17 CFR § 37.1400 - Core Principle 14—System safeguards.

---
identifier: "/us/cfr/t17/s37.1400"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 37.1400 - Core Principle 14—System safeguards."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "37.1400"
section_name: "Core Principle 14—System safeguards."
chapter_name: "COMMODITY FUTURES TRADING COMMISSION"
part_number: "37"
part_name: "SWAP EXECUTION FACILITIES"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "7 U.S.C. 1a, 2, 5, 6, 6c, 7, 7a-2, 7b-3, and 12a, as amended by Titles VII and VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, 124 Stat. 1376."
regulatory_source: "78 FR 33582, June 4, 2013, unless otherwise noted."
cfr_part: "37"
---


# 37.1400 Core Principle 14—System safeguards.

The swap execution facility shall:

(a) Establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational risk, through the development of appropriate controls and procedures, and automated systems, that:

(1) Are reliable and secure; and

(2) Have adequate scalable capacity;

(b) Establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery that allow for:

(1) The timely recovery and resumption of operations; and

(2) The fulfillment of the responsibilities and obligations of the swap execution facility; and

(c) Periodically conduct tests to verify that the backup resources of the swap execution facility are sufficient to ensure continued:

(1) Order processing and trade matching;

(2) Price reporting;

(3) Market surveillance; and

(4) Maintenance of a comprehensive and accurate audit trail.