The CFTC today published a notice of public rulemaking that proposes providing additional market clarity on the definition of a swap The new definition proposed by the CFTC includes event contracts based on sports, politics, cultural, and weather-related events The notice will be published in the Federal Register The Commodity Futures Trading Commission is officially proposing to include event contracts in the definition of a swap, including event contracts based on sports, politics, cultural, and weather-related events. The commission today published a notice of proposed rulemaking that proposes providing additional market clarity by defining the term “swap” to include event contracts. “Americans use event contracts to hedge risks, speculate, and provide the public with information about the outcome of future events,” Chairman Michael S. Selig said in the announcement. “These products are commodity derivatives squ...
The CFTC today approved an interim final rule to exclude gambling-style games from its “swap” definition The rule will go into effect upon publication in the Federal Register Another recently proposed rule to include sports event contracts in the definition of a “swap” has yet to be approved The Commodity Futures Trading Commission today announced the approval an interim rule that will bar casino style-gambling products, including wagers placed on sportsbooks and casino games, from its definition of a “swap.” This will prohibit prediction market operators from offering any event contracts being offered around casino-style gambling products. It does not affect anything regarding DCMs offering federally-regulated sports event contracts, however. “Casino-style gambling products are not derivatives,” Chairman Michael S. Selig said in the announcement . “Just as the CFTC has done with respect to ...