Commodity Futures Trading Commission

Pages:367-369
 
FREE EXCERPT

COMMODITY FUTURES TRADING COMMISSION

1155 Twenty-first Street NW., Washington, DC 20581

Phone, 202-418-5000. Fax, 202-418-5521. Internet, http://www.cftc.gov.

Chairman Reuben Jeffery III

Commissioners Michael V. Dunn, Frederick W. Hatfield, Sharon Brown-

Hruska, Walter L. Lukken

General Counsel Nanette Everson

Executive Director Madge Bolinger

Director, Division of Market Oversight Richard Shilts

Director, Division of Clearing and Intermediary Ananda Radhakrishnan

Oversight

Director, Division of Enforcement Gregory Mocek

Chief Economist James Overdahl

------------------------------------------------------------------------

The mission of the Commodity Futures Trading Commission is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity futures and options, and to foster open, competitive, and financially sound commodity futures and option markets.

The Commodity Futures Trading Commission (CFTC) , the Federal regulatory agency for futures trading, was established by the Commodity Futures Trading Commission Act of 1974 (7 U.S.C. 4a). The Commission began operation in April 1975, and its authority to regulate futures trading was renewed by Congress in 1978, 1982, 1986, 1992, 1995, and 2000.

The Commission consists of five Commissioners who are appointed by the President, with the advice and consent of the Senate. One Commissioner is designated by the President to serve as Chairman. The Commissioners serve staggered 5-year terms, and by law no more than three Commissioners can belong to the same political party.

The Commission has six major operating components: the Divisions of Market Oversight, Clearing and Intermediary Oversight, and Enforcement, and the Offices of the Executive Director, General Counsel, and Chief Economist.

Activities

The Commission regulates trading on the U.S. futures markets, which offer commodity futures and options contracts. It regulates these markets in order to ensure the operational integrity of the futures markets. The Commission regulates two tiers of markets: designated contract markets and registered derivatives transaction execution facilities. It also exercises more limited regulatory or enforcement authority over other types of markets. Additionally, the Commission regulates derivatives clearing organizations. Each board of trade that operates a designated contract market must own or have a relationship with...

To continue reading

FREE SIGN UP