The CFTC’s updated clearing rule took effect on 8 October, aligning Canadian-dollar and Mexican-peso interest-rate swap requirements with the benchmarks accepted by clearing infrastructure. It sets the CORRA overnight-index swap range at seven days to 30 years, adds overnight-TIIE swaps from 28 days to 21 years and removes the legacy CDOR and fixed-to-floating TIIE classes.[1][2]
Clearing classes after the transition
| Currency | Reference rate | Swap class | Stated termination range |
|---|---|---|---|
| CAD | CORRA | Overnight index swap | 7 days–30 yearsSource 1Source 2 |
| MXN | Overnight TIIE Funding Rate | Overnight index swap | 28 days–21 yearsSource 1Source 2 |
Clearinghouses had stopped offering the CDOR and legacy-TIIE products covered by the previous rows. Removing those rows brings the legal product list into line with available clearing services, while the overnight definitions identify the replacement benchmark exposure. The final rule largely follows the May proposal.[2][3][1]
Eligibility follows the full product definition
The table is a combined test: currency, floating index, swap structure and stated termination range must be assessed together. An MXN swap referencing another index, for example, does not enter the newly added class merely because its currency is Mexican pesos. Counterparty, transaction, exemption and cross-border analysis continues within the existing Commodity Exchange Act and Part 50 framework.[2][1]
Reference data connects the rule to a clearable trade
A broker’s product taxonomy needs to carry the same benchmark and maturity combinations used by its clearing member. Those definitions then feed execution eligibility, confirmations, reporting and risk systems. A stale mapping can produce either error: treating an in-scope overnight swap as optional, or requesting clearing for a retired benchmark product.[2]
Operational acceptance remains a separate step in that workflow. The clearing member must support the particular product at the relevant derivatives clearing organisation or exempt DCO. Matching the regulatory classification to venue eligibility and the counterparty’s applicable exceptions is what turns the amended product table into a usable clearing decision.[1][2]
Sources & further reading
- CFTC final rule modifying clearing for CAD- and MXN-denominated interest-rate swaps Commodity Futures Trading Commission · 2 Sep 2026 · Accessed 16 Oct 2026
- Clearing Requirement Determination for CAD and MXN benchmark transitions, 91 FR 57063 Federal Register · 8 Sep 2026 · Accessed 16 Oct 2026
- CFTC proposal to modify CAD and MXN swap clearing requirements Commodity Futures Trading Commission · 8 May 2026 · Accessed 16 Oct 2026