Commodity Futures Trading Commission
Encyclopedia
The U.S. Commodity Futures Trading Commission (CFTC) is an independent agency of the United States government
that regulates futures
and option
markets.
The Commodity Exchange Act
(CEA), et seq., prohibits fraudulent conduct in the trading of futures contracts. In 1974, Congress
amended the Act to create a more comprehensive regulatory framework for the trading of futures contracts and created the Commodity Futures Trading Commission, replacing the Commodity Exchange Authority
. The stated mission of the 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 option markets.
contracts for agricultural commodities have been traded in the U.S. for more than 150 years and have been under Federal regulation since the 1920s. In recent years, trading in futures contracts has expanded rapidly beyond traditional physical and agricultural commodities into a vast array of financial instruments, including foreign currencies, U.S. and foreign government securities, and U.S. and foreign stock indices.
, which instructed the Securities & Exchange Commission and the CFTC to develop a joint regulatory regime for single-stock futures
, and the products subsequently began trading in November 2002. 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.
and her chairmanship of the Commission from August 26, 1996, to June 1, 1999, was the focus of a October 2009 Frontline documentary titled "The Warning" and was also chronicled in the documentary Inside Job
. The two films recount her attempts to investigate and possibly regulate the over-the-counter
(OTC) derivative
s market. Two actions by the CFTC in 1998 led some market participants to express concerns that the CFTC might modify the "Swap Exemption" and attempt to impose new regulations on the swap market. First, in a comment letter addressing the SEC's "broker-dealer lite" proposal, the CFTC stated that the SEC's proposal would create the potential for conflict with the Commodity Exchange Act (CEA) to the extent that certain OTC derivative instruments fall within the ambit of the CEA and are subject to the exclusive statutory authority of the CFTC.
Subsequently, the CFTC issued a concept release requesting comment on whether regulation of OTC derivatives markets is appropriate and, if so, what form such regulation should take. Legislation enacted at the request of Treasury, the Federal Reserve Board, and the SEC in 1998 limited the CFTC's rulemaking authority with respect to swaps and hybrid instruments until March 30, 1999, and froze the pre-existing legal status of swap agreements and hybrid instruments entered into in reliance on the Swap Exemption, the Hybrid Instrument Rule, the Swap Policy Statement, or the Hybrid Interpretation. The text of that act read: "...the Commission may not propose or issue any rule or regulation, or issue any interpretation or policy statement, that restricts or regulates activity in a qualifying hybrid instrument or swap agreement". Brooksley Born resigned on June 1, 1999, and later commented the failure of Long-Term Capital Management
and the subsequent bailout as being indicative what she had been trying to prevent.
has argued that current loophole
s in CFTC regulations have contributed to skyrocketing prices and lack of transparency of oil on markets.
On June 25, 2008 Speaker Pelosi sent a letter to President Bush calling on him to direct the Commodity Futures Trading Commission (CFTC) to use its emergency powers to take immediate action to curb excessive speculation in energy markets, and to investigate all energy contracts. Despite growing reports of excessive speculation in energy markets, the CFTC has refused to take actions they have taken in the past. The Energy Markets Emergency Act of 2008
was a failed bill that would have attempted to curb excessive speculation in the energy futures markets.
, designates one of the Commissioners to serve as Chairman. No more than three Commissioners at any one time may be from the same political party.
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 website.
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 and Kansas City.
It is responsible for recording and monitoring the trading of futures contract
s on United States futures exchange
s. The CFTC has the authority to fine, suspend, or sue the company or individual in a federal court
in cases of misconduct, fraud
, or if a rule breaking occurs.
The CFTC publishes weekly reports containing details of holdings for market-segments, which have 20 or more reportable participants. The reports are released every Friday (including data from the previous Tuesday) and contain data on open interest split by reportable and non-reportable open interest
as well as commercial and non-commercial open interest. This type of report is referred to as the 'Commitments of Traders Report
', COT-Report or simply COTR.
