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
2026-05720 — Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0090: Adaptation of Regulations To Incorporate Swaps-Records of Transactions; Exclusion of Utility Operations Related Swaps With Utility Special Entities From De Minimis Threshold for Swaps With Special Entities
The Commodity Futures Trading Commission (CFTC) is extending its rules on keeping records for certain swap transactions, especially those involving utility companies. This means some utility-related swaps won’t count toward a small-transaction exemption anymore. If you’re involved in these swaps, get ready to keep better records and share your thoughts by May 26, 2026!
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2026-05314 — Request for Information on Climate-Related Financial Risk; Withdrawal
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2026-03983 — Agency Information Collection Activities Under OMB Review
The Commodity Futures Trading Commission is asking for public feedback on a new information collection plan that could affect traders and companies. They want to make sure the paperwork isn’t too much of a hassle and are open to comments until March 30, 2026. This review helps keep things fair and clear without costing too much time or money.
2025-23150 — Proposal To Provide Exemptive Relief To Facilitate Cross-Margining of Customer Positions Cleared at Chicago Mercantile Exchange, Inc. and Fixed Income Clearing Corporation
The CFTC wants to make it easier for certain broker-dealers who work with both the Chicago Mercantile Exchange and the Fixed Income Clearing Corporation to combine customer funds in one account. This change helps these firms manage money more smoothly and could save time and costs. If you’re involved, get ready to share your thoughts by January 16, 2026!
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