On 22 September 2026, Commodity Futures Trading Commission (CFTC) Chairman Michael S. Selig delivered a speech and outlined priorities for US derivatives markets. Speaking at the US Treasury Market Conference, he addressed Treasury clearing, tokenised collateral, payment stablecoins and 24/7 trading. He also called for closer surveillance across cash and derivatives markets. The remarks expressed his personal views and did not themselves introduce new rules.1
Treasury Clearing and Customer Cross-Margining
Selig discussed preparations for the Securities and Exchange Commission’s (SEC) Treasury clearing requirements. Compliance deadlines are 31 December 2026 for eligible cash transactions and 30 June 2027 for eligible repo transactions.2 Earlier in 2026, the CFTC and SEC granted conditional relief supporting expanded customer cross-margining arrangements. These cover eligible Treasury securities and related futures positions cleared through Chicago Mercantile Exchange (CME) and Fixed Income Clearing Corporation (FICC).Cross-margining recognises offsetting risks across positions, potentially reducing the collateral required from participating customers. Under the CFTC order, eligible joint clearing members registered as broker-dealers and futures commission merchants (FCMs) receive specified relief. This permits them to hold futures customer funds in a commingled customer account at FICC, subject to conditions.3
Selig also said he had directed staff to prepare rule changes permitting FCMs to undertake cleared repo transactions involving customer funds. The intended timing is ahead of the June 2027 deadline. This remains planned regulatory work.1 Separately, the agencies have sought public comments on expanding portfolio margining and cross-margining. Their joint consultation considers related positions, customer protection, segregation and capital implications. It does not establish a new mandatory margining framework.4
Tokenised Collateral and Payment Stablecoins
Selig identified tokenisation of real-world assets as a priority for market development. He described potential benefits including faster settlement and real-time collateral transfers between clearinghouses, intermediaries and customers. He linked these developments to preparations for blockchain technology, artificial intelligence and onchain finance. The stated policy objective is to support innovation while preserving market integrity.1
The speech also highlighted existing staff relief concerning digital assets accepted as margin collateral. In February 2026, CFTC staff revised the relevant payment stablecoin definition to include national trust banks as permitted issuers. That revision appears in CFTC Letter No. 26-05. It preserves the conditions attached to the underlying no-action position, including applicable collateral valuation and haircut requirements. The letter provides conditional staff relief for specified activities.5
A Product-Specific Approach to 24/7 Trading
Selig indicated that suitability for continuous trading depends on the relevant market and product. He suggested that crypto assets and precious metals may currently be suitable for 24/7 trading. Agricultural products, energy and certain financial products may require a different assessment. These observations did not constitute product approvals.1
The CFTC has already sought comments on extending trading hours, and staff issued a related advisory in May 2026. Selig emphasised that surveillance, margin frameworks and operational safeguards must support continuous operations before broader adoption. The staff advisory addresses existing responsibilities associated with extended trading and clearing. These include real-time monitoring, risk controls and measures to prevent manipulation or settlement disruption.6
Cross-Market Surveillance Remains a Priority
Selig emphasised the growing connections between Treasury securities, repo financing, futures and swaps. He called for better data and more integrated surveillance of positions, leverage and liquidity. For market participants, the speech signals continued regulatory attention to clearing efficiency, digital collateral and operational readiness. Firms assessing these developments should distinguish the conditions of existing relief from policy initiatives requiring further regulatory action.1
Footnotes
- CFTC, Keynote Remarks at 2026 U.S. Treasury Market Conference, Chairman Michael S. Selig, 22 September 2026, introductory remarks and sections “What We’ve Done” and “Looking Ahead”.
- SEC, Treasury Clearing Requirements—Extension of Compliance Dates, Release No. 34-102487, 25 February 2025, “Compliance Date”.
- CFTC, Order Providing Exemptive Relief to Facilitate Customer Cross-Margining at CME and FICC, 91 FR 20880, 20 April 2026, sections I and IX; SEC, Conditional Exemptive Relief for Cross-Margining of Cleared US Treasury Securities and Related Futures, 91 FR 21035, 20 April 2026.
- SEC and CFTC, Joint Request for Comment on Further Implementation of Portfolio Margining and Cross-Margining of Securities and Derivatives, 91 FR 39579, 30 June 2026, sections I–II.
- CFTC, Staff No-Action Position Regarding Digital Assets Accepted as Margin Collateral, Letter No. 26-05, 6 February 2026, pp. 1–2 and section III.
- CFTC, Staff Advisory for Extending Trading and/or Clearing Operations to a 24 Hours-a-Day, 7-Days-a-Week Basis, Letter No. 26-16, 29 May 2026, section II.
