CFTC Approves Final Rule Amending Margin Requirements for Uncleared Swaps
On 13 July 2026, the CFTC approved a final rule amending margin requirements for uncleared swaps for swap dealers and major swap participants that are not subject to prudential regulator margin rules. The rule expands the range of assets that qualify as eligible initial margin collateral, notably by removing a provision that had disqualified securities issued by money market and similar funds when those fund assets were moved through securities lending, repurchase agreements and similar arrangements. It also provides relief for seeded funds, so that qualifying collective investment vehicles funded with a sponsor's start-up capital do not trigger the thresholds that require exchanging initial margin for up to three years after the asset manager begins investing, and it sets specific haircuts for money market and similar funds. The CFTC framed the changes as unlocking liquidity for capital allocators and supporting responsible financial innovation while maintaining robust risk management standards.
Read the announcement on CFTC.gov