Agricultural Swaps Regulation - ANPRM

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Gavel.png FINAL RULE: This page refers to the proposed rulemaking on agricultural swaps and commodity options. The CFTC final rule on agricultural swaps was issued at its August 4, 2011 open meeting. The final rule on commodity options will be addressed at a future meeting.
Dodd-Frank Timeline, Agricultural Swaps
Final Rule Issue Effective Date No-action Deadline
August 10, 2011 December 31, 2011 December 31, 2012
Dodd-Frank Timeline, Agricultural Commodities Definition
Proposal Date Final Rule Effective/Compliance Date
October 26,2010 July 13, 2011, September 12, 2011

At the CFTC Open Meeting, October 19, 2010 (the Second Series of Proposed Rules under the Dodd-Frank Act), the commission addressed agricultural swaps regulation. In order to allow industry participants and the general public to help guide the commission in the regulatory process, an advance notice of proposed rulemaking (ANPRM) was approved. The ANPRM appeared in the Federal Register on September 28, 2010. The comment period closed on October 28, 2010.<ref>Open Meeting on Second Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 16, 2011.</ref>

Advance Notice of Proposed Rulemaking, Agricultural Swaps, September 28, 2010[edit]

In the Federal Register, Volume 75, No. 187 (September 28, 2010), the CFTC offered an ANPRM regarding Agricultural Swaps. The open period for comment letters ran from September 28 - October 28, 2010. Specifically, the CFTC requested guidance and input from the public on the following topics:

  • The current size and scope of the agricultural swaps market,
  • The practical and economic effects of a clearing requirement for agricultural swaps
  • Current logistical, abusive, or transparency issues regarding the trading of agricultural swaps, and whether additional protections are needed.
  • Agricultural swap transactions on designated contract markets (DCMs)and swap execution facilities (SEFs)

Update, January 2011[edit]

After consideration of the public comments from the Agricultural Swaps ANPRM, the CFTC approved its proposed final rules regarding agricultural swaps at the CFTC Open Meeting, January 20, 2011; the tenth series of proposed rules under the Dodd-Frank Act. The proposal appeared in the Federal Register on February 3, 2011; the deadline for public comment was April 4, 2011. For more information, see the Final Set of Proposed Rules, February 2011.


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