Securities and Exchange Commission
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-106037; File No. SR-CMESC-2026-005] August 4, 2026. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act”)  [ 1 ] and Rule 19b-4 thereunder, [ 2 ] notice is hereby given that on July 22, 2026, CME Securities Clearing Inc. (“CMESC”) filed with the Securities and Exchange Commission (“SEC” or “Commission”) the proposed rule change described in Items I, II, and III below, which Items have been substantially prepared by CMESC. CMESC filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act. [ 3 ] The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. CMESC's Statement of the Terms and Substance of the Proposed Rule Change The proposed rule change of CME Securities Clearing Inc. (“CMESC”) is annexed hereto as Exhibit 5 and consists of the CMESC Margin Policy (“Margin Policy” or “Policy”), which documents the design and core components of CMESC's proprietary margin methodology, i.e., the SPAN 2 framework, for purposes of administration and implementation of CMESC's margin model. As described in more detail below, the Margin Policy consists of six parts—the purpose and statement of the Policy, the applicability of the Policy, governance of the Policy, the role of the CMESC margin working group and the SPAN 2 framework and margin add-ons…
Citation: 91 FR 51191
