The Washington-based Commodity Futures Trading Commission (CFTC) is proposing to exempt the trading and clearing of certain credit default options and credit default basket options from applicable provisions of the Commodity Exchange Act (CEA).

These products are proposed to be traded on the Chicago Board Options Exchange and cleared by the Options Clearing Corporation.

The CEA gives the CFTC the ability to promote economic or financial innovation and fair competition by exempting certain transactions that are consistent with the public interest. The proposed exemptive order would facilitate bringing such products to the marketplace, allowing market forces to determine their viability, while ensuring that appropriate public, market participant and financial protections are in place.

The proposal will be open for public comment for 14 days following its publication in the Federal Register.


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