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Joint Statement on CFTC-SEC Portfolio Margining Harmonization Efforts

June 27, 2019

Commodity Futures Trading Commission Chairman J. Christopher Giancarlo and Securities and Exchange Commission Chairman Jay Clayton issued the following joint statement today:

“We and our colleagues at the CFTC and the SEC are committed to working together to ensure that our regulations are effective, consistent, mutually reinforcing, and efficient. In certain cases, these important objectives are best served by harmonizing our rules. We believe we should explore whether portfolio margining is an area where increased harmonization would better serve our markets and our investors. We have asked our staffs to work together to assess the potential for portfolio margining of uncleared swaps with security-based swaps, to consider further efficiencies in cleared swaps and security-based swaps portfolio margining, and to explore expanding portfolio margining to futures and cash equity positions. We are particularly interested in identifying opportunities for efficiency that also will ensure robust investor protection and market integrity. In the near future, staff at our two agencies will be seeking further input from the public regarding these issues, including soliciting written comments and conducting additional market outreach.”

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