Rothera received CFTC approval on 27 October to list and clear a Tesla earnings contract as a swap. The operative order concerns fourth-quarter 2026 non-GAAP diluted earnings per share above $0.65, with the payout tied to the reported figure.[1]
The exchange announced the decision on 28 October and described a gradual autumn rollout of corporate KPI contracts covering financial reports, platform usage and production measures. It did not give a confirmed first trading date for this contract.[4]
The signed order specifies Q4
Record 65284 in the CFTC’s filing index says Q3. Both the signed order and submitted terms specify the quarter ending 31 December 2026; this report follows those operative documents.[1][2][3]
Tesla swap settlement terms
| Term | Filed rule |
|---|---|
| Threshold | Q4 non-GAAP diluted EPS must exceed $0.65.Source 3 |
| Ordinary outcome | $1 notional; the winning side receives $1, the other side $0.Source 3 |
| Result source | Tesla’s earnings release, with SEC EDGAR first in the source hierarchy.Source 3 |
| Revisions | The first reported result applies; later restatements are excluded.Source 3 |
| Reported range | If Adjusted EPS is reported as a range, its midpoint determines the outcome.Source 3 |
| Reporting stops | Rothera uses its determined last fair market price if Tesla stops reporting Adjusted EPS.Source 3 |
The filed restrictions cover Tesla officers, directors and relevant staff, information-holding advisers and specified family or household members. Rothera says it checks that FCM participants have direct or indirect access to restricted lists and restrict affected people. Information-access screening is consequently part of the intermediary’s product workflow.[3]
Approval applies to a particular structure
The CFTC treats this fully collateralised, exchange-traded and cleared design as a swap. Its order distinguishes securities-option structures tied to company metrics and limits its findings to this contract and similarly structured KPIs referenced in the submission. The decision does not classify every company-performance contract under the same regime.[1]
Sources & further reading
- Order approving the Tesla earnings KPI swap CFTC · 27 Oct 2026 · Accessed 29 Oct 2026
- Product filing record 65284 CFTC · Accessed 29 Oct 2026
- Tesla contract submission and specifications, dated 21 October 2026 Rothera / CFTC filings · Accessed 29 Oct 2026
- KPI swap approval and planned rollout Rothera / PR Newswire · 28 Oct 2026 · Accessed 29 Oct 2026