CFTC Aligns US Interest Rate Swap Clearing Rules with Global Standards

The US Commodity Futures Trading Commission (CFTC) has issued a final rule to modify its interest rate swap clearing requirement. The new rule removes the requirement to clear interest rate swaps referencing the Canadian Dollar Offered Rate and the Interbank Equilibrium Interest Rate, also known as TIIE, and replaces it with a requirement to clear Canadian dollar and Mexican peso-denominated interest rate swaps referencing overnight, nearly risk-free rates.

The change is aimed at aligning US regulations with global standards. The CFTC announced the final rule on September 2, 2026, providing market participants with advance notice of the regulatory change.