{"description":"Documents matching 'swap' and from Commodity Futures Trading Commission","count":976,"total_pages":49,"next_page_url":"https://www.federalregister.gov/api/v1/documents?conditions%5Bagencies%5D%5B%5D=commodity-futures-trading-commission&conditions%5Bterm%5D=swap&format=json&page=2","results":[{"title":"Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants","type":"Rule","abstract":"The Commodity Futures Trading Commission (\"Commission\") is amending the margin requirements for uncleared swaps applicable to swap dealers and major swap participants that are not subject to the margin rules of a prudential regulator. The amendment revises the definition of \"margin affiliate\" in the Commission's regulations to provide that certain collective investment vehicles (\"investment funds\" or \"funds\") that receive start-up capital from a sponsor entity (\"seeded funds\") would be deemed not to have any margin affiliates or to constitute margin affiliates of another entity for the purposes of calculating certain thresholds that trigger the requirement to exchange initial margin for uncleared swaps (\"Seeded Funds Amendment\"). The Seeded Funds Amendment relieves swap dealers and major swap participants subject to the Commission's uncleared swaps margin rules from the requirement to post and collect initial margin with certain eligible seeded funds for a period of up to three years from the date on which the eligible seeded fund's asset manager begins making investments on behalf of the fund (\"trading inception date\"). The Commission is also eliminating a provision disqualifying securities issued by certain pooled investment funds (\"money market and similar funds\") whose asset managers transfer fund assets through securities lending, securities borrowing, repurchase agreements, reverse repurchase agreements, and similar arrangements from being used as eligible initial margin collateral for uncleared swaps, thereby expanding the scope of assets that qualify as eligible collateral (\"Eligible Collateral Amendment\"). Additionally, the Commission is amending the haircut schedule for eligible margin collateral for uncleared swaps to address the haircuts applicable to money market and similar funds (\"Haircut Schedule Amendment\").","document_number":"2026-14509","html_url":"https://www.federalregister.gov/documents/2026/07/17/2026-14509/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participants","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-07-17/pdf/2026-14509.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-14509.pdf?1784205929","publication_date":"2026-07-17","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"uncleared <span class=\"match\">swaps</span> held by the SD or MSP.\n 8 \n \n In 2016, the Commission promulgated Commission Regulations 23.150 through 23.161 (“CFTC Margin Rule”) to implement section 4s(e).\n 9 \n \n \n \n \n 1 \n  7 U.S.C. 6s(e) (capital and margin requirements).\n \n \n \n \n 2 \n  CEA section 1a(47), 7 U.S.C. 1a(47) (<span class=\"match\">swap</span> definition); Commission Regulation 1.3, 17 CFR 1.3 (further definition of a <span class=\"match\">swap</span>). A <span class=\"match\">swap</span> includes, among other things, an interest rate <span class=\"match\">swap</span>, commodity <span class=\"match\">swap</span>, credit default <span class=\"match\">swap</span>, and currency <span class=\"match\">swap</span>.\n \n \n \n \n 3 \n  CEA section 1a(49), 7 U.S.C. 1a(49) (<span class=\"match\">swap</span> dealer"},{"title":"Joint Request for Comment on Swap and Security-Based Swap Data Reporting","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (\"CFTC\") and the Securities and Exchange Commission (\"SEC\") (together, the \"Commissions\") request public comment on potential changes to the design, scope, and structure of swap and security-based swap data reporting requirements.","document_number":"2026-12742","html_url":"https://www.federalregister.gov/documents/2026/06/24/2026-12742/joint-request-for-comment-on-swap-and-security-based-swap-data-reporting","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-06-24/pdf/2026-12742.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-12742.pdf?1782218724","publication_date":"2026-06-24","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"},{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"amended the Commodity Exchange Act (“CEA”) \n 2 \n \n and Securities Exchange Act of 1934 (“Exchange Act”) \n 3 \n \n to require that <span class=\"match\">swap</span> and security-based <span class=\"match\">swap</span> (“SBS”) transactions be reported to <span class=\"match\">swap</span> data repositories (“SDRs”) and security-based <span class=\"match\">swap</span> data repositories (“SBSDRs”), respectively, and to require the Commissions to make <span class=\"match\">swap</span> and SBS transaction and pricing data available to the public.