The CFTC is authorized to regulate commodity pool
s and commodity trading advisors. Many hedge fund
s operate as commodity pools. In an address to the Securities Industry Association
in 2004, Sharon Brown-Hruska, acting director of the CFTC, said that 65 of the top 100 hedge funds in 2003 were commodity pools, and 50 out of the 100 largest hedge funds were CTAs in addition to being commodity pools.
William T. Bagley (Chairman 4/15/75-11/15/78) 4/15/75 – 11/15/78
Read P. Dunn, Jr. 4/15/80 – 11/13/81*
Susan M. Phillips (Acting Chairman 5/28/83 – 11/16/83) (Chairman 11/17/83-7/24/87) 4/15/85 – 4/15/90 11/16/81 – 7/24/87
Wendy L. Gramm
(Chairman 2/22/88-1/22/93) 4/15/85 – 4/15/90 4/15/90 – 4/15/95 2/22/88 – 1/22/93
Sheila C. Bair
4/15/90 – 4/15/95 10/5/94 – 6/16/95*
David D. Spears (Acting Chairman 6/2/99-8/10/99) 4/15/95 – 4/15/00 9/3/96 -12/20/01
Walter L. Lukken (Acting Chairman 6/27/07 -) 4/15/00 – 4/15/05 4/15/05 – 4/15/10 8/07/02 –
Gary L. Seevers (Acting Chairman 12/6/78-5/3/79) 4/15/75 – 4/15/79 4/15/75 – 6/1/79
Phillip McBride Johnson (Chairman 6/8/81-5/1/83) 4/15/79 – 4/15/84 6/6/81 – 5/1/83
Robert R. Davis 4/15/84 – 4/15/89 10/3/84 – 4/30/90
Sheila C. Bair
(Acting Chairman 8/21/93-12/21/93) 4/15/89 – 4/15/94 5/2/91 – 10/4/94*
Mary L. Schapiro (Chairman 10/13/94-1/26/96) 4/15/94 – 4/15/99 10/13/94 – 1/26/96
Brooksley E. Born (Chairperson 8/26/96-6/1/99) 4/15/94 – 4/15/99 8/26/96 – 6/1/99
William J. Rainer (Chairman 8/11/99 – 1/19/01) 4/15/99 – 4/13/04 8/11/99 – 1/19/01
Sharon Brown-Hruska
(Acting Chairman 7/24/04 – 7/10/05) 4/13/99 – 4/13/04 4/13/04 – 04/13/09 8/7/02 – 7/28/06
Read P. Dunn, Jr. 4/15/75 – 4/15/78 4/15/75 – 4/15/80*
James M. Stone (Chairman 5/4/79-6/8/81) 4/15/78 – 4/15/83 5/4/79 – 1/31/83
William E. Seale 4/15/83 – 4/15/88 11/16/83 – 9/1/88
William P. Albrecht (Acting Chairman 1/22/93-8/20/93) 4/15/88 – 4/15/93 11/22/88 – 8/20/93
John E. Tull, Jr. (Acting Chairman 1/27/96-8/25/96) 4/15/93 – 4/15/98 11/24/93 – 2/27/99
Thomas J. Erickson 4/15/98 – 4/13/03 6/21/99 – 12/1/02
Frederick W. Hatfield 4/13/03 – 4/13/08 12/6/04 – 12/31/06
John V. Rainbolt, II 4/15/75 – 4/15/77 4/15/75 – 5/18/78
David G. Gartner 4/15/77 – 4/15/82 5/19/78 – 10/5/82
Fowler C. West 4/15/82 – 4/15/87 4/15/87 – 4/15/92 10/6/82 – 1/20/93
Barbara P. Holum (Acting Chairman 12/22/93-10/7/94) 4/15/92 – 4/13/97 4/13/97 – 4/13/02 4/13/02 – 4/13/07 11/28/93 – 12/9/03
Reuben Jeffery III
(Chairman 7/11/05 – 6/27/07) 4/13/02 – 4/13/07 7/11/05 – 6/27/07
Robert L. Martin 6/19/75 – 6/19/76 6/19/76 – 6/19/81 6/20/75 – 8/31/81
Kalo A. Hineman (Acting Chairman 7/27/87-2/22/88) 6/19/81 – 6/19/86 6/19/86 – 6/19/91 1/12/82 – 6/19/91
Joseph B. Dial 6/19/91 – 6/19/96 6/20/91 – 11/13/97
James E. Newsome (Acting Chairman 1/20/01 – 12/27/01) (Chairman 12/27/01 – 7/23/04) 6/19/96 – 6/19/01 6/19/01 – 6/19/06 8/10/98 – 7/23/04
Michael V. Dunn 6/19/01 – 6/19/06 6/19/06 – 6/19/11 12/6/04 –
Walter L. Lukken(Acting Chairman 6/27/07-1/20/09) 8/8/02-7/1/09
Jill E. Sommers
8/8/07 –
Bart Chilton
8/8/07 –
* Held two separate terms.
