A device for clamping a collet in a machine tool having a rotatable spindle and a spindle nose thereon includes a mounting portion fastenable to the spindle and a clamping portion extending from the mounting portion. A bore is defined through the clamping portion and the mounting portion. At least one moveable ring is located within a portion of the bore defined by the clamping portion, the moveable ring being configured to receive the collet or any other appropriate clamping tool. At least one screw is mounted in the clamping portion and can be tightened against the moveable ring. The collet or clamping tool is attachable to the spindle nose of the machine tool and is drawn into the bore of the clamping portion. A method of clamping a collet includes providing the clamping device, attaching the device to the machine tool, inserting the collet into the clamping device, and attaching the collet to the spindle nose.