The Commodity Futures Trading Commission (CFTC) and the National Hockey League (NHL) signed a Memorandum of Understanding (MOU) to cooperate and share information on the integrity of professional hockey and the event contract markets connected to it. The two sides executed the MOU on May 18, 2026, and the CFTC announced it on May 21, 2026 in Release No. 9235-26 (Press Release). CFTC Chairman Michael S. Selig signed for the agency, and NHL Commissioner Gary Bettman signed for the league (MOU, p. 6).
The agreement matters because event contracts tied to professional hockey now trade on CFTC-regulated exchanges, and both the regulator and the league have an interest in guarding against manipulation, insider trading, and fraud in those markets. The MOU sets up a formal liaison channel and an information-sharing framework, but it creates no legally binding obligations and does not require either side to hand over information (MOU, p. 2).
The sections below describe what the parties agreed to, why they signed, how the MOU connects to prediction markets, and the limits the document places on itself.
What did the CFTC and NHL agree to in the May 2026 MOU?
The MOU is a statement of intent to discuss, cooperate, and exchange information on shared concerns, mainly the integrity of professional hockey and the related event contract markets (MOU, p. 1). It anticipates that cooperation will happen primarily through informal consultations, with other arrangements added as the parties develop them (MOU, pp. 1-2).
Under the cooperation article, representatives of both sides will endeavor to meet as mutually agreed to identify and discuss issues that may affect hockey integrity and the related event contract markets (MOU, p. 2). Each side will also try to share information on request, preferably in writing and routed through designated contacts, while aiming to keep administrative burdens low (MOU, p. 2).
The press release describes the same arrangement in operational terms, explaining that the two sides have committed to share information and coordinate to protect the integrity of both professional hockey and the related event contracts offered on CFTC-regulated exchanges, with each designating representatives who will communicate regularly (Press Release).
Why did the CFTC and the NHL enter into the MOU?
Both organizations share an interest in integrity, and each concluded that cooperation could serve its own mission. The CFTC’s stated mission is to promote the integrity, resilience, and vibrancy of U.S. derivatives markets, and it oversees exchanges, clearing organizations, and intermediaries to protect the public from fraud, manipulation, and other abuses (MOU, p. 1). The NHL works to protect the integrity of professional hockey and public confidence in the league (MOU, p. 1).
The MOU rests on the idea that the integrity of the sport and the integrity of the related event contract markets can each affect the other, which is the common ground the parties built on.
The CFTC and the NHL (collectively, the “Parties”) recognize that discussions, cooperation, and exchange of information concerning issues of common interest, such as maintaining and protecting the integrity of professional hockey and the event contract markets related thereto, both of which may have a direct impact on the integrity of the other, may be beneficial to their respective missions. Accordingly, the Parties enter into this MOU to establish liaisons and facilitate such engagement.
Memorandum of Understanding Between the CFTC and the NHL (p. 1)
In the press release, Chairman Selig described the agreement as a step toward improving data sharing between professional sports leagues and the Commission and toward protecting prediction market participants from insider trading, fraud, and other abuses (Press Release). Commissioner Bettman said the MOU strengthens the league’s existing integrity monitoring and reflects a shared commitment to transparency and oversight (Press Release).
How does the CFTC-NHL MOU relate to prediction markets and event contracts?
The MOU connects to prediction markets because the “event contract markets” it repeatedly references are the regulated prediction market products that let participants trade on the outcome of events, including sporting events (MOU, p. 1). The CFTC framed the agreement as a measure to “maintain fair and transparent prediction markets” alongside protecting the sport itself (Press Release).
Event contracts on sports outcomes raise the same integrity concerns as the underlying games, because non-public information about players, lineups, or officiating could be used to trade unfairly. By creating a channel for the league to flag integrity issues to the regulator, and for the CFTC to do the same, the MOU is meant to help both sides identify and address those risks (Press Release).
