As per normal review, CME Clearing has undertaken a review of the liquidity and concentration risk components used in the SPAN 2 framework’s Equity Pod, specifically involving parameters related to options within those components. Following this review, CME Clearing has determined it will make adjustments to the options related parameters in the liquidity and concentration risk components for the Equity Pod to effectively align with current liquidity and concentration risk profiles.

While the impact to production portfolios will vary depending upon the risk profile for each individual portfolio, CME Clearing expects limited impact, with aggregate change in the total margin for futures and options products to be negligible. To understand impacts to your individual portfolio, please refer to the margin requirements via the SPAN 2 risk parameter “x” file that will be published at approximately 8:00 am CST on October 3rd, 2025. Margin requirements from the “x” file can also be consumed via CME CORE.

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