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ARTICLE · 24 JUNE 2024

Redefining Limits: The CFTC's Updated Block And Cap Sizes For 2024

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The Division of Data (DOD) of the Commodity Futures Trading Commission (CFTC or the Commission) published updated post-initial appropriate minimum block...

United StatesFinance and Banking
Carl E. Kennedy
Carl E. Kennedy
Nicholas Gervasi
Nicholas Gervasi
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The Division of Data (DOD) of the Commodity Futures Trading Commission (CFTC or the Commission) published updated post-initial appropriate minimum block sizes and post-initial cap sizes under Part 43 of the CFTC's regulations, effective October 7. In alignment, the Division of Market Oversight (DMO) extended its no-action position on failing to comply with the "Block and Cap Amendments" to October 7 as well, through CFTC Letter No. 24-06 that modifies CFTC Letter No. 23-15. Based on industry data, block and cap sizes have increased over time to reflect the growing market value of swaps.

Block trades are defined as publicly reportable swap transactions that have a notional or principal amount at or above the minimum block size. To maintain the anonymity of market participants to certain large identifiable swaps, there is a generic notional "cap" for the public disclosure of this swap data. Swap transactions meeting or exceeding these notional thresholds can be

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