Event-contract proposal
The Commodity Futures Trading Commission announced two separate actions on October 9. Its proposed rule would expressly include event contracts involving sports, politics, culture and weather in the definition of a swap, a type of financial derivative.
The CFTC said the proposal seeks to resolve uncertainty about that definition. It is a proposal, with comments due 30 days after Federal Register publication.
Separate casino-style exclusion
The agency also announced an interim final rule codifying its longstanding position that casino-style gambling, including wagers on sportsbooks or casino games, falls outside the swap definition.
The CFTC says that rule takes effect immediately upon Federal Register publication and accepts comments for 30 days after publication. Its October 9 release does not establish the publication date. The two announcements address different categories and have different procedural status.