CFTC Proposes Including Sports and Political Event Contracts in Swap Definition

The U.S. Commodity Futures Trading Commission (CFTC) has issued a notice of proposed rulemaking to further define the term "swap," explicitly including event contracts based on sports, political, cultural, and weather-related events. CFTC Chairman Michael Selig stated that these products fall under the category of commodity derivatives as defined by the Commodity Exchange Act and are exclusively under the jurisdiction of the CFTC. The proposal will solicit public comments for 30 days. On the same day, the CFTC also released a temporary final rule clarifying that casino-type gambling products such as sports betting and casino games do not fall under the definition of swaps.

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