Message from the Chairman
The Commodity Futures Trading Commission is providing this dedicated website to highlight the Commission’s actions related to COVID-19. During this challenging period, the CFTC remains squarely focused on its mission to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.
COVID-19 Commission Action
The CFTC has taken action through official rulemakings and temporary, targeted no-action relief to respond to the COVID-19 pandemic. These efforts are designed to help facilitate orderly trading and liquidity in the U.S. derivatives markets as well as to allow market participants to implement lifesaving social distancing measures. All official actions by the Commission due to COVID-19 are listed below.
|CFTC Letter No. 20-02||3/17/2020||Temporary Relief for Members of Designated Contract Markets and Swap Execution Facilities|
CFTC Letter No. 20-03
Temporary Relief for Futures Commission Merchants and Introducing Brokers
|CFTC Letter No. 20-04||3/17/2020||Temporary Relief for Floor Brokers|
|CFTC Letter No. 20-05||3/17/2020||Temporary Relief for Retail Foreign Exchange Dealers|
|CFTC Letter No. 20-06||3/17/2020||Temporary Relief for Swap Dealers|
|CFTC Letter No. 20-07||3/17/2020||Temporary Relief for Swap Execution Facilities|
|CFTC Letter No. 20-08||3/17/2020||Temporary Relief for Swap Execution Facilities|
|CFTC Letter No. 20-09||3/17/2020||Temporary Relief for Designated Contract Markets|
|85 FR 19878||3/18/2020||Extension of Relief for Initial Margin Requirements for Uncleared Swaps|
|*CFTC Letter No. 20-10||3/20/2020||Temporary Relief for an Insured Depository Institution Permitting Certain Commodity Swaps to be Excluded in the Major Swap Participant Registration Threshold Calculation|
|CFTC Letter No. 20-11||3/20/2020||Temporary Relief for Commodity Pool Operators|
|CFTC Letter No. 20-12||3/31/2020||Temporary Relief for Foreign Brokers Exempt Pursuant to Commission Regulation 30.5 to Handle U.S. Futures Market Orders|
|85 FR 22690||4/10/2020||Extension of Certain Comment Periods in Response to COVID-19|
|CFTC Letter No. 20-15||4/23/2020||Temporary Relief for Futures Commission Merchants and Introducing Brokers to Address Net Capital Treatment of Covered Loans under the CARES Act|
|4/24/2020||Temporary Relief for Persons Required to Submit Fingerprints in Connection with Applying for Registration as an Associated Person or Being Listed as a Principal of a Registrant|
|IFR Voting Draft||5/28/2020||Further Extension of Relief for Margin Requirements for Uncleared Swaps|
*Subsequently withdrawn by requesting party.
COVID-19 Advisories & Articles
The Commodity Futures Trading Commission advises the public to be on alert for frauds seeking to profit from recent market volatility related to COVID-19. Fraudsters commonly use major news events, such as the spread of COVID-19, to add credibility to their cons or manipulate emotions. You can better protect yourself by learning to recognize common mental biases that everyone has, as well as common fraud tactics—and by taking a few preventative steps. Reporting frauds you encounter can also help protect others during these challenging times. Learn more here.
The Commodity Futures Trading Commission advises the public that unregistered brokers selling binary options, foreign exchange (forex) programs, and cryptocurrencies are targeting people who lost their jobs due to the coronavirus outbreak. The scams are primarily conducted on social media and via messaging apps. The fraudsters convince their victims they can earn unrealistically high profits from home, but later force the victims to pay excessive “fees” and “taxes” to get their supposed earnings. The profits are not real and the fraudsters disappear when the victims stop paying. Learn more here.
Social isolation and financial strain can make people more vulnerable to fraud. If someone approaches you with an investment or trading opportunity, consider running it by someone you know and trust first. Learn more here.
DMO, DCO, and DSIO issued this advisory to remind DCMs, FCMs, and DCOs that they are expected to prepare for the possibility that certain contracts may continue to experience extreme market volatility, low liquidity and possibly negative pricing. Learn more here.
Trading vehicles that use futures contracts or other commodity interests may be organized as exchange-traded products or mutual funds, but that does not necessarily mean they will behave like traditional exchange-traded funds or mutual funds that invest in stocks, bonds or other asset classes. Learn more here.
What is Coronavirus?
According to the Centers for Disease Control and Prevention (CDC), COVID-19 is a respiratory illness that can spread from person to person. Patients with COVID-19 have had mild to severe respiratory illness along with symptoms of fever, cough, and shortness of breath. Learn how it spreads, symptoms, prevention and treatment, stigma and COVID-19, what to do if you are sick, and frequently asked questions by visiting www.coronavirus.gov.