Case: 25-7187, 02/17/2026, DktEntry: 37.2, Page 25 of 41
meaning). The word “ any ” in the swap definition reflects a conscious decision to avoid a narrow construction that could limit the purpose of derivatives markets. Thus, as an example, an event contract that is settled based on the outcome of a sporting event is therefore an agreement providing for a payment dependent on a future occurrence, and nothing in the statutory text excludes such instruments. The plain meaning of the statute includes event contracts even though the terms “event” and “contingency” are undefined. Where a statute does not define a term, courts interpret it according to its ordinary meaning. Bostock v. Clayton County, Ga., 590 U.S. 644, 654-55 (2020). Dictionary definitions confirm the breadth of the relevant terms “event” and “contingency.” An event is “something that happens: occurrence,” 8 and a “contingency” is an “event that may but is not certain to occur.” 9 The final score of a sporting event is a future occurrence whose outcome is uncertain until the game concludes and falls easily within the broad language of the swap definition as well as the broad definitions of “event” or “contingency.” Moreover, Congress did not limit covered swaps to binary outcomes; instead, it expressly encompassed contracts measured by the extent of the occurrence of an event. This broad language encompasses contracts based on the margin of victory or any other quantifiable result of a sports event.
8 https://www.merriam-webster.com/dictionary/event. 9 https://www.merriam-webster.com/dictionary/contingency.
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