Independent agencies of the United States government
Independent agencies of the United States federal government are those agencies that exist outside of the federal executive departments...
that regulates futures
Futures contract
In finance, a futures contract is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future date, the delivery date. The contracts are traded on a futures exchange...
and option
Option (finance)
In finance, an option is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in that transaction, while the seller incurs the...
markets.
The Commodity Exchange Act
Commodity Exchange Act
Commodity Exchange Act is a federal act passed in 1936 by the U.S. Government ....
(CEA), et seq., prohibits fraudulent conduct in the trading of futures contracts. In 1974, Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
amended the Act to create a more comprehensive regulatory framework for the trading of futures contracts and created the Commodity Futures Trading Commission, replacing the Commodity Exchange Authority
Commodity Exchange Authority
The Commodity Exchange Authority was a former regulatory agency of USDA. It was established toadminister the Commodity Exchange Act of 1936; it was the predecessor to the Commodity Futures Trading Commission ....
. The stated mission of the 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 option markets.
History
FuturesFutures contract
In finance, a futures contract is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future date, the delivery date. The contracts are traded on a futures exchange...
contracts for agricultural commodities have been traded in the U.S. for more than 150 years and have been under Federal regulation since the 1920s. In recent years, trading in futures contracts has expanded rapidly beyond traditional physical and agricultural commodities into a vast array of financial instruments, including foreign currencies, U.S. and foreign government securities, and U.S. and foreign stock indices.
Evolving mission and responsibilities
Congress created the CFTC in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the United States. The agency's mandate has been renewed and expanded several times since then, most recently in December 2000 when Congress passed the Commodity Futures Modernization Act of 2000Commodity Futures Modernization Act of 2000
The Commodity Futures Modernization Act of 2000 is United States federal legislation that officially ensured the deregulation of financial products known as over-the-counter derivatives. It was signed into law on December 21, 2000 by President Bill Clinton...
, which instructed the Securities & Exchange Commission and the CFTC to develop a joint regulatory regime for single-stock futures
Single-stock futures
Single-stock futuresIn finance, a single-stock futures is a type of futures contracts between two parties to exchange a specified number of stocks in company for a price agreed today with delivery occurring at a specified future date, the delivery date. The contracts are traded on a futures exchange...
, and the products subsequently began trading in November 2002. 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.
Over-the-counter derivatives
Brooksley BornBrooksley Born
Brooksley E. Born is an American attorney and former public official who, from August 26, 1996, to June 1, 1999, was chairperson of the Commodity Futures Trading Commission , the federal agency which oversees the futures and commodity options markets...
and her chairmanship of the Commission from August 26, 1996, to June 1, 1999, was the focus of a October 2009 Frontline documentary titled "The Warning" and was also chronicled in the documentary Inside Job
Inside Job
Inside Job is the fourth studio album by Don Henley, released in 2000, and his last album of all-new material to date.The song "Goodbye to a River" was apparently named after the book of the same title by John Graves...
. The two films recount her attempts to investigate and possibly regulate the over-the-counter
Over-the-counter (finance)
Within the derivatives markets, many products are traded through exchanges. An exchange has the benefit of facilitating liquidity and also mitigates all credit risk concerning the default of a member of the exchange. Products traded on the exchange must be well standardised to transparent trading....
