Section 2(h)(8) of the CEA requires a swap subject to the clearing requirement to be executed on a designated contract market (DCM) or a swap execution facility (SEF), and does not apply this requirement to a swap that no DCM or SEF has made available to trade1. CFTC rules require a SEF to submit the determination to the CFTC as a rule and to have the swap listed2. In making the determination, a SEF considers whether there are willing buyers and sellers, the frequency and size of transactions, the trading volume, the number and types of market participants, the bid-ask spread, and the usual number of resting firm or indicative bids and offers.

The rules use the phrase "make a swap available to trade." "MAT" is this site's abbreviation for "made available to trade", and it does not appear in the text of Part 37.

Notes

  1. 7 U.S.C. § 2(h)(8)(A) and (B). ↩

  2. 17 CFR § 37.10(a) and (b) (eCFR, as of October 1, 2026). ↩