Derivatives regulation and risk (CFTC). Long reads, published when there is something worth saying.
Essays
Derivatives regulation: CFTC eyes true perpetual futures
A new CFTC no-action letter covers DCMs converting perpetual-style index futures to true perpetuals. What is known, what is not, and what to watch next.
CFTC Extends Brexit No-Action Positions: Derivatives Regulation
CFTC staff extended its Brexit-related no-action positions on Oct. 1, 2026. What no-action relief means for derivatives regulation, and what to watch next.
Derivatives regulation: CFTC staff spares passive trading software
CFTC staff will not recommend enforcement against passive software providers linking users to FCMs, IBs and DCMs for not registering as introducing brokers.
CFTC enforcement: UBS fined $8 million over AML wire monitoring
The CFTC ordered UBS Financial Services to pay $8 million for failing to supervise AML monitoring of FX wires in retail commodity accounts from 2019 to 2023.
CFTC rule sunsets Part 20 large trader swap reporting
The CFTC ended routine Part 20 large trader position reports for physical commodity swaps, citing overlap with swap data repository and position limit rules.
Swap dealer margin rule eases seeded fund and collateral limits
The CFTC approved a final rule amending uncleared swap margin for swap dealers, easing seeded fund treatment, widening fund collateral and setting new haircuts.
CFTC enforcement and the swap valuation fraud that inflated a fund
A federal court granted the CFTC summary judgment against a former hedge fund manager who inflated swap values, ordering a $2.2 million civil monetary penalty.