(OTC) derivative
Derivative (finance)
A derivative instrument is a contract between two parties that specifies conditions—in particular, dates and the resulting values of the underlying variables—under which payments, or payoffs, are to be made between the parties.Under U.S...
s market. Two actions by the CFTC in 1998 led some market participants to express concerns that the CFTC might modify the "Swap Exemption" and attempt to impose new regulations on the swap market. First, in a comment letter addressing the SEC's "broker-dealer lite" proposal, the CFTC stated that the SEC's proposal would create the potential for conflict with the Commodity Exchange Act (CEA) to the extent that certain OTC derivative instruments fall within the ambit of the CEA and are subject to the exclusive statutory authority of the CFTC.
Subsequently, the CFTC issued a concept release requesting comment on whether regulation of OTC derivatives markets is appropriate and, if so, what form such regulation should take. Legislation enacted at the request of Treasury, the Federal Reserve Board, and the SEC in 1998 limited the CFTC's rulemaking authority with respect to swaps and hybrid instruments until March 30, 1999, and froze the pre-existing legal status of swap agreements and hybrid instruments entered into in reliance on the Swap Exemption, the Hybrid Instrument Rule, the Swap Policy Statement, or the Hybrid Interpretation. The text of that act read: "...the Commission may not propose or issue any rule or regulation, or issue any interpretation or policy statement, that restricts or regulates activity in a qualifying hybrid instrument or swap agreement". Brooksley Born resigned on June 1, 1999, and later commented the failure of Long-Term Capital Management
Long-Term Capital Management
Long-Term Capital Management L.P. was a speculative hedge fund based in Greenwich, Connecticut that utilized absolute-return trading strategies combined with high leverage...
and the subsequent bailout as being indicative what she had been trying to prevent.
Criticism
Since 1991 the CFTC has given secret exemptions from hedging regulations to 19 major banks and market participants, allowing them to accumulate essentially unlimited positions. These exemptions were originally given in secret, coming to light only as the 2008 financial crisis unfolded and Congress requested information on market participants. A trader or bank granted an exemption as a bona-fide hedger can affect the price of a commodity without being either its producer or consumer. Barack ObamaBarack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
has argued that current loophole
Loophole
A loophole is a weakness that allows a system to be circumvented.Loophole may also refer to:*Arrowslit, a slit in a castle wall*Loophole , a short science fiction story by Arthur C...
s in CFTC regulations have contributed to skyrocketing prices and lack of transparency of oil on markets.
On June 25, 2008 Speaker Pelosi sent a letter to President Bush calling on him to direct the Commodity Futures Trading Commission (CFTC) to use its emergency powers to take immediate action to curb excessive speculation in energy markets, and to investigate all energy contracts. Despite growing reports of excessive speculation in energy markets, the CFTC has refused to take actions they have taken in the past. The Energy Markets Emergency Act of 2008
Energy Markets Emergency Act of 2008
The Energy Markets Emergency Act of 2008 The Energy Markets Emergency Act of 2008 The Energy Markets Emergency Act of 2008 ( is a bill in the 110th Congress that "directs the Commodity Futures Trading Commission to use its authority to deal with issues causing major market disturbances." More...
was a failed bill that would have attempted to curb excessive speculation in the energy futures markets.
The Commission
The Commission consists of five Commissioners appointed by the President to serve staggered five-year terms. The President, with the consent of the United States SenateUnited States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
, designates one of the Commissioners to serve as Chairman. No more than three Commissioners at any one time may be from the same political party.
Commissioners
The five commissioners are:- Gary GenslerGary GenslerGary Gensler is the chairman of the U.S. Commodity Futures Trading Commission under President Barack Obama.Gensler was Undersecretary of the Treasury and Assistant Secretary of the Treasury in the United States. Barack Obama selected him to lead the Commodity Futures Trading Commission, which has...
