CFTC Simplifies Swaps Paperwork for Wall Street Insiders
Published Date: 9/30/2025
Proposed Rule
Summary
The CFTC is updating rules for swap dealers and big swap players to make some parts easier when swaps are cleared right away or involve special prime broker setups. These changes aim to simplify paperwork and follow-up, replacing older informal guidance. If approved, these updates will start a new chapter in how swaps get handled, helping the market move faster and smoother.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Exceptions for Contemporaneously Cleared Swaps
If you are a swap dealer or a major swap participant, the rule would create exceptions to some business conduct and documentation requirements when the parties intend the swap to be cleared contemporaneously with execution. That means certain compliance steps would not apply for swaps meant to be cleared right away.
Exceptions for Qualifying Prime Broker Swaps
The rule would provide exceptions to some business conduct and documentation requirements for swaps that are subject to prime broker arrangements that meet certain qualifying conditions. Swap dealers and major swap participants using qualifying prime broker setups could avoid specified compliance steps.
Superseding MPD No-Action Positions
If adopted, the proposed amendments would supersede certain no-action positions previously issued by the Commission's Market Participants Division. Firms that relied on those no-action positions would be subject to the new, formalized rules instead.
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Key Dates
Department and Agencies
Related Federal Register Documents
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Starting August 17, 2026, swap dealers and big swap players get some margin rule relief! New rules say certain new investment funds won’t have to exchange initial margin for up to three years, and more types of money market funds can now count as good collateral. Plus, the rules tweak how much value gets discounted on some assets, making it easier and cheaper to trade uncleared swaps.
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2026-16040, Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0103, Ownership and Control Reports, Forms 102/102S, 40/40S, and 71 (Trader and Account Identification Reports)
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2026-16074, Agency Information Collection Activities: Notice of Intent to Extend Collection 3038-0091: Disclosure and Retention of Certain Information Relating to Cleared Swaps Customer Collateral
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.
2026-15948, Conflicts and Affiliations
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2026-15216, Request for Comment on the Extension of Standard Futures Contracts to 24/7 Trading and on Perpetual Contracts Referencing Physically Delivered or Storable Energy Commodities
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