# Hedjo Journal

> Hedjo Journal is an independent publication covering Trading, derivatives & commodities. Focus: Derivatives regulation and risk (CFTC). Published by Independent Journal; sponsored by Adamson Brothers Corp. (see the About page). Articles are drafted from primary sources with AI assistance and reviewed under our editorial policy. Not investment advice.

## Usage
- AI crawlers and assistants may read and index this site.
- Quotation and citation are welcome with attribution to the publication and a link to the article URL.
- News articles are time-sensitive; check the publication date. Guides are evergreen and updated over time.

## Sections
- [Latest news](https://hedjojournal.com/): newest articles first
- [Guides](https://hedjojournal.com/guides/): evergreen explainers
- [Topics](https://hedjojournal.com/topics/): topic index
- [Writers](https://hedjojournal.com/authors/): bylines and beats
- [RSS feed](https://hedjojournal.com/rss.xml)
- [Sitemap](https://hedjojournal.com/sitemap-index.xml)

## Guides
- [Clearinghouses and central counterparties explained](https://hedjojournal.com/clearinghouses-and-central-counterparties-explained/): Clearinghouses and central counterparties explained: novation, margin, default funds, CFTC core principles and why clearing matters to derivatives regulation.
- [Position limits in commodity markets: how they work](https://hedjojournal.com/position-limits-in-commodity-markets/): How position limits work in commodity markets: federal and exchange limits, spot-month caps, bona fide hedging exemptions and who enforces the rules.
- [Swaps regulation after Dodd-Frank: how the rules work](https://hedjojournal.com/swaps-regulation-after-dodd-frank/): How swaps regulation changed after Dodd-Frank: swap dealer registration, clearing, trade execution, reporting and margin, plus the CFTC and SEC split explained.
- [What the CFTC regulates: a guide to US derivatives oversight](https://hedjojournal.com/what-the-cftc-regulates/): A plain-English guide to what the CFTC regulates, from futures and options to swaps, and how it differs from the SEC and from the exchanges it oversees.

## Recent articles
- [Shipping Attack Risk Tests Derivatives Regulation and Hedgers](https://hedjojournal.com/derivatives-regulation-shipping-attack-risk-hedgers/) (2026-10-14): Officials say Iran is shifting tactics to step up attacks on shipping before a US vote. What that means for commodity hedgers, dealers and derivatives regulation.
- [Derivatives Regulation Meets Crypto: CFTC's Advance Notice](https://hedjojournal.com/derivatives-regulation-cftc-crypto-advance-notice/) (2026-10-06): The CFTC's October 5 ANPRM floats Regulation CTX and Regulation CAM for retail crypto transactions, with a new exchange category and a long list of questions for comment.
- [Derivatives Regulation: CFTC Lets Index Futures Go Perpetual](https://hedjojournal.com/derivatives-regulation-cftc-perpetual-futures-no-action/) (2026-10-05): CFTC staff letter 26-29 lets exchanges drop expiry dates from perpetual-style index futures, with notice and exit conditions. The relief expires October 20.
- [CFTC Extends Brexit No-Action Positions: Derivatives Regulation](https://hedjojournal.com/cftc-brexit-no-action-derivatives-regulation/) (2026-10-02): CFTC staff extended its Brexit-related no-action positions on Oct. 1, 2026. What no-action relief means for derivatives regulation, and what to watch next.
- [Derivatives regulation: CME Group retires Series G preferred stock](https://hedjojournal.com/derivatives-regulation-cme-series-g-preferred-eliminated/) (2026-09-25): CME Group filed a certificate eliminating its Series G non-voting convertible preferred stock. What the charter filing does and where it fits.
- [Derivatives regulation: CFTC staff spares passive trading software](https://hedjojournal.com/derivatives-regulation-passive-software-no-action/) (2026-09-17): CFTC staff will not recommend enforcement against passive software providers linking users to FCMs, IBs and DCMs for not registering as introducing brokers.
- [Derivatives regulation: CME Group reshuffles CFO and legal chiefs](https://hedjojournal.com/derivatives-regulation-cme-group-cfo-general-counsel/) (2026-09-09): CME Group named Jack Tobin CFO, John Marchese general counsel and Matthew Render chief accounting officer. Why finance and legal leaders matter at an exchange.
- [CFTC rule resets clearing mandate for Canadian dollar and peso swaps](https://hedjojournal.com/cftc-rule-clearing-requirement-canadian-dollar-peso-swaps/) (2026-09-02): A final CFTC rule swaps the clearing requirement for CDOR and TIIE swaps for overnight-rate swaps in Canadian dollars and pesos. Terms, maturity ranges, timing.
- [CFTC rule proposal would end SEF order book mandate for some swaps](https://hedjojournal.com/cftc-rule-sef-order-book-permitted-transactions/) (2026-08-20): A CFTC rule proposal would drop the order book requirement for permitted swap transactions on swap execution facilities. What changes and the comment period.
- [CME Group pricing notice and the CFTC rule filing process for fees](https://hedjojournal.com/cme-group-pricing-notice-cftc-rule-filings/) (2026-08-11): CME Group told clients of pricing changes in a Special Executive Report and furnished it in an 8-K. How exchange fee changes fit the CFTC rule filing process.
- [CFTC enforcement: UBS fined $8 million over AML wire monitoring](https://hedjojournal.com/cftc-enforcement-ubs-aml-supervision/) (2026-08-03): The CFTC ordered UBS Financial Services to pay $8 million for failing to supervise AML monitoring of FX wires in retail commodity accounts from 2019 to 2023.
- [CME Group Q2 2026 results and the economics of derivatives regulation](https://hedjojournal.com/cme-group-q2-2026-derivatives-regulation-economics/) (2026-07-22): CME Group's Q2 2026 results show how clearing fees, record market data revenue and margin efficiencies tie to the derivatives regulation it runs under.
- [CFTC rule sunsets Part 20 large trader swap reporting](https://hedjojournal.com/cftc-rule-sunsets-part-20-reporting/) (2026-07-17): The CFTC ended routine Part 20 large trader position reports for physical commodity swaps, citing overlap with swap data repository and position limit rules.
- [Swap dealer margin rule eases seeded fund and collateral limits](https://hedjojournal.com/swap-dealer-margin-rule-amendments/) (2026-07-13): The CFTC approved a final rule amending uncleared swap margin for swap dealers, easing seeded fund treatment, widening fund collateral and setting new haircuts.
- [CFTC enforcement and the swap valuation fraud that inflated a fund](https://hedjojournal.com/cftc-enforcement-swap-valuation-fraud/) (2026-04-02): A federal court granted the CFTC summary judgment against a former hedge fund manager who inflated swap values, ordering a $2.2 million civil monetary penalty.

## Policies
- [About and ownership](https://hedjojournal.com/about/)
- [Editorial policy](https://hedjojournal.com/editorial-policy/)
- [Disclaimer](https://hedjojournal.com/disclaimer/)
- [Privacy](https://hedjojournal.com/privacy/)

## Contact
- Corrections and tips: editor@hedjojournal.com