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In the aftermath of the 2008 financial crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) enhanced the CFTC’s regulatory authority to oversee the more than $400 trillion swaps market.
Rule-writing
As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFTC has written rules to regulate the swaps marketplace.
See information below regarding areas the CFTC addressed in its rule-writing. Also see proposed rules and final rules issued by the Commission thus far.
View all Dodd-Frank Final Rules and Orders
View all Dodd-Frank Guidance, Advisories and Questions
Currently Effective Staff Letters
View all Dodd-Frank Open Meetings and Public Roundtables
View all Proposed Rules, Orders and Advance Notices of Proposed Rules
View all Comparability Determinations for Substituted Compliance Purposes
External Meetings
The CFTC is committed to transparency in the rulemaking process. Information on all meetings that the Chairman and Commission staff have with outside organizations regarding the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be made public. The topics of the meetings, attendees, summaries of the meetings and any materials presented to the CFTC are posted here.
Reports and Studies
The Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFTC to conduct a number of studies and reports on a wide variety of issues that affect the derivatives market. Information regarding these reports and studies will be published as it becomes available.
See List of Reports and Studies
Text of H.R. 4173: Dodd-Frank Wall Street Reform and Consumer Protection Act
Download the PDF of the bill, or
Read the text on THOMAS
Swaps regulation
The Dodd-Frank Wall Street Reform and Consumer Protection Act brings comprehensive reform to the regulation of swaps. These products, which have not previously been regulated in the United States, were at the center of the 2008 financial crisis. The historic Dodd-Frank bill authorizes the CFTC to:
Regulate Swap Dealers
- List of Provisionally Registered Swap Dealers
- Swap dealers will be subject to capital and margin requirements to lower risk in the system.
- Dealers will be required to meet robust business conduct standards to lower risk and promote market integrity.
- Dealers will be required to meet recordkeeping and reporting requirements so that regulators can police the markets.
Increase Transparency and Improve Pricing in The Derivatives Marketplace
- Instead of trading out of sight of the public, standardized derivatives will be required to be traded on regulated exchanges or swap execution facilities.
- Transparent trading of swaps will increase competition and bring better pricing to the marketplace. This will lower costs for businesses and consumers.
Lower Risk to the American Public
- Standardized derivatives will be moved into central clearinghouses to lower risk in the financial system.
- Clearinghouses act as middlemen between two parties to a transaction and take on the risk that one counterparty may default on its obligations.
- Clearinghouses have lowered risk in the futures marketplace since the 1890s. The Dodd-Frank bill brings this crucial market innovation to the swaps marketplace.