\n 4 \n \n Since the adoption of the <span class=\"match\">swap</span> and SBS data reporting frameworks under Title VII of the Dodd-Frank Act,\n 5 \n \n market participants have accumulated over"},{"title":"Revisions to Business Conduct and Swap Documentation Requirements for Swap Dealers and Major Swap Participants","type":"Rule","abstract":"The Commodity Futures Trading Commission (\"CFTC\" or \"Commission\") is adopting a final rule (the \"Final Rule\") amending certain of the Commission's business conduct and documentation requirements applicable to swap dealers and major swap participants. The Final Rule provides exceptions to compliance with such requirements when executing swaps that are intended by the parties to be cleared contemporaneously with execution, or subject to prime broker arrangements that meet certain qualifying conditions, and makes certain other changes discussed herein. The adopted amendments supersede certain no-action positions issued by the Commission's Market Participants Division (\"MPD\"), which the Commission expects MPD to terminate in due course.","document_number":"2025-23953","html_url":"https://www.federalregister.gov/documents/2025/12/30/2025-23953/revisions-to-business-conduct-and-swap-documentation-requirements-for-swap-dealers-and-major-swap","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-12-30/pdf/2025-23953.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-23953.pdf?1767015913","publication_date":"2025-12-30","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"wide variety of contexts in which uncleared <span class=\"match\">swaps</span> are executed between <span class=\"match\">Swap</span> Entities and their non-<span class=\"match\">Swap</span> Entity counterparties. This includes <span class=\"match\">swaps</span> executed pursuant to PB arrangements where a PB that is an SD does not know the price or other material economic terms of a <span class=\"match\">swap</span> until after it is obligated to enter into the <span class=\"match\">swap</span>. It also includes, as discussed above, ITBC <span class=\"match\">Swaps</span> where the <span class=\"match\">Swap</span> Entities do not know the identity of their counterparty prior to execution, and widely-traded, highly-liquid <span class=\"match\">swaps</span> where the disclosure of a PTMMM is redundant"},{"title":"Revisions to Business Conduct and Swap Documentation Requirements for Swap Dealers and Major Swap Participants; Correction","type":"Rule","abstract":"The Commodity Futures Trading Commission (CFTC or Commission) is correcting a final rule published in the Federal Register on December 30, 2025. The final rule amended certain of the Commission's business conduct and documentation requirements applicable to swap dealers and major swap participants. This correction rectifies a technical error that would otherwise result in the unintended removal of an appendix to the Commission's regulations that was not meant to be altered by the final rule.","document_number":"2026-01712","html_url":"https://www.federalregister.gov/documents/2026/01/28/2026-01712/revisions-to-business-conduct-and-swap-documentation-requirements-for-swap-dealers-and-major-swap","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-01-28/pdf/2026-01712.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-01712.pdf?1769521519","publication_date":"2026-01-28","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"recommended <span class=\"match\">swap</span> or trading strategy involving a <span class=\"match\">swap</span>—general suitability (§ 23.434(a)(1))—and have a reasonable basis to believe that the recommended <span class=\"match\">swap</span> or trading strategy involving a <span class=\"match\">swap</span> is suitable for the counterparty—specific suitability (§ 23.434(a)(2)). To satisfy the general suitability obligation, a <span class=\"match\">swap</span> dealer must undertake reasonable diligence that will vary depending on, among other things, the complexity of and risks associated with the <span class=\"match\">swap</span> or <span class=\"match\">swap</span> trading strategy and the <span class=\"match\">swap</span> dealer's familiarity with the <span class=\"match\">swap</span> or <span class=\"match\">swap</span> trading strategy"},{"title":"Revisions to Business Conduct and Swap Documentation Requirements for Swap Dealers and Major Swap Participants","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (\"CFTC\" or \"Commission\") is proposing amendments to certain of the Commission's business conduct and documentation requirements applicable to swap dealers and major swap participants. These amendments would provide exceptions to compliance with such requirements when executing swaps that are: intended by the parties to be cleared contemporaneously with execution; or subject to prime broker arrangements that meet certain qualifying conditions. The proposed amendments would also make certain other changes discussed herein. The proposed amendments, if adopted, would supersede certain no-action positions issued by the Commission's Market Participants Division (\"MPD\").","document_number":"2025-18924","html_url":"https://www.federalregister.gov/documents/2025/09/30/2025-18924/revisions-to-business-conduct-and-swap-documentation-requirements-for-swap-dealers-and-major-swap","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-09-30/pdf/2025-18924.