- Michael Dunn
- Jill E. SommersJill E. SommersJill E. Sommers was sworn in as a Commissioner of the Commodity Futures Trading Commission on August 8, 2007 to a term that expired April 13, 2009...
- Bart ChiltonBart ChiltonBart Chilton is a commissioner on the United States Commodity Futures Trading Commission . Chilton has been a vocal supporter of position limits in commodities markets...
- Scott D. O'Malia
Chairman's staff
The 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 website.
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 and Kansas City.
Division of Clearing and Intermediary Oversight
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
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.Division of Enforcement
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. The Division may, at the direction of the Commission, file complaints before the agency's administrative law judges or in the U.S. District Courts. 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.S. Attorneys’ Offices, other Federal and state regulators, and international authorities.Office of Chief Economist
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. As the Commission’s legal advisor, OGC reviews all substantive regulatory, legislative, and administrative matters presented to it and advises the Commission on the application and interpretation of the Commodity Exchange Act and other administrative statutes. 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 NFA through its reparations program. The Office of Proceedings also hears and decides enforcement cases brought by the Commission.It is responsible for recording and monitoring the trading of futures contract
Futures contract
In finance, a futures contract is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future date, the delivery date. The contracts are traded on a futures exchange...
s on United States futures exchange
Futures exchange
A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts; that is, a contract to buy specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future. These types of...
s. The CFTC has the authority to fine, suspend, or sue the company or individual in a federal court
United States federal courts
The United States federal courts make up the judiciary branch of federal government of the United States organized under the United States Constitution and laws of the federal government.-Categories:...
in cases of misconduct, fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
, or if a rule breaking occurs.
The CFTC publishes weekly reports containing details of holdings for market-segments, which have 20 or more reportable participants. The reports are released every Friday (including data from the previous Tuesday) and contain data on open interest split by reportable and non-reportable open interest
Open interest
Open interest refers to the total number of derivative contracts, like futures and options, that have not been settled in the immediately previous time period for a specific underlying security...
as well as commercial and non-commercial open interest. This type of report is referred to as the 'Commitments of Traders Report
Commitments of Traders
The Commitments of Traders is a report issued by the Commodity Futures Trading Commission enumerating the holdings of participants in various futures markets. These futures markets are places to buy or sell, for example, grains, cattle, financial instruments, metals, petroleum, etc., and in the...
', COT-Report or simply COTR.
The CFTC is authorized to regulate commodity pool
Commodity pool
A commodity pool is an investment structure where many individual investors combine their moneys and trade in futures contracts as a single entity in order to gain leverage...
s and commodity trading advisors. Many hedge fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
s operate as commodity pools. In an address to the Securities Industry Association
Securities Industry Association
The Securities Industry Association was an association of firms and people who handle securities . In 2006 it merged with the Bond Market Association to form the Securities Industry and Financial Markets Association....
in 2004, Sharon Brown-Hruska, acting director of the CFTC, said that 65 of the top 100 hedge funds in 2003 were commodity pools, and 50 out of the 100 largest hedge funds were CTAs in addition to being commodity pools.
Former Commissioners
The following are the historical and current Commissioners since inception in 1974:William T. Bagley (Chairman 4/15/75-11/15/78) 4/15/75 – 11/15/78
Read P. Dunn, Jr. 4/15/80 – 11/13/81*
Susan M. Phillips (Acting Chairman 5/28/83 – 11/16/83) (Chairman 11/17/83-7/24/87) 4/15/85 – 4/15/90 11/16/81 – 7/24/87
Wendy L. Gramm
Wendy Lee Gramm
Wendy Lee Gramm is an American economist and a distinguished senior scholar at George Mason University's Mercatus Center, a free-market think tank based in Washington D.C. She is also the wife of former United States Senator Phil Gramm...
(Chairman 2/22/88-1/22/93) 4/15/85 – 4/15/90 4/15/90 – 4/15/95 2/22/88 – 1/22/93
Sheila C. Bair
Sheila C. Bair
Sheila Colleen Bair was the 19th Chairperson of the U.S. Federal Deposit Insurance Corporation . She was appointed to the post for a five-year term on June 26, 2006 by George W. Bush. Bair served as a member of the FDIC Board of Directors through July 8, 2011.-Early life:Bair is a native of...
