This letter serves to amend CFTC Letter No. 14-130, which permits Victoria University of Wellington, New Zealand (“Victoria University”) to operate a not-for-profit market for the trading of event contracts and the offering of such event contracts to U.S. persons (“the Market”). The Market has been operating under the trade name “PredictIt.” All terms of CFTC Letter 14-130 not amended by this letter shall remain in effect.

Extension of no-action position with respect to Part 45 for entities submitting swaps for clearing by derivatives clearing organizations (DCOs) operating consistent with CFTC exemptive orders or no-action positions provided by CFTC staff.

After considering the request of MIAX Futures and related facts and circumstances, the Division believes that temporary no-action positions are warranted to provide participants in the HRSW Options market with a means to trade out of or offset their open positions in the September 2025 and December 2025 expirations when electronic trading is no longer available.

Extension of Time-Limited No-Action Position from Certain Requirements of Part 45 and Part 46 of the Commission’s Regulations, for Certain Swap Dealers and Major Swap Participants Established under the Laws of Australia, Canada, the European Union, Japan, Switzerland or the United Kingdom

The Division of Market Oversight and the Division of Clearing and Risk are issuing this advisory to remind DCMs and DCOs of certain Core Principle and regulatory obligations under the Commodity Exchange Act and Commodity Futures Trading Commission regulations related to controls designed to address market volatility.

This staff advisory provides guidance on the materiality or other criteria that the Commodity Futures Trading Commission’s Market Participants Division, the Division of Clearing and Risk, and the Division of Market Oversight will use to determine whether to make a referral to the Division of Enforcement (“DOE”) for self-reported violations, or supervision or non-compliance issues. This guidance furthers the implementation of DOE’s recent advisory, issued February 25, 2025, addressing its updated policy on self-reporting, cooperation, and remediation.

Joint MPD and DMO interpretation providing the Divisions’ views on the characterization of certain FX transactions as being swaps, foreign exchange forwards, or foreign exchange swaps, in each case, as defined in the Commodity Exchange Act and Commission Regulations. Specifically, the Divisions state their view that: Window FX Forwards, as described in the letter, should be considered to be “foreign exchange forwards;” and Package FX Spot Transactions, as described in the letter, should not be considered to be foreign exchange swaps or swaps.

The Division of Market Oversight and the Division of Clearing and Risk of the Commodity Futures Trading Commission hereby withdraw CFTC Staff Advisory No. 18-14.

The Division of Market Oversight (“DMO”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) is hereby withdrawing CFTC Letter No. 21-19 – Staff Advisory on Swap Execution Facility Registration Requirement (the “SEF Registration Advisory”) in its entirety.