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CFTC Press Releases·

CFTC Issues Final Rule to Modify Clearing Requirement for Canadian Dollar- and Mexican Peso-Denominated Interest Rate Swaps

  • The CFTC issued a final rule on September 02, 2026, modifying interest rate swap clearing requirements.
  • The rule updates regulations to require clearing of Canadian dollar & Mexican peso-denominated swaps referencing overnight, nearly risk-free rates.
  • The requirement to clear swaps referencing the Canadian Dollar Offered Rate & the Interbank Equilibrium Interest Rate (TIIE) is removed.
  • Amendments to CFTC Regulations 50.4 & 50.26 add new cleared swaps while removing those no longer required to be cleared.
  • The termination date range for CAD-denominated overnight index swaps referencing the Canadian Overnight Repo Rate Average is set to seven days to 30 years.
  • MXN-denominated overnight index swaps referencing the Overnight TIIE Funding Rate are added with a termination date range of 28 days to 21 years.
  • CAD-denominated swaps referencing CDOR & MXN-denominated swaps referencing TIIE are removed from the fixed-to-floating swap class.
  • The final rule becomes effective 30 days after publication in the Federal Register.