SEC Approves Change to CME Margin Rules for Single-Stock Futures

The SEC approved CME rule changes lowering the margin that customers must post to trade single-stock futures.

In April 2026, CME registered as a national securities exchange for security futures so it could list single-stock futures, which the SEC and CFTC jointly regulate (see prior coverage). CME amended Rule 930 to set customer margin at a minimum of 15 percent of a contract's market value, matching the joint SEC-CFTC floor (see prior coverage). Also, the rule amendment allows lower combined margin for offsetting hedged positions, with a table of qualifying combinations, mirroring the treatment of comparable stock options. Acceptable margin includes cash, eligible securities, and government bonds, but a customer generally cannot post its own company's stock.

The rule amendment excludes qualifying market makers from the customer-margin requirements provided that the firm: (i) is both a CME member and an SEC-registered dealer, (ii) actively quotes prices on a regular basis, and (iii) keeps records proving it meets the CME's market-making standards.

If a customer misses a margin call, the firm carrying the account must take a capital charge and may have to liquidate the account.