Yesterday, the Commodity Futures Trading Commission (CFTC) approved a final rule to implement the end-user exception from mandatory clearing (the Final Rule) and a proposed rule to extend the scope of the end-user exception to certain cooperatives (the Proposed Rule).

The following discussion is based on CFTC staff fact sheets, Q&As and statements made by CFTC Commissioners and staff during an open meeting held yesterday all of which, along with an archived webcast of yesterday’s meeting, are available on the CFTC’s website. A pre-publication draft of the Final Rule was issued earlier today.