CFTC Tweaks Swaps Rules for CAD and MXN Benchmark Makeover
Published Date: 5/12/2026
Proposed Rule
Summary
The CFTC is updating rules for interest rate swaps in Canadian and Mexican money to switch from old benchmark rates (CDOR and TIIE) to new, safer ones (CORRA and F-TIIE). This change affects traders and clearinghouses who handle these swaps, making sure everything stays smooth and secure as markets evolve. Comments on the proposal are open until June 11, 2026, so stakeholders have a chance to weigh in before it kicks in.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Clearing Rule Updated for CAD and MXN Swaps
The CFTC proposes to change which interest rate swaps must be submitted for clearing to reflect the market switch from CAD CDOR to CAD CORRA and from MXN TIIE to MXN F-TIIE. This proposal affects traders, swap dealers, and derivatives clearing organizations (DCOs) that handle CAD- and MXN-denominated swaps. CDOR ceased publication on June 28, 2024; 28-day MXN TIIE became unavailable beginning January 1, 2025 (with a waiver allowing certain new 28-day TIIE swaps until December 31, 2025).
Restrictions on MXN TIIE Use and Waiver Dates
Banco de México prohibited use of 28-day MXN TIIE as a reference rate for new contracts by regulated financial entities starting January 1, 2025, but allowed a waiver permitting new 28-day TIIE swaps to be traded until December 31, 2025 if they do not mature after that date. The Commission's proposal responds to that unavailability of 28-day TIIE when deciding which MXN swaps should be required to clear.
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