The bottom lineThe CFTC has opened a comment process on a proposed rulemaking aimed at affiliations among major derivatives market participants. For retail readers, the practical takeaway is that the agency is still shaping how vertically integrated U.S. derivatives venues and intermediaries may be governed, and the final requirements could affect market structure rather than day-to-day trading access.
CFTC opens comment on affiliation-focused rule changes
The Commodity Futures Trading Commission said on July 30, 2026, that it published a notice of proposed rulemaking seeking comment on amendments to Part 37, Part 38, Part 39, and regulations 1.52 and 1.55.
The proposal is aimed at affiliations among derivatives clearing organizations, designated contract markets, swap execution facilities, futures commission merchants, and other market participants, including market makers.
The agency said it has continued to observe growth in these affiliations and wants to address issues that may arise, including perceived and potential conflicts of interest.
Why the agency says the issue matters
The CFTC framed the proposal as a response to vertically integrated market structures. In the agency’s view, affiliations can create governance and oversight questions even when the firms remain separately regulated.
Chairman Michael S. Selig said the proposal is intended to set principles-based rules for vertically integrated market structures while avoiding excessive compliance costs and preserving innovation.
That is an agency claim about balance, not a finding that current structures are unlawful. The proposal is still only a request for public comment.
What readers can verify next
The CFTC said comments will be accepted for 60 days after the proposal is published in the Federal Register.
Readers who want to follow the process can monitor the Federal Register publication date, then track the comment deadline from that date.
The CFTC’s 2023 staff advisory on affiliations among CFTC-regulated entities shows this topic has been under supervisory review for some time, which suggests the proposal is part of a longer policy sequence rather than an isolated action.
Editorial note. This report explains a public record and is not investment, legal or trading advice. Facts may change after publication; the source links remain the controlling record.
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