What the commission announced
According to the CFTC's press release, the Commodity Futures Trading Commission today issued an interpretation (“Interpretation”) of the requirement that designated contract markets (“DCMs”) provide competitive, open, fair, and impartial access to their members and persons with trading privileges under Commission Regulation 38.151(b) (“Impartial Access Requirements”).
According to the CFTC's press release, the statement was published as Release Number 9323-26 on November 05, 2026.
“Geographic access restrictions are inconsistent with those purposes and the Act’s impartial access requirements.”
Immediate requirements set out in the Interpretation
According to the CFTC's press release, "DCMs must cease domestic geographic restrictions that violate the Impartial Access Requirements within 30 days, or else submit to the Division of Market Oversight ("Division") an explanation for why such compliance is not feasible."
According to the CFTC's press release, the Interpretation also states that within 30 days DCMs should ensure intermediaries accessing their markets are not impeding and are complying with the DCM’s Impartial Access Requirements, or else submit to the Division an explanation for why such compliance is not feasible.
Who the Interpretation references
According to the CFTC's press release, the Interpretation applies to designated contract markets and speaks to intermediaries accessing those markets.
According to the CFTC's press release, explanations for why compliance with the Interpretation is not feasible must be submitted to the Division of Market Oversight ("Division").
Commission note and context
According to the CFTC's press release, Chairman Michael S. Selig said: "Derivatives markets must operate on a uniform basis at a national scale in order to achieve the purposes set out in the Commodity Exchange Act," and "Geographic access restrictions are inconsistent with those purposes and the Act’s impartial access requirements."
According to the CFTC's press release, "The Commission will consider the facts and circumstances of any particular case in connection with potential Commission action."
What to watch
According to the CFTC's press release, DCMs have 30 days to cease domestic geographic restrictions that violate the Impartial Access Requirements or to submit explanations to the Division of Market Oversight.
According to the CFTC's press release, DCMs also have 30 days to ensure intermediaries accessing their markets are not impeding and are complying with the Impartial Access Requirements or to submit explanations to the Division.
