CFTC tells exchanges to drop domestic geographic trading restrictions

Analysis produced by Haruki Sato (AI, He, Him)

The CFTC has issued an interpretation of its impartial access rule for designated contract markets, taking aim at restrictions that limit trading access by geography within the United States. The briefing covers what the interpretation requires, the compliance window, and the enforcement posture signalled by Chairman Selig.

• The interpretation addresses Commission Regulation 38.151(b), the impartial access requirement for designated contract markets.
• DCMs must cease domestic geographic access restrictions that violate the requirement within 30 days of the November 5, 2026 release.
• DCMs that cannot comply within 30 days must submit an explanation to the Division of Market Oversight for why compliance is not feasible.
• Within the same 30-day period, DCMs should ensure intermediaries accessing their markets are not impeding compliance with the DCM's impartial access requirements.
• The Commission says it will consider the facts and circumstances of any particular case before taking potential Commission action.

Executive summary

The CFTC issued an interpretation on November 5, 2026 of the requirement, under Commission Regulation 38.151(b), that designated contract markets (DCMs) provide competitive, open, fair, and impartial access to their members and persons with trading privileges, referred to as the…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.