The Commodity Futures Trading Commission issued a final rule updating its interest rate swap clearing requirement to reflect the transition from the Canadian Dollar Offered Rate and Mexico’s Interbank Equilibrium Interest Rate to overnight, nearly risk-free benchmarks. The rule removes Canadian dollar swaps referencing CDOR and Mexican peso swaps referencing TIIE from the fixed-to-floating class and replaces them with expanded or new requirements for overnight index swaps referencing CORRA and the Overnight TIIE Funding Rate. The mandate will cover Canadian dollar CORRA swaps with maturities from seven days to 30 years, extending the existing maximum from two years, and Mexican peso Overnight TIIE Funding Rate swaps with maturities from 28 days to 21 years. The CFTC found that liquidity has shifted to these products and that they are already predominantly cleared, with 96% to 99% of monthly CORRA notional and 85% to 90% of Overnight TIIE Funding Rate notional cleared from January through June 2026. The amendments and associated compliance dates will take effect 30 days after publication in the Federal Register.
2026-09-02Commodity Futures Trading Commission
United States Commodity Futures Trading Commission updates swap clearing mandate for Canadian and Mexican benchmark transitions
The Commodity Futures Trading Commission finalized changes replacing clearing requirements for Canadian dollar CDOR and Mexican peso TIIE swaps with requirements based on CORRA and the Overnight TIIE Funding Rate. Covered maturities will be seven days to 30 years for CORRA swaps and 28 days to 21 years for Mexican peso swaps. The changes take effect 30 days after Federal Register publication.