The Commodity Futures Trading Commission added another weapon to its enforcement arsenal today by issuing a new rule that demands derivatives traders record and store trade-related phone calls, voice mails and online chatter.

The final rule, touted as necessary for policing the futures market and to “preserve critical evidence" requires that futures commission merchants (FCMs), introducing brokers (IBs) with aggregate gross revenue over $5 million during the past three years, and members of designated contract markets (DCMs) and swap execution facilities (SEFs) log and record all oral communications that lead to the execution of a commodity futures or options contract, retail foreign exchange transaction, or swap. The recordings must document any and all discussions related to  quotes, solicitations, bids, offers, instructions, trading, and prices.

An exemption was provided  for commodity pool operators, swap dealers, Major Swap Participants, floor traders, and floor brokers who trade for themselves. Individuals and entities that purchase grain in the cash market were included in a proposed rule, but exempted in the final version amid push-back from the agricultural community.

Covered entities will have until 365 days after publication of the final rule in the Federal Register to comply with the requirements.

The final rule, as detailed in guidance provided by the CFTC in the form of “Questions and Answers” and “Fact Sheet” documents, also clarifies requirements for written correspondence. Covered entities must retain all written communications that lead to the execution of a transaction in a commodity interest or related cash or forward transactions. This includes any discussions that take place via e-mail, text message, instant messaging, and in chat rooms or other online forums.

For both oral and written records, they will not have to be kept as individual electronic files identifiable by transaction and counterparty. The final rule only requires they be retrievable from a searchable database.

“The rule will make enforcement investigations more efficient by preserving critical evidence that otherwise may be lost to memory lapses and inconsistent recollections,” CFTC Chairman Gary Gensler said in a statement. “The Commission will have access to evidence of fraud and market manipulation, which is expected to increase the success of enforcement actions for the benefit customers, market participants and the markets. It will also protect customers from abusive sales practices, lower the risk of transactional disputes, and allow registrants to follow-up more effectively on customer complaints.”