CFTC Interest Rate Swap Clearing Requirement — Benchmark Rate Transitions

Current understanding

Under Section 2(h) of the Commodity Exchange Act, the CFTC maintains a list of interest rate swaps that must be cleared through a registered derivatives clearing organization. As global benchmark reforms retire legacy IBOR-style rates in favor of near-risk-free or transaction-based alternatives, the CFTC has periodically amended this list to swap out obsolete benchmarks. A 2026 proposed rule would replace CDOR with CORRA for CAD-denominated swaps and TIIE with F-TIIE for MXN-denominated swaps; status: proposed rule, not yet final.

Evidence log

• 2026-09-08 — 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: Final rule adds CAD-denominated OIS referencing CORRA and MXN-denominated OIS referencing F-TIIE to the clearing requirement, while removing swap classes tied to discontinued CDOR and TIIE benchmarks. (novelty: 2)

Open questions

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