CFTC Orders Exchanges to Address Geographic Trading Access Restrictions

The Commodity Futures Trading Commission (CFTC) issued an interpretation on November 5, 2026, clarifying that designated contract markets (DCMs) must provide competitive, open, fair and impartial access to members and people with trading privileges. The agency said domestic geographic restrictions that violate this requirement must be ended within 30 days, or the exchange must explain to the Division of Market Oversight why compliance is not feasible. The interpretation concerns Commission Regulation 38.151(b), which sets out the impartial access requirements. CFTC Chairman Michael S. Selig said geographic restrictions conflict with those requirements and with the Commodity Exchange Act’s purposes, including the operation of derivatives markets on a uniform basis nationwide. The CFTC also said DCMs should ensure that intermediaries accessing their markets are not impeding compliance with the exchanges’ impartial access requirements. Exchanges have the same 30-day period to take that step or submit an explanation to the Division of Market Oversight. The commission said it will consider the facts and circumstances of individual cases when assessing potential action.