Commodity Futures Trading Commission

Pages:367-368
 
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COMMODITY FUTURES TRADING COMMISSION

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

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

Chairman James E. Newsome

Commissioners Barbara P. Holum, Walter L. Lukken, Sharon Brown-Hruska,

(vacancy)

General Counsel Patrick McCarty

Executive Director Madge Bolinger

Director, Division of Market Oversight Michael Gorham

Director, Division of Clearing and Intermediary Jane Kang Thorpe

Oversight

Director, Division of Enforcement Gregory Mocek

Chief Economist James Overdahl

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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. However, boards of trade and commercial markets are exempt from regulations.

The Commission also regulates the activities of numerous...

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