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-18924.pdf?1759149912","publication_date":"2025-09-30","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"unworkable in a wide variety of contexts in which uncleared <span class=\"match\">swaps</span> are executed between <span class=\"match\">Swap</span> Entities and their non-<span class=\"match\">Swap</span> Entity counterparties. This includes <span class=\"match\">swaps</span> executed pursuant to PB arrangements where a PB that is an SD does not know the price of a <span class=\"match\">swap</span> until after it is obligated to enter into the <span class=\"match\">swap</span>. It also includes, as discussed above, ITBC <span class=\"match\">Swaps</span> where the <span class=\"match\">Swap</span> Entities do not know the identity of their counterparty prior to execution, and widely-traded, highly-liquid <span class=\"match\">swaps</span> where the disclosure of a PTMMM is redundant because bid/offer"},{"title":"Swap Execution Facility Order Book Requirement for Permitted Transactions","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (\"Commission\" or \"CFTC\") proposes to amend its regulations for swap execution facilities (\"SEFs\") to remove the requirement for SEFs to offer an order book for swap transactions that are not subject to trade execution requirement under section 2(h)(8) of the Commodity Exchange Act (\"CEA\" or \"Act\"). These types of swap transactions are referred to in the Commission's regulations as \"permitted transactions.\"","document_number":"2026-17416","html_url":"https://www.federalregister.gov/documents/2026/08/26/2026-17416/swap-execution-facility-order-book-requirement-for-permitted-transactions","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-08-26/pdf/2026-17416.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-17416.pdf?1787661916","publication_date":"2026-08-26","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"to amend its regulations for <span class=\"match\">swap</span> execution facilities (“SEFs”) to remove the requirement for SEFs to offer an order book for <span class=\"match\">swap</span> transactions that are not subject to trade execution requirement under section 2(h)(8) of the Commodity Exchange Act (“CEA” or “Act”). These types of <span class=\"match\">swap</span> transactions are referred to in the Commission's regulations as “permitted transactions.” \n \n \n DATES: \n Comments must be received on or before September 25, 2026. \n \n \n ADDRESSES: \n You may submit comments, specifically referencing “<span class=\"match\">Swap</span> Execution Facility Order Book"},{"title":"Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0096, Swap Data Recordkeeping and Reporting Requirements","type":"Notice","abstract":"The Commodity Futures Trading Commission (\"CFTC\" or \"Commission\") is announcing an opportunity for public comment on the proposed renewal of an information collection by the agency. Under the Paperwork Reduction Act (\"PRA\"), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the information collections pertaining to the Commission's swap data recordkeeping and reporting requirements. These rules impose recordkeeping and reporting requirements on the following entities: Swap Dealers (\"SDs\"), Major Swap Participants (\"MSPs\"), Swap Execution Facilities (\"SEFs\"), designated contract markets (\"DCMs\"), swap data repositories (\"SDRs\"), derivatives clearing organizations (\"DCOs\"), and swap counterparties that are neither swap dealers nor major swap participants (\"non-SD/MSP counterparties\").","document_number":"2026-12041","html_url":"https://www.federalregister.gov/documents/2026/06/16/2026-12041/agency-information-collection-activities-notice-of-intent-to-extend-collection-3038-0096-swap-data","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-06-16/pdf/2026-12041.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-12041.pdf?1781527510","publication_date":"2026-06-16","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"comments on the information collections pertaining to the Commission's <span class=\"match\">swap</span> data recordkeeping and reporting requirements. These rules impose recordkeeping and reporting requirements on the following entities: <span class=\"match\">Swap</span> Dealers (“SDs”), Major <span class=\"match\">Swap</span> Participants (“MSPs”), <span class=\"match\">Swap</span> Execution Facilities (“SEFs”), designated contract markets (“DCMs”), <span class=\"match\">swap</span> data repositories (“SDRs”), derivatives clearing organizations (“DCOs”), and <span class=\"match\">swap</span> counterparties that are neither <span class=\"match\">swap</span> dealers nor major <span class=\"match\">swap</span> participants (“non-SD/MSP counterparties”).