The Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange LLC (NYSE) and the Chicago Board Options Exchange (CBOE) have filed a proposed rule change with the Securities and Exchange Commission with regard to their respective portfolio margin programs (the Program). The proposal is immediately effective and makes permanent the pilot portfolio margin program (the Pilot Program) that certain self-regulatory organizations (SROs) implemented approximately 18 months ago. The Program, which is substantively similar across the SROs, permits members to margin certain products according to a prescribed portfolio margin methodology. FINRA, NYSE and CBOE stated that they have not encountered any problems or difficulties since implementing the Pilot Program. Moreover, each believed that the Program better aligns margin requirements with the actual risk of hedged products and promotes greater reasonableness, accuracy and efficiency with respect to margin requirements.