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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-19290, Privacy Act Regulations
The Commodity Futures Trading Commission (CFTC) is reopening the comment period for its proposed Privacy Act rule changes, which affect how insider risk program records are handled. This gives everyone 10 more days, until October 1, 2026, to share their thoughts. No new costs or deadlines beyond this extension are involved, but it’s a key chance to weigh in on privacy protections.
2026-14509, Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
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.
2026-05635, Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets
Starting March 23, 2026, the SEC and CFTC are making it clear that some crypto assets and transactions must follow federal securities laws. This means crypto companies and investors need to play by new rules to keep things fair and safe. Expect more transparency and possible costs for compliance as the government steps up oversight in the crypto world.
2026-19338, Agency Information Collection Activities: Notice of Intent To Extend
The Commodity Futures Trading Commission (CFTC) wants to keep collecting info about off-exchange foreign currency trades and is asking the public to share their thoughts. This is a routine renewal with no new fees or big changes, but comments are due by November 23, 2026. If you’re involved in these currency transactions, this is your chance to speak up!
2026-19006, Whistleblower Award Determination
The Commodity Futures Trading Commission is updating its whistleblower rules to make the award process faster, clearer, and fairer for people who report wrongdoing. These changes, effective October 16, 2026, also fix some technical details and reflect the Whistleblower Office’s move to a new department. Whistleblowers can expect a smoother experience and better protection when helping keep markets honest.
2026-18212, Clearing Requirement Determination Under Section 2(h) of the Commodity Exchange Act for Interest Rate Swaps To Account for CAD and MXN Interest Rate Benchmark Transitions
The Commodity Futures Trading Commission (Commission or CFTC) is amending its interest rate swap clearing requirement regulations under applicable provisions of the Commodity Exchange Act (CEA) to address the transition from the Canadian Dollar Offered Rate (CDOR) to the Canadian Overnight Repo Rate Average (CORRA), and the transition from the Mexican Interbank Equilibrium Interest Rate (la Tasa de Inter[eacute]s Interbancaria de Equilibrio, or TIIE by its Spanish acronym) to the TIIE Funding Rate (TIIE de Fondeo or F-TIIE), as benchmark reference rates for interest rate swaps denominated, respectively, in Canadian dollars (CAD) and Mexican pesos (MXN). These transitions are part of an ongoing global effort by market participants, benchmark administrators, regulators, and others to shift away from reliance on certain interbank offered rates (IBORs) that have become unavailable as benchmark reference rates and adopt alternative reference rates, which are predominantly overnight, nearly risk-free reference rates (RFRs). These amendments revise the set of interest rate swaps that are required to be submitted for clearing, pursuant to the CEA and the Commission's regulations, to a derivatives clearing organization (DCO) that is registered under the CEA (registered DCO) or a DCO that has been exempted from such registration (exempt DCO). The amendments modify the Commission's interest rate swap clearing requirement to reflect the market transitions from swaps referencing CAD CDOR and MXN TIIE to swaps referencing, respectively, CAD CORRA and MXN F-TIIE.
Previous / Next Documents
Previous: 2026-09387, Revision of Regulations for Grazing Administration, Exclusive of Alaska
The Bureau of Land Management is updating rules for grazing on public lands (except Alaska) to better protect land health and improve how appeals are handled. Ranchers and land users will see clearer guidelines and have until July 13, 2026, to share their thoughts. These changes aim to keep lands healthy while making the process fairer and more efficient, with some deadlines for feedback coming up soon.
Next: 2026-09450, Rulemaking Procedures
The Federal Maritime Commission is updating how it makes rules to make the process clearer, simpler, and more modern by moving everything online and following new government review steps. These changes affect anyone involved in U.S. ocean shipping rules, like exporters and importers, and aim to speed up rulemaking without adding extra costs. You’ve got until June 12, 2026, to share your thoughts on these improvements!