Amid “recent confusion and disruption regarding whether non-US exchanges should register [with the Commodity Futures Trading Commission (CFTC or Commission)] as a designated contract market (DCM) or [foreign board of trade...more
Derivatives exchange and prediction market KalshiEX LLC (Kalshi) was handed a litigation setback in defending its sports event contract offerings in federal court against claims brought by the State of Maryland. The District...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
Staff from the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight issued No-Action Relief Letter 25-25 on July 31, 2025 to help ease compliance burdens placed on reporting counterparties in meeting the...more
8/8/2025
/ CFTC ,
Designated Contract Markets (DCMs) ,
Dodd-Frank ,
Financial Services Industry ,
No-Action Letters ,
Notification Requirements ,
Regulatory Requirements ,
Reporting Requirements ,
Swap Dealers ,
Swap Execution Facilities ,
Trade Associations
In a marked departure from its position since 2013, the Commodity Futures Trading Commission (CFTC) issued No-Action Letter 25-24 on July 30, 2025 (Letter 25-24), stating that it will not recommend enforcement action against...more
The Commodity Futures Trading Commission (CFTC) has launched its Listed Spot Crypto Trading Initiative, which aims to establish a framework for retail trading of leveraged, margined, or financed spot crypto asset contracts...more
Congress recently passed the first significant federal legislation recognizing the apparent enduring presence of payment stablecoins in the US financial and consumer markets. President Donald Trump signed into law on July 18,...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
On June 30, the Commodity Futures Trading Commission’s (CFTC) Market Participants Division (MPD) published a new FAQ clarifying requirements and expectations around futures commission merchant (FCM) registration and ongoing...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
Brian Quintenz appeared before the Senate Committee on Agriculture, Nutrition, & Forestry (Senate Ag Committee) for his June 10th nomination hearing for Commodity Futures Trading Commission (CFTC or Commission) Chairman....more
Derivatives market participants and exchanges can breathe a little easier now that Staff of the Market Participants Division and the Division of Market Oversight of the Commodity Futures Trading Commission (CFTC or...more
As commissioners continue to depart, the Commodity Futures Trading Commission (CFTC or Commission) may soon find itself in an unprecedented situation - operating with only one sitting commissioner. While the Commission has...more
6/3/2025
/ CFTC ,
Cryptocurrency ,
Digital Assets ,
Enforcement ,
Final Rules ,
Financial Regulatory Reform ,
Proposed Rules ,
Regulatory Oversight ,
Regulatory Reform ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
The Commodity Futures Training Commission’s (“CFTC”) Division of Market Oversight and Division of Clearing and Risk issued an advisory (the “Staff Advisory”) reminding designated contract markets (“DCMs”) and derivatives...more
Derivatives market participants continue to process the implications of two significant interpretive letters issued by the Commodity Futures Trading Commission (CFTC) staff earlier this year. Letter 25-09 effectively...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
As a result of the Securities and Exchange Commission (SEC or the Commission) recently extending relief that the Commission originally granted under its 2019 Compliance Statement, security-based swap (SBS) market participants...more
The three operating divisions of the CFTC (Division of Market Oversight, Market Participants Division, and the Division of Clearing and Risk, together the Operating Divisions) issued an advisory on April 17, explaining the...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
The Commodity Futures Trading Commission's (CFTC or Commission) Market Participants Division (MPD) issued Letter 25-09, which effectively eliminates the pre-trade mid-market mark (PTMMM) disclosure requirement for uncleared...more
The Division of Market Oversight (DMO) of the Commodity Futures Trading Commission (CFTC) has withdrawn its previous staff advisory letter on swap execution facility (SEF) registration requirements (Letter 21-19). ...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
During her keynote address at the Futures Industry Association’s International Futures Industry Conference, BOCA50, CFTC Acting Chairman Caroline D. Pham announced a new effort to encourage market participants to resolve open...more
In what is being widely viewed as a welcome breath of fresh air, the Commodity Futures Trading Commission (the Commission or CFTC) Division of Enforcement (the Division) released an advisory on February 25, detailing the...more
Amidst a blitz of executive action, on February 18, President Donald Trump signed an executive order entitled “Ensuring Accountability for all Agencies” (Executive Order) exerting more direct control over “independent...more