For background on how the CFTC approaches these products, see our prediction markets resource page at the Financial Markets Law Resource Center.
Is the CFTC-NHL MOU legally binding, and what limits does it set?
The MOU is not legally binding and creates no enforceable rights. It states that it does not create any legally binding obligations, confers no rights on third parties, and creates no rights enforceable against the parties or their officers or employees (MOU, p. 2). It also does not modify the CFTC’s ability and responsibility to enforce the Commodity Exchange Act and the agency’s regulations (MOU, p. 2).
The document does not override existing law. It does not supersede applicable laws or regulations, including Section 8 of the Commodity Exchange Act (7 U.S.C. § 12) and the Privacy Act of 1974 (5 U.S.C. § 552a) (MOU, p. 2). Neither side is required to create, maintain, or share information, and any decision to share rests in the sole discretion of the providing party (MOU, p. 2).
Information shared under the MOU is treated as confidential and remains the record of the providing party (MOU, p. 3). The MOU also limits how the NHL may circulate CFTC information internally: the league may share it with its Board of Governors and NHL Enterprises, L.P., but not more broadly, for example with the NHL Players Association or the member clubs, unless the CFTC agrees in writing, though both sides expect such agreement when the information relates to an active NHL integrity matter (MOU, p. 3).
Who administers the CFTC-NHL MOU and how long does it last?
Each side named a point of contact to run the relationship. The CFTC designated Tyler Badgley, its General Counsel, and the NHL designated Conal Berberich, Senior Vice President and Deputy General Counsel, with each able to add up to two staff contacts (MOU, p. 4).
The MOU took effect upon signature and remains in place until either party ends it with 30 days’ written notice (MOU, p. 4). It may be amended by written request and the other side’s written concurrence, and information already provided continues to be governed by the MOU’s terms even after termination (MOU, pp. 4-5).
Learn More
For more on this topic and related developments, see our financial markets resource center at financialmarkets.law. If you have questions, you can request a consultation.
Frequently Asked Questions
What is the CFTC-NHL Memorandum of Understanding?
The CFTC-NHL MOU is a non-binding agreement in which the Commodity Futures Trading Commission and the National Hockey League committed to cooperate and share information to protect the integrity of professional hockey and the related event contract markets. It sets up designated points of contact and an information-sharing framework rather than imposing enforceable duties (MOU, pp. 1-2). The CFTC announced the agreement on May 21, 2026 in Release No. 9235-26 (Press Release).
When was the CFTC-NHL MOU signed, and who signed it?
The CFTC and the NHL executed the MOU on May 18, 2026, and the CFTC announced it publicly on May 21, 2026 (MOU, p. 6; Press Release). CFTC Chairman Michael S. Selig signed for the agency, and NHL Commissioner Gary Bettman signed for the league (MOU, p. 6).
Does the CFTC-NHL MOU create legally binding obligations?
No. The MOU states that it creates no legally binding obligations and no rights enforceable against the parties or their officers and employees (MOU, p. 2). It does not require either side to share information, leaves any sharing to the sole discretion of the providing party, and does not limit the CFTC’s authority to enforce the Commodity Exchange Act (MOU, p. 2).
How does the CFTC-NHL MOU relate to prediction markets and event contracts?
The MOU focuses on the integrity of the “event contract markets” tied to hockey, which are the regulated prediction market products offered on CFTC-regulated exchanges (MOU, p. 1; Press Release). The CFTC described the agreement as a way to maintain fair and transparent prediction markets and to protect participants from insider trading, fraud, and other abuses (Press Release).
Can the NHL share CFTC information with its member clubs or the players association?
Not by default. The league may share CFTC information with its Board of Governors and NHL Enterprises, L.P., but not with affiliates, the NHL Players Association, or member clubs unless the CFTC agrees in writing (MOU, p. 3). Both sides expect that written agreement would be given when the information relates to an active NHL integrity matter (MOU, p. 3).