4/15/90 – 4/15/95 10/5/94 – 6/16/95*
David D. Spears (Acting Chairman 6/2/99-8/10/99) 4/15/95 – 4/15/00 9/3/96 -12/20/01
Walter L. Lukken (Acting Chairman 6/27/07 -) 4/15/00 – 4/15/05 4/15/05 – 4/15/10 8/07/02 –
Gary L. Seevers (Acting Chairman 12/6/78-5/3/79) 4/15/75 – 4/15/79 4/15/75 – 6/1/79
Phillip McBride Johnson (Chairman 6/8/81-5/1/83) 4/15/79 – 4/15/84 6/6/81 – 5/1/83
Robert R. Davis 4/15/84 – 4/15/89 10/3/84 – 4/30/90
Sheila C. Bair
Sheila C. Bair
Sheila Colleen Bair was the 19th Chairperson of the U.S. Federal Deposit Insurance Corporation . She was appointed to the post for a five-year term on June 26, 2006 by George W. Bush. Bair served as a member of the FDIC Board of Directors through July 8, 2011.-Early life:Bair is a native of...
(Acting Chairman 8/21/93-12/21/93) 4/15/89 – 4/15/94 5/2/91 – 10/4/94*
Mary L. Schapiro (Chairman 10/13/94-1/26/96) 4/15/94 – 4/15/99 10/13/94 – 1/26/96
Brooksley E. Born (Chairperson 8/26/96-6/1/99) 4/15/94 – 4/15/99 8/26/96 – 6/1/99
William J. Rainer (Chairman 8/11/99 – 1/19/01) 4/15/99 – 4/13/04 8/11/99 – 1/19/01
Sharon Brown-Hruska
Sharon Brown-Hruska
Sharon Brown-Hruska is the former Acting Chairman and Commissioner of the Commodity Futures Trading Commission . She was designated as the Acting Chairman of the CFTC by President George W. Bush in 2004 and served in the role until 2005...
(Acting Chairman 7/24/04 – 7/10/05) 4/13/99 – 4/13/04 4/13/04 – 04/13/09 8/7/02 – 7/28/06
Read P. Dunn, Jr. 4/15/75 – 4/15/78 4/15/75 – 4/15/80*
James M. Stone (Chairman 5/4/79-6/8/81) 4/15/78 – 4/15/83 5/4/79 – 1/31/83
William E. Seale 4/15/83 – 4/15/88 11/16/83 – 9/1/88
William P. Albrecht (Acting Chairman 1/22/93-8/20/93) 4/15/88 – 4/15/93 11/22/88 – 8/20/93
John E. Tull, Jr. (Acting Chairman 1/27/96-8/25/96) 4/15/93 – 4/15/98 11/24/93 – 2/27/99
Thomas J. Erickson 4/15/98 – 4/13/03 6/21/99 – 12/1/02
Frederick W. Hatfield 4/13/03 – 4/13/08 12/6/04 – 12/31/06
John V. Rainbolt, II 4/15/75 – 4/15/77 4/15/75 – 5/18/78
David G. Gartner 4/15/77 – 4/15/82 5/19/78 – 10/5/82
Fowler C. West 4/15/82 – 4/15/87 4/15/87 – 4/15/92 10/6/82 – 1/20/93
Barbara P. Holum (Acting Chairman 12/22/93-10/7/94) 4/15/92 – 4/13/97 4/13/97 – 4/13/02 4/13/02 – 4/13/07 11/28/93 – 12/9/03
Reuben Jeffery III
Reuben Jeffery III
Reuben Jeffery III is the former United States Under Secretary of State for Economic, Business, and Agricultural Affairs, having been appointed to that position by United States President George W. Bush in June 2007....
