17 CFR § 37.400 - Core Principle 4—Monitoring of trading and trade processing.

---
identifier: "/us/cfr/t17/s37.400"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 37.400 - Core Principle 4—Monitoring of trading and trade processing."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "37.400"
section_name: "Core Principle 4—Monitoring of trading and trade processing."
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"
---


# 37.400 Core Principle 4—Monitoring of trading and trade processing.

The swap execution facility shall:

(a) Establish and enforce rules or terms and conditions defining, or specifications detailing:

(1) Trading procedures to be used in entering and executing orders traded on or through the facilities of the swap execution facility; and

(2) Procedures for trade processing of swaps on or through the facilities of the swap execution facility; and

(b) Monitor trading in swaps to prevent manipulation, price distortion, and disruptions of the delivery or cash settlement process through surveillance, compliance, and disciplinary practices and procedures, including methods for conducting real-time monitoring of trading and comprehensive and accurate trade reconstructions.