As per normal review, CME Clearing has undertaken a review of parameters within both the historical value-at-risk and stress value-at-risk subcomponents of the market risk component of the SPAN 2 framework’s crude pod. Following this review, CME Clearing has determined that it will implement adjustments to certain parameters, which include the hypothetical stressed scenarios and volatility floors, to more closely align with the current market regime across the term structure for crude and refined products. While the impact to production portfolios will vary depending upon the risk profile for each individual portfolio, CME Clearing expects a decrease in the total margin for futures and options products to be by under 1%.

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 December 9th, 2025. Margin requirements from this “x” file can also be consumed via CME CORE.

The associated changes will be effective after the close of business on: December 9th, 2025.

Additional details regarding the SPAN 2 framework can be found here.

Please contact our Clearing Post Trade Services Team with any questions.

posttradeservices@cmegroup.com                                                                                        

US: +1 312 580 5353, UK: +44 20 3379 3500, APAC: +65 6593 5599

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