CFTC Sets 30-Day Deadline on DCM Access Limits

The US Commodity Futures Trading Commission (CFTC) issued an interpretation yesterday, 5 November 2026, saying geographic access restrictions on futures exchanges are inconsistent with its impartial access rule. An interpretation is the regulator’s statement of how it reads an existing rule. This one covers Commission Regulation 38.151(b), which requires designated contract markets (DCMs, the CFTC-registered futures exchanges) to give members and persons with trading privileges competitive, open, fair and impartial access. Impartial access means equal, non-discriminatory access to a trading venue.

The CFTC splits the requirement in two. DCMs must cease domestic geographic restrictions that violate the requirements within 30 days, or else submit to the CFTC’s Division of Market Oversight an explanation of why compliance is not feasible. Separately, within 30 days DCMs should ensure that intermediaries accessing their markets are not impeding access and are complying, or else submit an explanation. The first limb is a “must”; the second is a “should”. The release does not define “domestic geographic restrictions” or “intermediaries”, the latter meaning firms that give users access to DCM markets.

CFTC Chairman Michael S. Selig said: “Derivatives markets must operate on a uniform basis at a national scale in order to achieve the purposes set out in the Commodity Exchange Act.” He added that geographic access restrictions “are inconsistent with those purposes and the Act’s impartial access requirements.” The release carries a statement from Selig only.

DCM operators are directly affected. They will want to check whether any access rule, onboarding control or eligibility check varies by US location, then decide whether to remove it or prepare a written explanation for the Division of Market Oversight. Brokers and other intermediaries that connect clients to DCMs should review their own client-facing controls, because DCMs should ensure intermediaries comply. The release does not say which venues, if any, currently apply such restrictions.

The release says “within 30 days” but does not state the date from which that period runs, so no calendar deadline can be confirmed from it. It also does not say whether the intermediary period starts on the same date, and it gives no comment period or Federal Register date.

The Commission will weigh the facts and circumstances of each case in connection with potential action, and the release specifies no penalty.

Sources: CFTC press release 9323-26