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期货和衍生品行业监管动态




                   CFTC Staff Seek Public Comment on Direct Clearing by Retail Participants
                   (2025/12/18)



                        Commodity Futures Trading Commission staff today issued a Request for

                   Comment to better inform the staff’s understanding of the issues related to derivatives

                   clearing organizations that provide direct clearing services to retail traders (Retail

                   DCOs).       These    clearing  services  may    be  provided   either  through   a

                   fully-collateralized clearing model that has direct access for retail participants

                   (non-intermediated clearing), or a hybrid model that includes both fully-collateralized

                   direct clearing to retail participants and intermediated clearing by futures commission

                   merchants to retail customers.


                        “Since 2022, I have repeatedly called for the CFTC to increase its focus on retail

                   protection as our markets continue to evolve, with new technology providing direct

                   access for retail traders that would have been unimaginable just a few years ago,” said

                   Acting Chairman Caroline D. Pham. “For example, there has been an exponential

                   increase in direct clearing for retail traders, where there are no brokers such as CFTC

                   registered futures commission merchants that protect customer funds and protect

                   against abusive sales and marketing practices. In 2023, I proposed a tailored


                   registration framework for Retail DCOs that would address risks and potential retail
                   binary options fraud. It is incumbent upon the Commission to consider how to update


                   our regulations for market structure developments, because innovation thrives when

                   there are clear rules and safeguards for all participants, from retail traders to the

                   biggest market makers.”


                        This staff request for comment seeks public input on possible measures that may

                   be needed to mitigate risks to either the Retail DCO, or to retail participants, that are

                   unique to these structures. These measures could include tailored requirements for

                   Retail DCOs that provide these services, such as for retail protection, governance and

                   risk management, conflicts of interest, market conduct and integrity, transparency or a




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