\n \n \n \n DATES: \n Comments"},{"title":"Order Sunsetting Certain Large Trader Reporting Requirements for Physical Commodity Swaps","type":"Rule","abstract":"The Commodity Futures Trading Commission (\"CFTC\" or the \"Commission\") is issuing this Order pursuant to Sec. 20.9 of its regulations, the sunset provision of the Commission's large trader reporting rules for physical commodity swaps (\"Part 20\" or the \"Swaps LTR Rules\"). Based on the findings set out below, the Commission is rendering the routine position-reporting requirements of Part 20 ineffective and unenforceable, while preserving, pursuant to Sec. 20.9(b), the Commission's authority to require the maintenance and production, on special call, of the underlying books, records, and futures-equivalent conversion methods. As a result, clearing organizations, clearing members, and swap dealers will no longer be required to file the daily and event-based position reports currently required under Part 20.","document_number":"2026-14710","html_url":"https://www.federalregister.gov/documents/2026/07/21/2026-14710/order-sunsetting-certain-large-trader-reporting-requirements-for-physical-commodity-swaps","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-07-21/pdf/2026-14710.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-14710.pdf?1784551518","publication_date":"2026-07-21","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"available to the Commission through its <span class=\"match\">swap</span> data reporting regime. Amendments to Part 49 adopted in 2020 require SDRs to identify “open <span class=\"match\">swaps</span>”—a term the Commission adopted to serve the same function as the “open <span class=\"match\">swap</span>” and “closed <span class=\"match\">swap</span>” definitions in Part 20—and to provide the Commission with detailed reports, and direct electronic access to, that data. SDRs also collect, and can provide to the Commission, data identifying the futures contracts and commodities underlying open <span class=\"match\">swaps</span>, including \n \n whether a <span class=\"match\">swap</span> references or is economically related"},{"title":"Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0072, Registration of Swap Dealers and Major Swap Participants","type":"Notice","abstract":"The Commodity Futures Trading Commission (\"CFTC\" or \"Commission\") is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act of 1995 (\"PRA\"), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the extension of information collection requirements relating to registration under the Commodity Exchange Act, OMB Control No. 3038- 0072 (Registration of Swap Dealers and Major Swap Participants).","document_number":"2026-05792","html_url":"https://www.federalregister.gov/documents/2026/03/25/2026-05792/agency-information-collection-activities-notice-of-intent-to-extend-collection-3038-0072","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-03-25/pdf/2026-05792.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-05792.pdf?1774356315","publication_date":"2026-03-25","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"No. 3038-0072 is gathered through the use of forms for registration of <span class=\"match\">swap</span> dealers and major <span class=\"match\">swap</span> participants. <span class=\"match\">Swap</span> dealers and major <span class=\"match\">swap</span> participants are required by Section 4s(a) of the Commodity Exchange Act (“CEA”) (7 U.S.C. 6s(a)) to register with the Commission. The CFTC uses various forms for registration (and withdrawal therefrom) (the “Registration Forms”). OMB Control No. 3038-0072 applies to the Registration Forms for registration of <span class=\"match\">swap</span> dealers and major <span class=\"match\">swap</span> participants,\n 1 \n \n to the alternative method provided under Commission"},{"title":"Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants; Withdrawal of Proposed Regulatory Action","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (\"Commission\") is formally withdrawing a notice of proposed rulemaking published on January 24, 2024, titled \"Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants.\" The Commission does not intend to issue final rules with respect to this proposal. If the Commission decides to pursue future regulatory action in this area, it will issue new proposed rules.","document_number":"2025-17555","html_url":"https://www.federalregister.gov/documents/2025/09/11/2025-17555/operational-resilience-framework-for-futures-commission-merchants-swap-dealers-and-major-swap","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-09-11/pdf/2025-17555.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-17555.pdf?1757508321","publication_date":"2025-09-11","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"April 1, 2024.\n 2 \n \n \n \n \n 1 \n  Operational Resilience Framework for Futures Commission Merchants, <span class=\"match\">Swap</span> Dealers, and Major <span class=\"match\">Swap</span> Participants, 89 FR 4706 (Jan. 24, 2024).\n \n \n \n \n 2 \n  89 FR 14007 (Feb. 26, 2024).