(16)Neither a DCM nor a SEF may list a new derivative contract unless that contract complies with the CEA and CFTC regulations, which ensure fair, orderly and efficient trading. This is enforced by requiring all DCMs and SEFs to file new contracts with the CFTC prior to listing, either for CFTC approval or with a certification by the DCM or SEF that the contract complies with the CEA and CFTC regulations. The filing must contain an explanation and analysis of the derivative contract, and its compliance with any applicable requirements, including the CEA requirement that a DCM or SEF only list contracts that are not readily susceptible to manipulation. The CFTC guidance for complying with this statutory requirement states that in the case of cash-settled swap contracts, the DCM or the SEF should consider, inter alia, the reliability of the cash settlement price as an indicator of cash market values, as well as the commercial acceptability, public availability, and timeliness of the price series that is used to calculate the cash settlement price. Such guidance also outlines what the CFTC considers to be an acceptable specification of contract terms and conditions. The DCM and the SEF must make the terms and conditions of a derivative contract filed with the CFTC publicly available, at the time of such filing. This pre-listing filing requirement and the CFTC requirements with respect to contract characteristics, help to ensure that derivative contracts are capable of being traded in a fair, orderly and efficient manner. The CFTC guidance assists the CFTC in its consideration of whether a DCM or SEF is in compliance with the requirements of Core Principles.