CFTC FORM TO (UNREPORTED TRADE OPTIONS)
A trade option is generally a commodity option purchased by a commercial party that, upon exercise, results in the sale of a physical commodity for immediate (spot) or deferred (forward) shipment or delivery. See CFTC regulation 32.3(a) (17 CFR 32.3(a)) for more details. An unreported trade option is a trade option that is not required to be reported to a swap data repository by either counterparty pursuant to CFTC regulation 32.3(b)(1) and part 45 of the Commission’s regulations (17 CFR 32.3(b)(1); 17 CFR part 45).
Who Must File a Form TO – 17 CFR § 32.3(b)(2) requires every counterparty to an unreported trade option to submit an annual filing to the Commission for the purpose of providing notice that it has entered into one or more unreported trade options in the prior calendar year. As noted above, an unreported trade option is a trade option that is not required to be reported to a swap data repository by either counterparty pursuant to CFTC regulation 32.3(b)(1) and part 45 of the Commission’s regulations.
When to file – Form TO is an annual filing requirement due to the Commission no later than March 1 for the prior calendar year. Thus, if a market participant enters into one or more unreported trade options between January 1 and December 31 of a given year, the market participant must submit a completed Form TO to the Commission on or before March 1 of the following year.
Where to file – Generally, Form TO should be submitted via the CFTC’s web based Form TO submission process at http://www.cftc.gov/ (see below), or as otherwise instructed by the Commission or its designee. If submission through the web-based Form TO is impossible, the reporting counterparty shall contact the Commission at [firstname.lastname@example.org] or 202-418-5000 for further instructions.
What to File – All reporting counterparties filing a Form TO must complete all questions. The text you enter in the fields below may be used or disclosed in accordance with System of Records Notice CFTC-15, Enterprise Surveillance, Oversight & Risk Monitoring System. Do not include social security numbers, passport numbers, personal taxpayer IDs or other sensitive personal information.
Signature – Each Form TO submitted to the Commission must be signed or otherwise authenticated by either (1) the reporting counterparty submitting the form or (2) an individual that is duly authorized by the reporting counterparty to provide the information and representations contained in the form.
For further clarification and questions please refer to the Commodity Options FAQ
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Section 1. Reporting Counterparty Name and Contact Information
1. Reporting Counterparty
2. Reporting Counterparty Contact Person
Section 2. Commodity Category Indication and Value of the Trade
Section 3. Authentication and Consent
Reporting Counterparty Authorized Representative