\n \n \n Withdrawal of Proposed Rules \n The Commission is withdrawing the proposal to reconsider how the proposed rules work in practice with the operational resilience rules of other regulators, including both domestic and foreign. Many <span class=\"match\">swap</span> dealers and futures commission merchants are part of banking organizations that have already implemented"},{"title":"Clearing Requirement Determination Under Section 2(h) of the Commodity Exchange Act for Interest Rate Swaps To Account for CAD and MXN Interest Rate Benchmark Transitions","type":"Rule","abstract":"The Commodity Futures Trading Commission (Commission or CFTC) is amending its interest rate swap clearing requirement regulations under applicable provisions of the Commodity Exchange Act (CEA) to address the transition from the Canadian Dollar Offered Rate (CDOR) to the Canadian Overnight Repo Rate Average (CORRA), and the transition from the Mexican Interbank Equilibrium Interest Rate (la Tasa de Inter[eacute]s Interbancaria de Equilibrio, or TIIE by its Spanish acronym) to the TIIE Funding Rate (TIIE de Fondeo or F-TIIE), as benchmark reference rates for interest rate swaps denominated, respectively, in Canadian dollars (CAD) and Mexican pesos (MXN). These transitions are part of an ongoing global effort by market participants, benchmark administrators, regulators, and others to shift away from reliance on certain interbank offered rates (IBORs) that have become unavailable as benchmark reference rates and adopt alternative reference rates, which are predominantly overnight, nearly risk-free reference rates (RFRs). These amendments revise the set of interest rate swaps that are required to be submitted for clearing, pursuant to the CEA and the Commission's regulations, to a derivatives clearing organization (DCO) that is registered under the CEA (registered DCO) or a DCO that has been exempted from such registration (exempt DCO). The amendments modify the Commission's interest rate swap clearing requirement to reflect the market transitions from swaps referencing CAD CDOR and MXN TIIE to swaps referencing, respectively, CAD CORRA and MXN F-TIIE.","document_number":"2026-18212","html_url":"https://www.federalregister.gov/documents/2026/09/08/2026-18212/clearing-requirement-determination-under-section-2h-of-the-commodity-exchange-act-for-interest-rate","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-09-08/pdf/2026-18212.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-18212.pdf?1788525909","publication_date":"2026-09-08","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":" review process whereby the Commission, on an ongoing basis, must review <span class=\"match\">swaps</span>, or a group, category, type, or class of <span class=\"match\">swaps</span>, to determine whether a <span class=\"match\">swap</span>, or a group, category, type, or class of <span class=\"match\">swaps</span>, should be required to be cleared.\n \n \n \n \n 4 \n  Section 2(h)(2)(B) of the CEA, 7 U.S.C. 2(h)(2)(B). Section 2(h)(2)(B)(i) requires that each DCO submit to the Commission each <span class=\"match\">swap</span>, or group, category, type, or class of <span class=\"match\">swaps</span>, that it plans to accept for clearing. The <span class=\"match\">swaps</span> subject to this determination were submitted by DCOs pursuant to CEA section"},{"title":"Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0089: Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps","type":"Notice","abstract":"The Commodity Futures Trading Commission (\"Commission\" or \"CFTC\") is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act (\"PRA\"), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on reporting requirements relating to swap data recordkeeping and reporting requirements codified in 17 CFR 46. This part imposes recordkeeping and reporting requirements on the following entities: Swap Dealers (\"SDs\"), Major Swap Participants (\"MSPs\"), and swap counterparties that are neither swap dealers nor major swap participants (\"non-SD/MSP counterparties\").","document_number":"2025-08141","html_url":"https://www.federalregister.gov/documents/2025/05/09/2025-08141/agency-information-collection-activities-notice-of-intent-to-extend-collection-3038-0089-swap-data","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-05-09/pdf/2025-08141.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-08141.pdf?1746708318","publication_date":"2025-05-09","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"collection of information, and to allow 60 days for public comment. This notice solicits comments on reporting requirements relating to <span class=\"match\">swap</span> data recordkeeping and reporting requirements codified in 17 CFR 46. This part imposes recordkeeping and reporting requirements on the following entities: <span class=\"match\">Swap</span> Dealers (“SDs”), Major <span class=\"match\">Swap</span> Participants (“MSPs”), and <span class=\"match\">swap</span> counterparties that are neither <span class=\"match\">swap</span> dealers nor major <span class=\"match\">swap</span> participants (“non-SD/MSP counterparties”).\n \n \n \n DATES: \n Comments must be submitted on or before July 8, 2025. \n \n \n ADDRESSES: \n"},{"title":"Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0111: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants-Cross-Border Application of the Margin Requirements","type":"Notice","abstract":"The Commodity Futures Trading Commission (\"CFTC\" or \"Commission\") is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act (\"PRA\"), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the burdens associated with the information collections associated with the Commission's Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants--Cross-Border Application of the Margin Requirements, including (1) requesting a comparability determination from the Commission; (2) maintaining policies and procedures for compliance with the Commission's special provisions for non-netting jurisdictions and non-segregation jurisdictions; and (3) maintaining books and records properly documenting that all of the requirements of the special provisions for non-netting jurisdictions and non-segregation jurisdictions are satisfied.","document_number":"2025-12639","html_url":"https://www.federalregister.gov/documents/2025/07/08/2025-12639/agency-information-collection-activities-notice-of-intent-to-extend-collection-3038-0111-margin","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-07-08/pdf/2025-12639.