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Derivatives Clearing Organizations

A Derivatives Clearing Organization (DCO) is an entity or system whereby the credit of the clearing organization is substituted for the credit of the parties to a transaction. The purpose of these entities is to... more +
A Derivatives Clearing Organization (DCO) is an entity or system whereby the credit of the clearing organization is substituted for the credit of the parties to a transaction. The purpose of these entities is to mutualize or transfer credit risk among participants to a transaction. The term derivatives clearing organization was defined under the Commodity Futures Modernization Act of 2000.  less -
Hogan Lovells

ESMA Final Report on updated EMIR clearing thresholds regime: what is the impact on derivative end users?

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The European Securities and Markets Authority (ESMA) has published its Final Report on revised clearing thresholds under the European Market Infrastructure Regulation (EMIR), following the changes brought in by EMIR 3. This...more

Blank Rome LLP

CFTC Issues Advance Notice of Proposed Rulemaking on Prediction Markets: A Chance to Shape the Future

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The Commodity Futures Trading Commission (“CFTC” or “Commission”) published an Advance Notice of Proposed Rulemaking (the "APNR") in the Federal Registrar on March 12, 2026, seeking broad public input on event contract...more

Morgan Lewis

Crypto Clarity: CFTC FAQs Clarify Use of Crypto Assets by Registrants and Registered Entities – Part 2

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The CFTC’s Market Participants Division (MPD) and Division of Clearing and Risk (DCR) jointly issued on March 20, 2026 responses to 11 frequently asked questions addressing how futures commission merchants, derivatives...more

Lowenstein Sandler LLP

CFTC Responds to FAQs From FCMs, SDs, and DCOs Regarding Crypto Collateral

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On March 20, the CFTC’s Market Participants Division (MPD) and Division of Clearing and Risk (together, the Divisions) published FAQs clarifying registrant and registered entity activities relating to crypto assets under the...more

Cadwalader, Wickersham & Taft LLP

SEC and CFTC Sign Updated MOU That Lays Groundwork for Joint Regulation of Crypto

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On March 11, 2026, the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (“CFTC”) announced that they have entered into a new Memorandum of Understanding (“MOU”) to coordinate rulemaking,...more

Orrick, Herrington & Sutcliffe LLP

CFTC seeks public input on risks of direct clearing for retail derivatives clearing organizations

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On December 18, the CFTC announced it had issued a request for comment to inform its understanding of the risks and regulatory issues related to derivatives clearing organizations (DCOs) that offer direct clearing services to...more

Sheppard, Mullin, Richter & Hampton LLP

Digital Asset Exchange Receives CFTC Approval for US Prediction Markets, Signaling an Opportunistic Outlook

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On December 10, 2025, Gemini Space Station, Inc. (NASDAQ:GEMI) announced that the Commodity Futures Trading Commission (“CFTC”) approved the registration of its subsidiary—Gemini Titan, LLC—as a Designated Contract Market...more

Cadwalader, Wickersham & Taft LLP

CFTC Opens the Door to Digital Asset Collateral: Regulatory Guidance, No-Action Relief, and Practical Implications

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I.  Executive Summary - On December 8, 2025, the staff of the U.S. Commodity Futures Trading Commission (“CFTC”) launched a “digital assets pilot program” (the “Digital Assets Pilot Program”) providing greater certainty to...more

Cadwalader, Wickersham & Taft LLP

Boundaries of Banking and Markets, October 2025 - CFTC’s Advisory on Exchange-Listed Sports Event Contracts

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On September 30, 2025, the Commodity Futures Trading Commission (“CFTC”) staff issued an advisory (the “Advisory”) in anticipation of the impending government shutdown. However, in essence, the Advisory has very little to do...more

Morrison & Foerster LLP

Highlights of Recent CFTC Developments

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The Commodity Futures Trading Commission (CFTC) recently announced several new staff letters and public statements with material consequences for legal and business professionals in the derivatives markets. In this alert, we...more

Morgan Lewis

Executive Order: Regulatory Freeze Pending Review and the Potential Impacts on CFTC

