October 17, 2026
Regulators, courts & venues moved on event contracts from July 31, 2026 to October 17, 2026.
The Commodity Futures Trading Commission is proposing to further define the term “swap” to explicitly include event contracts, including those based on sports-, politics-, cultural-, and weather-related events.
The definition places them inside a jurisdiction the CFTC shares with the SEC over mixed swaps and security futures, while the SEC has sole jurisdiction over security-based swaps.
MEMX LLC filed a proposal to adopt rules for the listing and trading of securities event contracts on its exchange.
The proposal would bring them within the infrastructure applicable to listed options, with exchange trading and surveillance, standardized disclosure, and centralized clearance and settlement through a registered clearing agency, which the exchange may designate as the Options Clearing Corporation.
The Commodity Futures Trading Commission published a Notice of Proposed Rulemaking expressly further defining the term “swap” to include event contracts, including those based on sports, politics, cultural, and weather-related events.
The proposal notes these contracts are financial instruments commonly known to the trade as swaps and proposes to resolve any ambiguity about them.
An appeals panel held that the district court did not abuse its discretion in dissolving Kalshi’s preliminary injunction, as Kalshi did not show a likelihood that the CEA preempts state gaming regulations for its sports event contracts.
Under the CEA’s definition, those contracts were not swaps because they were sports bets.
The Nevada Gaming Control Board filed a civil enforcement action against Kalshi in the District Court for Carson City on Feb. 17, as it had advised the Ninth Circuit.
The Board treats sports and certain other event contracts as wagering under NRS 463.0193 and 463.01962 that requires a license, and has brought the same action against Coinbase and Polymarket.
Robinhood Markets, Inc. and OG.com announced a multi-year partnership designating OG.com as an infrastructure and clearing provider for Robinhood’s Prediction Markets offering.
Robinhood will route retail event contract volume through OG.com’s CFTC-regulated exchange and clearinghouse architecture, with the contracts offered by Robinhood Derivatives, LLC, a registered futures commission merchant.
High Roller Technologies, Inc. plans to operate as a Guaranteed Introducing Broker giving access to CDNA event contracts across finance, sports and entertainment through the ROLR platform.
Crypto.com FCM will guarantee those operations and carry the customer accounts, and the filing states that guarantee may expose High Roller to financial and legal risks.
ISDA published a paper on the substantial interest in using shares in tokenized money market funds as collateral for financial market transactions, and notably derivatives.
It seeks feedback from market participants and states it is not a final statement on tokenized assets under ISDA documentation.
ISDA — Assessing Tokenized Money Market Funds as Eligible Collateral Under the ISDA CSA
Lloyd’s of London hosts several carbon-focused underwriters, among them Kita, a cover holder that lifted its underwriting capacity by 450 percent to £22.5 million for 2025, according to a paper on India’s carbon market.
The paper argues banks won’t accept carbon credits as loan collateral for want of underwriting on reversal and invalidation risk, the two ways a credit can fail.
OpenAlex — DE-RISKING RUPEE CARBON: WHY THE MARKET NEEDS UNDERWRITERS, NOT JUST A REGISTRY
Secured Finance AG will provide the lending protocol for an onchain Japanese Government Bond repo proof-of-concept on the Canton Network, launched by Mitsubishi UFJ Trust and Banking Corporation with Digital Asset Holdings, LLC and Progmat, Inc.
It runs the full repo lifecycle in smart contracts, from trade agreement through collateral management to closing-leg settlement, preserving JGBs as book-entry transfer bonds.
Trading Technologies International, Inc. will support connectivity to OG.com, Crypto.com’s CFTC-regulated exchange and clearinghouse, on its platform, scheduled to go live in the fourth quarter of 2026.
OG Prediction Markets and CDNA offer prediction market contracts across asset classes through direct access and intermediaries such as Introducing Brokers and Futures Commission Merchants.
In Coinbase Financial Markets, Inc. v. Tong, the court denied Coinbase’s motion for an emergency injunction pending appeal against enforcement of Connecticut’s gambling regulatory scheme.
It had already found Coinbase failed to show that Kalshi’s sports-event contracts offered through Coinbase are swaps under the CEA, or that federal law preempts Connecticut gambling laws as applied to them.
Most of this distribution routes institutional flow through brokers into standardized listed products that clear through an FCM and are retail-fungible by construction, and an FCM’s guarantee of margined customer positions has no object in a fully collateralized bilateral contract. We broker bespoke, fully collateralized event contracts as cash-settled swaps between ECPs and panels of institutional counterparties. Classification sits with counsel, not with the settlement rail.
In our view, the window’s rulemakings and rulings turn on whether listed event contracts are swaps or sports bets, and bespoke one-sided risk still needs an underwriter holding a diversified book.