pc
nid 92394
May 04, 2026
ggallwey@vixio.com
US Track 3
Press Releases - Commodity Futures Trading Commission (CFTC)
financial services
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1539 charsUS Commodity Futures Trading Commission Issues Supplemental No-Action Letter on Swap Reporting Requirements
On May 4, 2026, the Commodity Futures Trading Commission's (CFTC) Division of Market Oversight and Division of Clearing and Risk issued a supplemental no-action letter regarding swap data reporting and recordkeeping regulations.
The CFTC will not recommend enforcement action against Railbird Exchange, LLC, a designated contract market, and Bitnomial Clearinghouse, LLC, a derivatives clearing organization, or their participants for failure to comply with certain swap-related recordkeeping requirements. This applies specifically to failure to report to swap data repositories data associated with fully collateralized event contract transactions executed on or subject to the rules of Railbird and cleared through Bitnomial.
The supplemental letter modifies CFTC Letter No. 25-26 by removing a previous condition that prohibited Railbird's participants from clearing contracts through a third-party clearing member. This modification allows participants to clear contracts through Bitnomial and removes the restriction on third-party clearing arrangements. The no-action position is contingent on compliance with the terms outlined in the supplemental no-action letter issued on May 4, 2026.
This position responds to a joint request from Railbird and Bitnomial seeking to modify the earlier no-action letter to cover transactions cleared through Bitnomial and eliminate the third-party clearing prohibition. Market participants should review CFTC Staff Letter No. 26-13 for the full terms and conditions of this no-action position.
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1837 charsUS Commodity Futures Trading Commission Issues Supplemental No-Action Letter on Swap Reporting Requirements
On May 4, 2026, the Commodity Futures Trading Commission (CFTC) issued Supplemental No-Action Letter No. 26-13, expanding prior no-action relief relating to swap data reporting and recordkeeping requirements for certain fully collateralized event contract transactions executed on or subject to the rules of Railbird Exchange, LLC.
The supplemental letter modifies CFTC Letter No. 25-26 to include Bitnomial Clearinghouse, LLC as an approved derivatives clearing organization (DCO) covered by the existing no-action position, replacing QC Clearing LLC as Railbird’s primary clearing provider. The relief applies to Railbird, Bitnomial and their market participants in relation to certain swap-related reporting and recordkeeping obligations under Parts 43 and 45 of the CFTC’s regulations and associated provisions applicable to designated contract markets (DCMs) and DCOs.
The CFTC staff also removed a prior condition prohibiting Railbird participants from clearing contracts through third-party clearing members, following amendments to Railbird’s DCM order permitting intermediation by futures commission merchants.
The no-action position remains subject to several conditions, including that all Railbird contracts remain fully collateralized, Railbird publishes transaction data on its website promptly after execution, and the relevant entities maintain required records available for regulatory inspection. Railbird and Bitnomial must also continue complying with all other applicable Commodity Exchange Act and CFTC requirements outside the specified reporting and recordkeeping relief.
The CFTC staff stated that the letter does not provide any legal conclusion regarding the legality or characteristics of Railbird contracts and that the relief may be modified, suspended or terminated at the discretion of the divisions.