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-12639.pdf?1751892312","publication_date":"2025-07-08","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":" \n \n \n 22 \n  \n See \n Comparability Determination for Japan: Margin Requirements for Uncleared <span class=\"match\">Swaps</span> for <span class=\"match\">Swap</span> Dealers and Major <span class=\"match\">Swap</span> Participants, 81 FR 63376 (Sep. 15, 2016); Comparability Determination for the European Union: Margin Requirements for Uncleared <span class=\"match\">Swaps</span> for <span class=\"match\">Swap</span> Dealers and Major <span class=\"match\">Swap</span> Participants, 82 FR 48394 (Oct. 18, 2017); Comparability Determination for Australia: Margin Requirements for Uncleared <span class=\"match\">Swaps</span> for <span class=\"match\">Swap</span> Dealers and Major <span class=\"match\">Swap</span> Participants, 84 FR 12908 (Apr. 3, 2019). The Commission subsequently amended its comparability"},{"title":"Clearing Requirement Determination Under Section 2(h) of the Commodity Exchange Act for Interest Rate Swaps to Account for CAD and MXN Interest Rate Benchmark Transitions","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend its interest rate swap clearing requirement regulations adopted under applicable provisions of the Commodity Exchange Act (CEA) to address the transition from the Canadian Dollar Offered Rate (CDOR) to the Canadian Overnight Repo Rate Average (CORRA), and the transition from the Mexican Interbank Equilibrium Interest Rate (la Tasa de Inter[eacute]s Interbancaria de Equilibrio, or TIIE by its Spanish acronym) to the Overnight TIIE Funding Rate (TIIE de Fondeo or F-TIIE), as benchmark reference rates for interest rate swaps denominated, respectively, in Canadian dollars (CAD) and Mexican pesos (MXN). These transitions are part of an ongoing global effort by market participants, benchmark administrators, regulators, and others to shift away from reliance on certain interbank offered rates (IBORs) that are, or are expected to become, unavailable as benchmark reference rates, and increase adoption of alternative reference rates, which are predominantly overnight, nearly risk-free reference rates (RFRs). The proposed amendments would revise the set of interest rate swaps that are required to be submitted for clearing, pursuant to the CEA and the Commission's regulations, to a derivatives clearing organization (DCO) that is registered under the CEA (registered DCO) or a DCO that has been exempted from such registration (exempt DCO). Among other things, the proposed amendments would modify the Commission's interest rate swap clearing requirement to reflect the market transitions from CAD CDOR to CAD CORRA and from MXN TIIE to MXN F-TIIE.","document_number":"2026-09428","html_url":"https://www.federalregister.gov/documents/2026/05/12/2026-09428/clearing-requirement-determination-under-section-2h-of-the-commodity-exchange-act-for-interest-rate","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-05-12/pdf/2026-09428.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-09428.pdf?1778503542","publication_date":"2026-05-12","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":" review process whereby the Commission, on an ongoing basis, must review <span class=\"match\">swaps</span>, or a group, category, type, or class of <span class=\"match\">swaps</span>, to determine whether a <span class=\"match\">swap</span>, or a group, category, type, or class of <span class=\"match\">swaps</span>, should be required to be cleared.\n \n \n \n \n 4 \n  Section 2(h)(2)(B) of the CEA, 7 U.S.C. 2(h)(2)(B). Section 2(h)(2)(B)(i) requires that each DCO submit to the Commission each <span class=\"match\">swap</span>, or group, category, type, or class of <span class=\"match\">swaps</span>, that it plans to accept for clearing. The <span class=\"match\">swaps</span> subject to this proposed determination were submitted by DCOs pursuant to"},{"title":"Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0099, Process for a Swap Execution Facility or Designated Contract Market To Make a Swap Available To Trade","type":"Notice","abstract":"The Commodity Futures Trading Commission (\"Commission\" or \"CFTC\") is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act (\"PRA\"), Federal agencies are required to publish notice in the Federal Register concerning each proposed extension of a collection of information and to allow 60 days for public comment. This notice solicits comments on the proposed renewal of the Information Collection Request (\"ICR\") titled: 3038- 0099, Process for a Swap Execution Facility or Designated Contract Market to Make a Swap Available to Trade.","document_number":"2025-12400","html_url":"https://www.federalregister.gov/documents/2025/07/03/2025-12400/agency-information-collection-activities-notice-of-intent-to-renew-collection-3038-0099-process-for","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-07-03/pdf/2025-12400.