regulate futures markets—resulting in conflicting regulatory requirements—in light of increased commodities trading and other exigencies of the time. Am. Agric. Movement, Inc. v. Bd. of Trade of City of Chicago , 977 F.2d 1147, 1156 (7th Cir. 1992); see also Fed. Trade Comm’n v. Ken Roberts Co. , 276 F.3d 583, 590–91 (D.C. Cir. 2001) (“[T]he statute’s legislative history repeatedly emphasizes that the CFTC’s jurisdiction was ‘to be exclusive with regard to the trading of futures on organized contract markets. ’”) (quoting S. Rep. No. 93– 1131, at 23 (1974))). In 2010, Congress amended the CEA through the Dodd-Frank Act and provided the CFTC oversight over swaps. DTCC Data Repository (U.S.) LLC v. U.S. Commodity Futures Trading Comm’n , 25 F. Supp. 3d 9, 12 (D.D.C. 2014). Under the CEA, a “swap” includes an agreement, contract, or transaction “that provides for any purchase, sale, payment, or delivery (other than a dividend on an equity security) that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of an event or contingency associated with a potential financial, economic, or commercial consequence.” 7 U.S.C. § 1a(47)(a)(ii). An “excluded commodity” includes an occurrence, extent of an occurrence, or contingency that is beyond the control of the parties and is associated with a financial, commercial, or economic consequence. Id. at § 1a(19)(iv). An entity seeking to be designated as a contract market must submit an application and relevant materials to the CFTC. 7 U.S.C. § 7(a); 17 C.F.R. § 38.3(a). The application must include information sufficient to demonstrate compliance with various core principles. 17 C.F.R. § 38.3(a)(2). It is unlawful for any person, other than an eligible contract participant, to enter into a swap if it is not entered on, or subject to the rules of, a board of trade designated as a contract market. 7 U.S.C. § 2(e). Absent limited exceptions, the CFTC possesses exclusive jurisdiction over futures, options, and swaps traded on
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