CFTC Releases Staff Advisory on Mention Markets
CFTC staff warn exchanges that event contracts settling on whether a person says a word or appears somewhere carry a heightened risk of manipulation, and set out when such contracts may be listed.
First published by the US Commodity Futures Trading Commission on 22 September 2026. Public domain; release number, date line, closing “-CFTC-” mark and the Related Links box (linking to the advisory, CFTC Staff Letter No. 26-27) omitted; text otherwise unchanged. Not affiliated with or endorsed by the author or the US Commodity Futures Trading Commission. Original
WASHINGTON — The Commodity Futures Trading Commission’s Division of Market Oversight today issued an advisory that addresses the listing and trading of event contracts that are based on whether an individual will say or “mention” certain words, attend or appear at an event, or otherwise interact with another person, which are commonly referred to as “mention market” contracts.
These contract types present a heightened risk of manipulation because their settlement turns on the discrete conduct of a person that may be neither independently generated nor externally verifiable.
The advisory outlines the limited circumstances in which such contracts may be listed consistently with the Commodity Exchange Act and Commission regulations and provides non-exhaustive examples of factors that DCMs should consider when designing and submitting mention market contracts under Commission Regulations Sections 40.2 or 40.3.
The advisory also reminds DCMs of their obligation under Core Principle 3 to list only contracts that are not readily susceptible to manipulation and emphasizes the importance of providing complete, contract‑specific analysis when submitting these products under Part 40.
Markets: Futures & Options
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