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US President Donald Trump’s executive order directing executive departments and agencies to initiate a regulatory freeze for certain rules that have not taken effect, pending review by the newly appointed agency head, may...more

A&O Shearman

Government response to call for evidence on pension fund clearing exemption

A&O Shearman on

HM Treasury published the Government's response to its call for evidence on the pension fund clearing exemption, which exempts pension funds from the requirement to clear certain derivative contracts via a central...more

Morgan Lewis

CFTC Adopts Amendments to Permissible Customer Funds Investments by FCMs and DCOs

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The Commodity Futures Trading Commission recently published a final rule amending the list of permissible investments for customer funds by futures commission merchants and derivatives clearing organizations....more

Katten Muchin Rosenman LLP

The CFTC Approves a Final Rule Regarding Investment of Customer Funds

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At the heart of the statutory and regulatory framework governing transactions in derivatives in the United States is a customer asset protection regime that requires futures commission merchants (FCM) and derivatives clearing...more

Lowenstein Sandler LLP

Key Considerations When Adopting Artificial Intelligence as a CFTC-Regulated Firm

Lowenstein Sandler LLP on

On December 5, 2024, the U.S. Commodities Futures Trading Commission (CFTC) staff (Staff) issued a staff advisory (Advisory) on the use of artificial intelligence (AI) by market participants in CFTC-regulated markets.1 Staff...more

Moore & Van Allen PLLC

THE DESK: MVA’s Swaps and Derivatives Newsletter - December 2024

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With the CFTC still in the early stages of its fiscal year, in the month of November, we did not see a lot of action by way of publicly-released enforcement actions from the CFTC or enforcement-related public statements from...more

Katten Muchin Rosenman LLP

Expected CFTC Implementations Post-2024 Election: Key Considerations for Futures Commission Merchants

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The 2024 US elections may signal a shift in the policy orientation of other federal financial regulators, but at the Commodity Futures Trading Commission (CFTC or Commission), at least in the short-term, the most significant...more

Katten Muchin Rosenman LLP

The CFTC’s Large Trader Rules Get a Makeover

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Part 17 of the CFTC’s regulations require futures commission merchants, clearing members of registered derivatives clearing organizations, and foreign brokers holding omnibus accounts with such FCM clearing members to submit...more

Blank Rome LLP

Part 7: The Ordinary Course of Business and the Separate Account Election

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This post is the next installment in a multi-part series on CFTC Regulation §1.44, as proposed by the U.S. Commodity Futures Trading Commission (the “CFTC”) on February 20, 2024 (the “Proposed Rule”)....more

Blank Rome LLP

Part 4: CFTC Regulation 1.44—Key Definitions

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The previous post in this series discussed how different market participants hold different views of the relationship between an investment manager and its clients, particularly in the separate account context. That post...more

WilmerHale

CFTC Year in Review: 23 Takeaways From 2023 and Predictions for 2024

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At an industry event in early 2023, Commodity Futures Trading Commission (CFTC or the Commission) Chairman Rostin Behnam set out a comprehensive agenda to include nearly three dozen rulemaking proposals as well as “business...more

Holland & Knight LLP

CFTC Seeks Comments on Use of AI in Derivatives Markets

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The Commodity Futures Trading Commission (CFTC) has issued a request for comment (RFC) seeking public input on the use of artificial intelligence (AI) in CFTC-regulated markets. The RFC – distributed jointly by the CFTC's...more

Davis Wright Tremaine LLP

Broker Dealer Regulatory Digest - February 2024

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The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Davis Wright Tremaine LLP

CFTC Approves Two Rulemaking Proposals and a DCO Application

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The Commodity Futures Trading Commission ("CFTC" or "Commission") issued two proposed rules on December 18, 2023, both of which are now open for public comment. The first proposed rule would create an "Operational Resilience...more

Jones Day

The CFTC Proposes Rules to Protect Clearing Member Funds Held by DCOs

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In Short - The Situation: In a December 13, 2023, Open Meeting, the Commodity Futures Trading Commission proposed amendments to the Commission's regulations concerning clearing member funds held by a derivatives clearing...more

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