CFTC Updates Swap Rules for Canadian and Mexican Rate Shakeups
Published Date: 9/8/2026
Rule
Summary
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.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
CAD swaps: CDOR → CORRA clearing
The CFTC updated its clearing rules so interest rate swaps that previously referenced the Canadian Dollar Offered Rate (CDOR) are now reflected as swaps referencing the Canadian Overnight Repo Rate Average (CORRA). CDOR ceased publication on June 28, 2024, and the amended CFTC rules take effect October 8, 2026; registered and exempt derivatives clearing organizations (DCOs) already converted CDOR swaps to CORRA OIS ahead of CDOR's cessation.
MXN swaps: TIIE → F‑TIIE clearing
The CFTC amended its clearing requirement to reflect market moves from MXN TIIE (Mexican Interbank Equilibrium Interest Rate) to the TIIE Funding Rate (F‑TIIE) for Mexican peso swaps. Mexican authorities phased restrictions (91- and 182-day TIIE prohibited Jan 1, 2024; 28-day TIIE prohibited Jan 1, 2025 with a waiver allowing new 28-day TIIE trades until Dec 31, 2025), DCOs converted MXN TIIE swaps to MXN F‑TIIE OIS in November 2024, and the CFTC amendments are effective October 8, 2026.
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