q3 2023

The SPAN 2TM framework will be rolled out for specific product groupings in a phased multi-year approach after extensive testing, starting with major NYMEX energy futures and options on futures.

Over the next few years, margins for diversified portfolios will consist of products using the SPAN 2 framework and also in existing SPAN; appropriate levels of offsets will continue to be provided across products subject to the SPAN and SPAN 2 frameworks.

Contact Us

Global Support

US: +1 312 580 5353

UK: +44 20 3379 3500

APAC: +65 6593 5599

Products in Scope

Category Example Products
Regular Futures - Seasonal & Non-Seasonal  CL, NG, NN, RB, HO
Vanilla Options on Regular Futures – Seasonal & Non-Seasonal  LO, LN, BZO, BE
Swaps and Spreads on Regular Futures  CS, BK, GZ, RBB
Non-Standard Options  AO, WA, BV, 9C


CME will be migrating Clearing Member Firms from the SPAN Framework to the SPAN 2 Framework on the following weekends in Q3 of 2023:

  • July 21
  • August 11
  • August 25
  • September 8

During the timeframe from July 21 – September 8, 2023, both the SPAN and SPAN 2 Margin Frameworks will be active production margin models until all Clearing Member Firms have completed their migration to the SPAN 2 Margin Framework. 

CME will engage our FCM working group to facilitate registration for specific migration weekends. 

All market participants that trade the Products in Scope should focus on achieving operational and technical readiness by June to prepare for this migration to the SPAN 2 Framework.

You can use the suite of margin tools available within CME Clearing’s margin services to compute margins and compare margin changes between the SPAN and SPAN 2 framework. SPAN will be supported for the foreseeable future.

PC SPAN software will not be updated to support the SPAN 2 methodology

  • CME to incorporate most commonly used PC SPAN functionality into CME CORE and Deployable Margin Engine
  • PC SPAN software will continue to support products margined through the SPAN Methodology

SPAN 2 Framework Timelines

CME will continue to update the timeline with key dates around going live as we aim to acheve operational readiness in 2023.

Roadmap of SPAN 2 Initial Margin Calculation Tools for In-Scope Energy Futures and Options

Prod Parallel Phase

During the Prod Parallel phase, that began in November 2020, CME Clearing will run SPAN in production and the SPAN 2 framework in production parallel. Clearing members and service providers can use this time for testing and preparation. The prod parallel margin report is now available for clearing members.

Clearing Member

Clearing members can compare margin levels using the SPAN2 framework with SPAN for in scope products:

Using SPAN today?

An updated version will be available via the Hosted Solution

A bespoke solution

A deployable solution is available to allow a customer to develop a bespoke on-premise solution


Clients can see how SPAN 2 margins compare with SPAN margins via CME CORE, the CME Clearing online risk engine.

Login to CME Core

Service Provider

Service providers will be offered several solutions from which they can build tools to evaluate how SPAN and SPAN 2 margin levels compare.

Operational Implementation

Clearing Member: Programmatic Integration with the SPAN 2 framework

Dependent on use case, there are several solutions available for customers.

Hosted Solution

  • Margin API
  • CME Hosted Web Service as calculation process
  • Extends existing functionality

Deployable Margin Software

  • Java Margin Engine
  • Deployed on Clearing Member Infrastructure
  • Windows and Linux supported

Service Provider: Programmatic Integration with SPAN 2

Service Providers can provide native integration or use the web service running on CME. FCM back office systems have a different option for integrating with the new model. The JAVA margin engine contains SPAN and SPAN 2 margin methodology.

Native Integration: operates in existing SP structure

Hybrid Integration: running locally on FCM infrastructure on separate Linux/Windows server


Service Providers supporting the SPAN 2 margin framework

CME has been working closely with industry Service Providers on supporting the SPAN 2 margin framework. The list will be updated as more providers become operationally ready.

Firm Name

Contact Information

Cassini Systems

Marc Knapp
Euro Finance Systems Claudio Ghelfi
T: +39 3316663823

FIS Global

Rick Jackson
T: +1 312 402 5502


T: +1 212 906 0050

KRM22 Dave Zurkowski

Open Gamma

Joe Midmore
T: +44 (0)20 3725 3333  
OptiMargin Alex Vugman, Founder
T: +1 917 836 4988

React Consulting Services

Patrick Mayo
T: +1 312-371-0967

Revendex Solutions GmbH

Peter M. Hollenstein
T: +41 79 677 94 99
T: +41 43 305 83 64
The Technancial Company Rocco Pisano