On September 26, the Commodity Futures Trading Commission (CFTC) adopted final rules delegating to the Director of the CFTC’s Division of Market Oversight (DMO) (or such employee or employees as the Director designates) the authority to notify each designated contract market (DCM) whether it is classified as a “covered DCM” (as defined in CFTC Regulation 38.1051(h)(1)). A “covered DCM,” defined as a DCM whose annual trading volume is five percent or more of the combined annual trading volume of all CFTC-regulated DCMs, is required to comply with enhanced reporting requirements regarding the frequency of its cybersecurity testing and the use of independent contractors to perform such testing. The annual notice provided to each DCM will include its percentage of the total annual trading volume among all CFTC-regulated DCMs.
The final rule is effective September 29.
The Federal Register notice is available here.