Commodity Futures Trading Commission

• Pages: 369-370

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 Thomas J. Erickson, Barbara P. Holum, (2 vacancies)

General Counsel Patrick McCarty

Executive Director Madge Bolinger, Acting

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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 Division of Market Oversight, Clearing and Intermediary Oversight, and Enforcement, and the Offices of the Executive Director, the General Counsel, and the Chief Economist.

Activities

The Commission regulates trading on the U.S. futures exchanges, which offer active futures and options contracts. It also regulates the activities of numerous commodity exchange members, public brokerage houses (futures commission merchants), Commission-registered futures industry salespeople (associated persons), commodity trading...