What 17 CFR Part 38 - Designated Contract Markets (CFTC Core Principles) requires
17 CFR Part 38 implements the core principles that a board of trade must satisfy to obtain and maintain designation as a contract market (DCM) with the Commodity Futures Trading Commission under section 5(d) of the Commodity Exchange Act, as amended by the Dodd-Frank Act. A DCM must comply with each statutory core principle and any requirement the Commission imposes, with reasonable discretion in how it complies. It must establish, monitor and enforce the rules of the contract market, including access requirements, the terms and conditions of contracts and rules prohibiting abusive trade practices, and have the capacity to detect, investigate and sanction violations. It may list only contracts that are not readily susceptible to manipulation, and must have the capacity and responsibility to prevent manipulation, price distortion and disruption of the delivery or cash-settlement process through market surveillance, including real-time monitoring of trading and comprehensive and accurate trade reconstructions. For each contract, as necessary and appropriate, it must adopt position limitations or position accountability, and it must adopt rules providing for the exercise of emergency authority, including liquidating or transferring positions, suspending or curtailing trading, and imposing special margin requirements. The DCM must establish and enforce rules ensuring the financial integrity of transactions, including clearance and settlement through a derivatives clearing organization, and must maintain a program of system safeguards, including risk analysis and oversight, emergency procedures, backup facilities, a disaster-recovery plan, and periodic testing.
Pillar: Banking & Global Finance · Authority: U.S. Commodity Futures Trading Commission (CFTC) · Version: 1.0.0 · Last updated:
Primary source: https://www.ecfr.gov/current/title-17/chapter-I/part-38
SHA-256 integrity: 77124a9d9a7c3d7e456e39f1a35db33a5f1320a44b6ff3e8d47e4d9022cc15c6
Primary Citations — 8 traced to source
- 17 CFR Part 38, §38.100 - Core Principle 1 (compliance with core principles and Commission requirements)
- 17 CFR Part 38, §38.150 - Core Principle 2 (compliance with rules; detection, investigation and sanction)
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