The Commodity Futures Trading Commission proposed to reduce reporting and recordkeeping requirements when two commercial entities enter into so-called “trade options” in connection with their businesses. Among other things, the CFTC is proposing to eliminate an annual reporting requirement for non-swap dealer/major swap participant trade option counterparties on Form TO. Comments on the proposed rule will be accepted by the CFTC for 30 days after its publication in the Federal Register. Trade options are physically delivered commodity options bought by commercial entities that use the commodities underlying the options.