EXECUTIVE BRIEF · 3 SEPTEMBER 2026

CFTC resets the CAD and MXN swap clearing perimeter.

A final rule removes legacy CDOR and TIIE swaps and adds CORRA and TIIE de Fondeo OIS to the U.S. clearing requirement. Effectiveness is 30 days after Federal Register publication; the exact compliance dates remain tied to the final text and publication process.

LATE CATCH-UP · RESEARCH CUT-OFF 3 SEP · 21:10 CEST1material changes

Published content frozen

Late catch-up edition published after recovery of the frozen 2 September Daily. The intelligence cut-off is shown above; no earlier publication time is implied.

EXECUTIVE TAKEAWAYS

01RELATES TO · CAD/MXN CLEARING RULE ↓
The CFTC has adopted a final rule moving the CAD and MXN clearing requirement from discontinued CDOR and TIIE swaps to CORRA and TIIE de Fondeo OIS.
02RELATES TO · IMPLEMENTATION EVIDENCE ↓
The rule changes product scope and compliance dates; it does not itself prove venue liquidity, client readiness or production clearing volumes in the replacement benchmarks.
03RELATES TO · READINESS CONTROL ↓
Reconcile legal scope, product eligibility, curves, trade capture, clearing routes and legacy-book treatment before the Federal Register effective and compliance dates are fixed.

Action radar

IMPLEMENT · MAP SCOPE AND DATES01

Regulation · US / RATES CLEARING · FINAL RULE · Score 64 · New

CFTC finalises CORRA and TIIE de Fondeo swap clearing scope

The CFTC final rule removes CAD swaps referencing CDOR and MXN swaps referencing legacy TIIE from mandatory clearing, adds CORRA OIS from seven days to 30 years and TIIE de Fondeo OIS from 28 days to 21 years, and amends associated compliance dates.

PRIMARY SOURCECFTC — final clearing-requirement announcement ↗

Why it matters

The legal clearing perimeter now follows the benchmark transition in two non-USD rates markets. Clearing members and clients must align eligible products, curves, documentation and routing without confusing removal of legacy indices with removal of the currencies from mandatory clearing.

Likely business impact

Create a CAD/MXN product-and-client inventory covering benchmark, tenor, execution method, DCO route, account, fallback, compression and legacy positions. Reconcile the final Federal Register text and compliance dates before changing controls or client communications.

What to watch

Federal Register publication and exact effective date
Final compliance dates by product and participant
DCO eligibility, rulebook and production notices
CORRA and TIIE de Fondeo liquidity, client migration and cleared volumes

Urgent open matters

ESMA commodity reporting v2.0UNCHANGED SINCE 17 AUGUST 2026 · CUTOVER DATE REACHEDNEXT TRIGGERFirst submissions, rejects, corrections or data-quality evidence →Bank of England CCP resolutionUNCHANGED SINCE 14 AUGUST 2026NEXT TRIGGER4 September response close and subsequent policy direction →China variation marginUNCHANGED SINCE 1 SEPTEMBER 2026NEXT TRIGGERFirst calls, T+2 settlements, disputes or NFRA clarification →OCC OvationUNCHANGED SINCE 27 AUGUST 2026NEXT TRIGGERParallel testing from 21 September and reconciled outputs →