Financial and Regulatory Surveillance

Get insights on processes and policies we use to manage risk and how we work with clearing members.

Our team continuously monitors and collaborates with clearing members for the designated contract markets (CME, CBOT, NYMEX, and COMEX) to ensure financial integrity.

Clearing members must comply with rigorous reporting requirements on a daily, bimonthly, and monthly basis, with more frequent reporting required when directed.

We work closely with the Joint Audit Committee (JAC), made up of U.S. futures exchanges, to share information and ensure the financial integrity of our clearing members.


The Financial and Regulatory Surveillance Department monitors the capital requirements of clearing members based on the risk associated with the positions of each clearing member. We also continuously assess clearing members' internal controls, risk-management policies, and back-office operations to identify potential issues and promote resilience.

Financial Surveillance Programs

Learn about our three-pronged approach to managing risk and ensuring integrity.


Clearing members must calculate segregation requirements and ensure compliance with CFTC and exchange capital requirements on a daily basis.

  • Report the segregation, secured 30.7, and customer cleared swaps statements daily. Depositories must independently verify the FCM’s customer balances. 
  • Report details concerning investments of customer funds bi-monthly 
  • Submit full financial statements monthly
  • Provide audited financial statements annually
  • Make more frequent reports as directed


Clearing members are required to report any failure to meet segregation or minimum capital requirements.


Clearing members must notify the Financial and Regulatory Surveillance Department prior to:

  • Any significant business transaction
  • A significant change in operations


Clearing members generally are subject to a financial and operational risk-based examination every year.


These examinations are:

  • Tailored to the specific risks of the clearing member
  • Conducted in accordance with the JAC examination program
  • Performed on a surprise basis

Joint Audit Committee

The Joint Audit Committee (JAC), composed of U.S. futures exchanges, is a representative committee of the Audit and Financial Surveillance departments of exchanges and regulatory organizations.

Enhancing and Assisting U.S. Futures Exchanges

Customer protection and the financial integrity of the exchanges/clearing organizations are the foremost goals to be achieved through the review of futures commission merchants (FCMs). These goals are achieved by monitoring and enforcing Commodity Futures Trading Commission (CFTC) regulations and exchange rules covering minimum financial, segregation, secured and customer cleared swap, recordkeeping, and reporting requirements.

Lessening the Regulatory Burden

The CFTC has oversight responsibility of the U.S. commodity industry. The exchanges and National Futures Association (NFA) have primary responsibility for ensuring market participants are adhering to rules and regulations. The Joint Audit Committee (JAC) was formed to enhance uniformity among participants as well as lessen the regulatory burden for FCMs that are members of multiple exchanges.

Reducing Regulatory Duplication

To ensure the financial integrity of its clearing members, CME Group participates in the JAC – a representative committee of the Financial Surveillance departments of U.S. futures exchanges and regulatory organizations. Because many clearing members are members of other exchanges, the JAC assigns a "lead regulator" to common members to reduce regulatory duplication. The lead regulator, or Designated-Self Regulatory Organization (DSRO), is primarily responsible for the financial surveillance of its allocated members.

Examining Exchange Customer Protections

The DSRO will perform a risk-based examination upon its allocated members, designed to protect customers and ensure exchange financial integrity. Such examinations are conducted in accordance with the JAC Examination Program, which is reviewed by the CFTC. The CFTC may, at its discretion, perform its own examination of an FCM.


CME Clearing serves as the neutral counterparty to every futures, option, and OTC trade, ensuring market integrity and reducing risk. Learn about the integral role we play in the global marketplace.

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Risk Management

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CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

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