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-12400.pdf?1751460308","publication_date":"2025-07-03","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"Title: \n Process for a <span class=\"match\">Swap</span> Execution Facility or Designated Contract Market to Make a <span class=\"match\">Swap</span> Available to Trade (OMB Control No. 3038-0099). This is a request for extension of a currently approved information collection.\n \n \n Abstract: \n The collection of information is needed to determine which <span class=\"match\">swaps</span> should be subject to the trade execution requirement set forth in section 2(h)(8) of the Commodity Exchange Act (“CEA”). A <span class=\"match\">swap</span> execution facility (“SEF”) or designated contract market (“DCM”) that submits a determination that a <span class=\"match\">swap</span> is available to trade"},{"title":"Order Granting Conditional Substituted Compliance in Connection With Certain Capital and Financial Reporting Requirements Applicable to a Nonbank Swap Dealer Domiciled in the French Republic and Subject to the European Union's Investment Firms Regulation and Investment Firms Directive","type":"Rule","abstract":"The Commodity Futures Trading Commission (\"Commission\" or \"CFTC\") is issuing an order regarding an application submitted by Goldman Sachs Paris Inc. et Cie requesting that the Commission determine that the capital and financial reporting laws and regulations of the European Union applicable to a CFTC-registered swap dealer, which is organized and domiciled in the French Republic and subject to the Investment Firms Regulation (EU) 2019/2033 (\"IFR\") and Investment Firms Directive (EU) 2019/2034 (\"IFD\") legislative package, provide sufficient bases for an affirmative finding of comparability with respect to the Commission's swap dealer capital and financial reporting requirements adopted under the Commodity Exchange Act. The order provides that a nonbank swap dealer organized and domiciled in the French Republic and subject to the IFR and IFD legislative package may satisfy the capital requirements and the financial reporting rules under the applicable provisions of the Commodity Exchange Act and Commission regulations by complying with certain specified European Union laws and regulations and conditions set forth in the order.","document_number":"2026-09693","html_url":"https://www.federalregister.gov/documents/2026/05/14/2026-09693/order-granting-conditional-substituted-compliance-in-connection-with-certain-capital-and-financial","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-05-14/pdf/2026-09693.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-09693.pdf?1778676326","publication_date":"2026-05-14","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"settlement of a <span class=\"match\">swap</span> transaction's cash flows. 17 CFR 23.100.\n \n \n \n \n 75 \n  The term “uncleared <span class=\"match\">swap</span> margin” is defined in Commission Regulation 23.100 to generally mean the amount of initial margin that a nonbank SD would be required to collect from each counterparty for each outstanding <span class=\"match\">swap</span> position of the nonbank SD. 17 CFR 23.100. A nonbank SD must include all <span class=\"match\">swap</span> positions in the calculation of the uncleared <span class=\"match\">swap</span> margin amount, including <span class=\"match\">swaps</span> that are exempt or excluded from the scope of the Commission's uncleared <span class=\"match\">swap</span> margin regulations"},{"title":"Agency Information Collection Activities: Notice of Intent to Extend Collection 3038-0091: Disclosure and Retention of Certain Information Relating to Cleared Swaps Customer Collateral","type":"Notice","abstract":"The Commodity Futures Trading Commission (\"Commission\") is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act (\"PRA\"), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the proposed extension of the existing collection of information relating to Cleared Swaps Customer Collateral.","document_number":"2026-16074","html_url":"https://www.federalregister.gov/documents/2026/08/06/2026-16074/agency-information-collection-activities-notice-of-intent-to-extend-collection-3038-0091-disclosure","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-08-06/pdf/2026-16074.