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      CFTC proposes to explicitly include sports, political and other event contracts in the swap definition

      PANews, October 10 — According to an official CFTC announcement, the U.S. Commodity Futures Trading Commission (CFTC) has issued a notice of proposed rulemaking to further define the term "swap," explicitly including event contracts based on sports, political, cultural and weather events. CFTC Chairman Michael Selig said such products are commodity derivatives under the Commodity Exchange Act and fall under the CFTC's exclusive jurisdiction. The proposal will be open for public comment for 30 days. On the same day, the CFTC also issued an interim final rule clarifying that casino-style gambling products such as sports betting and casino games are not swaps.


      Source: PANews
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