While we digest the latest editions of MiFID II RTS 20, on the Ancillary Activity test, and RTS 21, on Position limits (more posts later this week on this topic), the CFTC has been pushing for the US version of the rules for final approval.

The CFTC have issued this press release outlining the changes to the previously proposed version, as outlined in this fact sheet. Originally the US version of the rules was to apply to 28 core contracts (in contrast to the EU version of the rules, which apply to all on venue commodity derivatives contracts). This is now reduced to 25. The hedge recognition rules have also been modified, as well as the requirements for DCMs (Designated Contract Markets) and SEFs (Swaps Execution Facilities).