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Dodd-Frank Act

  • “The Wall Street reform bill will – for the first time – bring comprehensive regulation to the swaps marketplace. Swap dealers will be subject to robust oversight. Standardized derivatives will be required to trade on open platforms and be submitted for clearing to central counterparties. The Commission looks forward to implementing the Dodd-Frank bill to lower risk, promote transparency and protect the American public.”

    - Former CFTC Chairman Gary Gensler

    Rule-writing process

    As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFTC will write rules to regulate the swaps marketplace.

    The CFTC has identified 38 areas where rules will be necessary. The public is encouraged to provide input on the rule-writing process. Information regarding each rule-writing area will be published as it becomes available.

    The links below provide information on the 30 areas that the CFTC must address in its rule-writing, and also list the proposed rules and final rules issued by the Commission thus far.

    View all Dodd-Frank Final Rules and Orders

    View all Dodd-Frank Guidance, Advisories and Questions

    Currently Effective Staff Letters

    View all Dodd-Frank Open Meetings and Public Roundtables

    View all Proposed Rules, Orders and Advance Notices of Proposed Rules

    See List of Rulemaking Areas

    View all Comparability Determinations for Substituted Compliance Purposes

    External Meetings

    The CFTC is committed to transparency in the rulemaking process. Information on all meetings that the Chairman and Commission staff have with outside organizations regarding the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be made public. The topics of the meetings, attendees, summaries of the meetings and any materials presented to the CFTC are posted here.

    See List of External Meetings

    Reports and Studies

    The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the CFTC to conduct a number of studies and reports on a wide variety of issues that affect the derivatives market. Information regarding these reports and studies will be published as it becomes available.

    See List of Reports and Studies

    Text of H.R. 4173: Dodd-Frank Wall Street Reform and Consumer Protection Act

    Download the PDF of the bill, or

    Read the text on THOMAS

    Swaps regulation

    The Dodd-Frank Wall Street Reform and Consumer Protection Act brings comprehensive reform to the regulation of swaps.  These products, which have not previously been regulated in the United States, were at the center of the 2008 financial crisis.  The historic Dodd-Frank bill authorizes the CFTC to:

    Regulate Swap Dealers

    • List of Provisionally Registered Swap Dealers
    • Swap dealers will be subject to capital and margin requirements to lower risk in the system. 
    • Dealers will be required to meet robust business conduct standards to lower risk and promote market integrity.
    • Dealers will be required to meet recordkeeping and reporting requirements so that regulators can police the markets.

    Increase Transparency and Improve Pricing in The Derivatives Marketplace

    • Instead of trading out of sight of the public, standardized derivatives will be required to be traded on regulated exchanges or swap execution facilities.
    • Transparent trading of swaps will increase competition and bring better pricing to the marketplace.  This will lower costs for businesses and consumers.

    Lower Risk to the American Public

    • Standardized derivatives will be moved into central clearinghouses to lower risk in the financial system.
    • Clearinghouses act as middlemen between two parties to a transaction and take on the risk that one counterparty may default on its obligations.
    • Clearinghouses have lowered risk in the futures marketplace since the 1890s.  The Dodd-Frank bill brings this crucial market innovation to the swaps marketplace.