The Commodity Futures Trading Commission has proposed allowing swap execution facilities (SEFs) to list permitted transactions without offering an order book. The amendment would remove the order book requirement under Commission regulation § 37.3(a)(2), while leaving the requirement for required transactions unchanged. The proposal reflects the Commission’s observation that market participants rarely use order books for permitted transactions, despite their availability for all swaps listed by SEFs. Removing the requirement would give SEFs greater flexibility in allocating resources and could support execution methods better suited to their listed products. Comments will be accepted for 30 days after the proposal is published in the Federal Register.
2026-08-20Commodity Futures Trading Commission
US Commodity Futures Trading Commission proposes removing SEF order book requirement for permitted transactions
The Commodity Futures Trading Commission has proposed removing the requirement for swap execution facilities to offer an order book for permitted transactions. The change reflects limited market use and would give SEFs more flexibility over resources and execution methods, while retaining the requirement for required transactions.