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

Timothy Massad is the chairman of the CFTC.

About the CFTC - CFTC

He was appointed on June 3, , to replace Gary Gensler , who stepped down in January Congress created the CFTC in with the Commodity Futures Trading Commission Act of as an independent agency with the mandate to regulate commodity futures and options markets in the United States. Prior to that time, futures markets were regulated by the Commodity Exchange Authority CEA , a division of the U. The CFTC's mandate has been renewed and expanded several times since , most recently by the Commodity Futures Modernization Act of CFMA.

Congress reauthorized the CFTC through the Fiscal Year On July 21, , U. President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act Dodd-Frank Act , which expanded the CFTC's jurisdiction and authorities. Today, the CFTC assures the economic utility of the futures markets by encouraging their competitiveness and efficiency, ensuring their integrity, protecting market participants against manipulation , abusive trading practices, and fraud , and ensuring the financial integrity of the clearing process.

Through effective oversight, the CFTC enables the futures markets to serve the important function of providing a means for price discovery and offsetting price risk. Bagley was appointed by President Gerald Ford as the first chairman of the Commodity Futures Trading Commission, serving from As keynote speaker at a press dinner on the Chicago Board of Trade 's trading floor early in his chairmanship, he established one of the CFTC's oversight goals by telling the crowd something along the lines of that if there was anything "Mickey Mouse" going on in the industry, he would cut off Mickey's ears.

The CFTC and the European Commission in February announced a "common approach" to clearinghouse requirements that would pave the way for European regulators to grant equivalence to U.

The agreement would allow European CCPs to do business in the U. CCPs to continue to provide services to EU companies. The European Commission will propose the adoption of an equivalence decision, which will need to be approved by the Member States of the European Union.

That vote is expected on Feb.

The Commission expects that U. CCPs will be recognized by June 21, the date when the mandatory clearing obligation for interest rate swaps starts to take effect.

The agreement is the culmination of three years of sometimes bitter talks over common standards for the global derivatives markets mandated by world leaders after the financial crisis. The Commission consists of five CFTC commissioners appointed by the President to serve staggered five-year terms. The President, with the consent of the Senate, designates one of the commissioners to serve as CFTC chairman. No more than three commissioners at any one time may be from the same political party.

The CFTC chairman's staff has direct responsibility for providing information about the Commission to the public and interacting with other governmental agencies and the Congress, and for the preparation and dissemination of Commission documents. The chairman's staff also ensures that the Commission is responsive to requests filed under the Freedom of Information Act. The chairman's staff includes the Office of the Inspector General, which conducts audits of CFTC programs and operations, and the Office of International Affairs, which is the focal point for the Commission's global regulatory coordination efforts.

The chairman's staff is also responsible for liaison with the public, the Congress, and the media.

The Office of External Affairs OEA is the Commission's liaison with the domestic and foreign news media, producer and market user groups, educational and academic groups and institutions, and the general public.

OEA provides timely and relevant information about the Commission's regulatory mandate, the economic role of the futures markets, new market instruments, market regulation, enforcement actions, and customer protection initiatives, actions, and issues.

OEA also provides assistance to members of the media and the general public accessing the CFTC's Internet Web site. The Commission serves in an advisory capacity to the Alliance for Investor Education. The CFTC monitors markets and market participants closely by maintaining, in addition to its headquarters office in Washington, offices in cities that have futures exchanges — New York, Chicago, Kansas City, and Minneapolis.

Clearing and Risk DCR The functions of the Division of Clearing and Intermediary Oversight include oversight of derivatives clearing organizations, financial integrity of registrants, customer fund protection, stock-index margin , registration and fitness of intermediaries, sales practice reviews, National Futures Association activities related to intermediaries, and foreign market access by intermediaries. Division of Market Oversight DMO The Division of Market Oversight has regulatory responsibility for initial recognition and continuing oversight of trade execution facilities, including new registered futures exchanges and derivatives transaction execution facilities.

The regulatory functions of the Division include, among other things, market surveillance, trade practice reviews and investigations, rule enforcement reviews, review of product-related and market-related rule amendments, and associated product and market-related studies. Swap Dealer and Intermediary Oversight DSIO The Division of Swap Dealer and Intermediary Oversight oversees the registration and compliance of intermediaries and futures industry self-regulatory organizations SRO's including U.

Under Dodd-Frank, DSIO also will be responsible for developing and monitoring compliance with regulations addressing registration, capital adequacy and margin requirements for swap dealers and major swap participants. Division of Enforcement DOE The Division of Enforcement investigates and prosecutes alleged violations of the Commodity Exchange Act and CFTC regulations.

Violations may involve commodity futures or option trading on domestic commodity exchanges, or the improper marketing of commodity investments.

Commodity Futures Trading Commission (CFTC) - Consumer Wiki

The Division may, at the direction of the Commission, file complaints before the agency's administrative law judges or in the U. Alleged criminal violations of the Commodity Exchange Act or violations of other Federal laws which involve commodity futures trading may be referred to the Justice Department for prosecution.

The Division also provides expert help and technical assistance with case development and trials to U.

Office of Chief Economist OCE The Office of the Chief Economist is an independent office with responsibility for providing expert economic advice to the Commission. Its functions include policy analysis, economic research, expert testimony, education and training. Office of the General Counsel The Office of the General Counsel OGC is the Commission's legal advisor. OGC staff represents the Commission in appellate litigation and certain trial-level cases, including bankruptcy proceedings which involve futures industry professionals.

OGC also assists the Commission in performing its adjudicatory functions. Office of the Executive Director The Office of the Executive Director OED formulates and implements the management and administrative policies and functions of the agency.

OED staff formulate the agency's budget, supervise the allocation and use of agency resources, promote management controls and financial integrity, and develop and maintain the agency's automated information systems. The Office of Proceedings, which is under the administrative direction of OED, provides an inexpensive and expeditious forum for handling customer complaints against people or firms registered with the National Futures Association NFA through its reparations program.

The Office of Proceedings also hears and decides enforcement cases brought by the Commission.

Commodity Futures Trading Commission - MarketsWiki, A Commonwealth of Market Knowledge

The CFTC regularly issues various weekly, monthly or annual reports , [9] including Commitments of Traders reports [10] , Cotton On-Call [11] , Bank Participation in the Futures and Options Markets [12] , CUSIPS Delivered for CBOT Treasury Futures Contracts maintained by Chicago Board of Trade [13] , Futures Industry Registrants by Location [14] , and Financial Data of FCMs [15] and others.

See also CFTC Commissioners. In October , Senate policy advisor Mark Wetjen was confirmed as the replacement to retiring commissioner and former CFTC acting-chairman Michael Dunn [16].

It was announced on June 16, that Walter Lukken , commissioner of the Commodity Futures Trading Commission at the time, as well as acting chairman of the Commission from June 27, until Jan. Individual Trader Institutional Investor Introducing Broker Commercial. Commodity Futures Trading Commission Founded Headquarters Washington D.

Products Regulator Key People J. Christopher Giancarlo, Acting Chairman Web site www. CFTC Office of the Inspector General - Dodd-Frank Cost-benefit Analyses - April 15, Final Rules; Interim Final Rules. All Related MRW Pages. Retrieved from " http: Sponsored Pages Sponsored Pages - ADMIS Regulators Futures Regulators CFTC Alliance for Investor Education.

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