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CFTC directs exchanges to end geographic limits that violate access rules

Designated contract markets have 30 days to remove noncompliant domestic restrictions or explain why compliance is not feasible.

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The Commodity Futures Trading Commission issued an interpretation on November 5, 2026, directing designated contract markets to eliminate domestic geographic restrictions that breach its impartial-access requirements. Markets must comply within 30 days or explain to the agency’s Division of Market Oversight why doing so is not feasible.

The interpretation addresses Commission Regulation 38.151(b), which requires those markets to give members and people with trading privileges access on terms that are impartial, fair, open and competitive.

The CFTC also said markets should, within 30 days, ensure that intermediaries using them comply with, and do not impede, their impartial-access requirements. Alternatively, markets should provide the division with an explanation of why compliance is not feasible.

CFTC Chairman Michael S. Selig said geographically restricted access conflicts with the Commodity Exchange Act’s purposes and impartial-access provisions. The commission said any potential action would take account of the circumstances and facts of individual cases.

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Ananya Iyer

Economy & Policy Editor

Edits and reviews stories on the economy and economic policy: growth, inflation, jobs, central banks, the IMF and World Bank, fiscal and trade policy, and regulators' rules.