17 CFR § 37.401 - General requirements.

---
identifier: "/us/cfr/t17/s37.401"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 37.401 - General requirements."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "37.401"
section_name: "General requirements."
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"
---


# 37.401 General requirements.

A swap execution facility shall:

(a) Collect and evaluate data on its market participants' market activity on an ongoing basis in order to detect and prevent manipulation, price distortions, and, where possible, disruptions of the physical-delivery or cash-settlement process;

(b) Monitor and evaluate general market data in order to detect and prevent manipulative activity that would result in the failure of the market price to reflect the normal forces of supply and demand;

(c) Demonstrate an effective program for conducting real-time monitoring of trading for the purpose of detecting and resolving abnormalities; and

(d) Demonstrate the ability to comprehensively and accurately reconstruct daily trading activity for the purpose of detecting instances or threats of manipulation, price distortion, and disruptions.