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-16074.pdf?1785933926","publication_date":"2026-08-06","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"liquidation of cleared <span class=\"match\">swaps</span> in the event of a default by a Depositing FCM relating to a Cleared <span class=\"match\">Swaps</span> Customer Account. The purpose of this collection of information is to ensure that Cleared <span class=\"match\">Swaps</span> Customers are informed of the procedures to which accounts containing their <span class=\"match\">swaps</span> collateral may be subject in the event of a default by their FCM. \n Section 22.17 requires that each FCM produce a written notice of the reasons and the details concerning withdrawals from a Cleared <span class=\"match\">Swaps</span> Customers Account not for the benefit of Cleared <span class=\"match\">Swap</span> Customers if such"},{"title":"Agency Information Collection Activities: Notice of Intent To Extend Collection Number 3038-0087: Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants","type":"Notice","abstract":"The Commodity Futures Trading Commission (\"Commission\") is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act (\"PRA\"), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the collections of information mandated by Commission regulations 23.201 through 23.205 (Reporting, Recordkeeping, and Daily Trading Records Requirements For Swap Dealers and Major Swap Participants).","document_number":"2025-05967","html_url":"https://www.federalregister.gov/documents/2025/04/08/2025-05967/agency-information-collection-activities-notice-of-intent-to-extend-collection-number-3038-0087","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-04-08/pdf/2025-05967.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-05967.pdf?1744029911","publication_date":"2025-04-08","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"through 23.205 require, among other things, <span class=\"match\">swap</span> dealers (“SD”) \n 6 \n \n and major <span class=\"match\">swap</span> participants (“MSP”) \n 7 \n \n to maintain transaction and position records of their <span class=\"match\">swaps</span> (including daily trading records) and to maintain specified business records (including records related to the governance and financial status of the SD or MSP, complaints received by such SD or MSP and such SD or MSP's marketing and sales materials). They also require SDs and MSPs to report certain <span class=\"match\">swap</span> transaction data to <span class=\"match\">swap</span> data repositories (“SDRs”) to satisfy certain"},{"title":"Requirements for Designated Contract Markets and Swap Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions; Withdrawal of Proposed Regulatory Action","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (\"Commission\" or \"CFTC\") is formally withdrawing a notice of proposed rulemaking published on March 19, 2024, titled \"Requirements for Designated Contract Markets and Swap Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions.\"","document_number":"2025-18070","html_url":"https://www.federalregister.gov/documents/2025/09/18/2025-18070/requirements-for-designated-contract-markets-and-swap-execution-facilities-regarding-governance-and","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-09-18/pdf/2025-18070.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-18070.pdf?1758113114","publication_date":"2025-09-18","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"ACTION: \n Notice of withdrawal of proposed rules. \n \n \n SUMMARY: \n The Commodity Futures Trading Commission (“Commission” or “CFTC”) is formally withdrawing a notice of proposed rulemaking published on March 19, 2024, titled “Requirements for Designated Contract Markets and <span class=\"match\">Swap</span> Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions.” \n \n \n DATES: \n The Commission is withdrawing the proposed rules published at 89 FR 19646 (March 19, 2024) as of September 15, 2025. \n \n \n FOR FURTHER"},{"title":"Agency Information Collection Activities: Notice of Intent To Extend Collection Number 3038-0088: Swap Documentation","type":"Notice","abstract":"The Commodity Futures Trading Commission (\"CFTC\" or \"Commission\") is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act (\"PRA\"), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on certain collections of information mandated by Subpart I of Part 23 of the Commission's Regulations (Swap Documentation).","document_number":"2025-14620","html_url":"https://www.federalregister.gov/documents/2025/08/01/2025-14620/agency-information-collection-activities-notice-of-intent-to-extend-collection-number-3038-0088-swap","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-08-01/pdf/2025-14620.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-14620.pdf?1753965918","publication_date":"2025-08-01","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"Title: \n <span class=\"match\">Swap</span> Documentation (OMB Control No. 3038-0088). This is a request for an extension of a currently approved information collection.\n \n \n Abstract: \n On September 11, 2012, the Commission adopted Commission Regulations 23.500 through 23.505(“Regulations”) \n 1 \n \n under Sections 4s(f), (g) and (i) \n 2 \n \n of the Commodity Exchange Act (“CEA”).\n 3 \n \n Commission Regulations 23.500 through 23.505 require, among other things, that <span class=\"match\">swap</span> dealers (“SDs”) \n 4 \n \n and major <span class=\"match\">swap</span> participants (“MSPs”) \n 5 \n \n develop and retain written <span class=\"match\">swap</span> trading"}]}