(Chairman 7/11/05 – 6/27/07) 4/13/02 – 4/13/07 7/11/05 – 6/27/07
Robert L. Martin 6/19/75 – 6/19/76 6/19/76 – 6/19/81 6/20/75 – 8/31/81
Kalo A. Hineman (Acting Chairman 7/27/87-2/22/88) 6/19/81 – 6/19/86 6/19/86 – 6/19/91 1/12/82 – 6/19/91
Joseph B. Dial 6/19/91 – 6/19/96 6/20/91 – 11/13/97
James E. Newsome (Acting Chairman 1/20/01 – 12/27/01) (Chairman 12/27/01 – 7/23/04) 6/19/96 – 6/19/01 6/19/01 – 6/19/06 8/10/98 – 7/23/04
Michael V. Dunn 6/19/01 – 6/19/06 6/19/06 – 6/19/11 12/6/04 –
Walter L. Lukken(Acting Chairman 6/27/07-1/20/09) 8/8/02-7/1/09
Jill E. Sommers
Jill E. Sommers
Jill E. Sommers was sworn in as a Commissioner of the Commodity Futures Trading Commission on August 8, 2007 to a term that expired April 13, 2009...
8/8/07 –
Bart Chilton
Bart Chilton
Bart Chilton is a commissioner on the United States Commodity Futures Trading Commission . Chilton has been a vocal supporter of position limits in commodities markets...
8/8/07 –
Primary exchanges monitored
- Chicago Board Options ExchangeChicago Board Options ExchangeThe Chicago Board Options Exchange , located at 400 South LaSalle Street in Chicago, is the largest U.S. options exchange with annual trading volume that hovered around one billion contracts at the end of 2007...
- Chicago Board of TradeChicago Board of TradeThe Chicago Board of Trade , established in 1848, is the world's oldest futures and options exchange. More than 50 different options and futures contracts are traded by over 3,600 CBOT members through open outcry and eTrading. Volumes at the exchange in 2003 were a record breaking 454 million...
- Chicago Mercantile ExchangeChicago Mercantile ExchangeThe Chicago Mercantile Exchange is an American financial and commodity derivative exchange based in Chicago. The CME was founded in 1898 as the Chicago Butter and Egg Board. Originally, the exchange was a non-profit organization...
- HedgeStreetHedgeStreetNadex , formerly known as HedgeStreet, is an electronic exchange that allow trading in a number of financial derivatives...
- U.S. Futures ExchangeU.S. Futures ExchangeU.S. Futures Exchange was a Chicago-based, electronic futures exchange that terminated all exchange operations effective December 31, 2008. On December 17, 2008, MF Global had announced USFE was for sale or would be closed by December 31, 2008. USFE was originally Eurex US who bought BrokerTec,...
- Kansas City Board of TradeKansas City Board of TradeThe Kansas City Board of Trade , is an American commodity futures and options exchange regulated by the Commodity Futures Trading Commission...
- Minneapolis Grain ExchangeMinneapolis Grain ExchangeThe Minneapolis Grain Exchange was formed in 1881 as a regional cash marketplace to promote fair trade and to prevent trade abuses in wheat, oats and corn....
- New York Mercantile ExchangeNew York Mercantile ExchangeThe New York Mercantile Exchange is the world's largest physical commodity futures exchange. It is located at One North End Avenue in the World Financial Center in the Battery Park City section of Manhattan, New York City...
- New York Board of TradeNew York Board of TradeThe New York Board of Trade , renamed ICE Futures US in September of 2007, is a wholly owned subsidiary of IntercontinentalExchange . It is a physical commodity futures exchange located in New York City. It originated in 1870 as the New York Cotton Exchange...
- OneChicagoSingle-stock futuresSingle-stock futuresIn finance, a single-stock futures is a type of futures contracts between two parties to exchange a specified number of stocks in company for a price agreed today with delivery occurring at a specified future date, the delivery date. The contracts are traded on a futures exchange...
See also
- CommodityCommodityIn economics, a commodity is the generic term for any marketable item produced to satisfy wants or needs. Economic commodities comprise goods and services....
- Commodity poolCommodity poolA commodity pool is an investment structure where many individual investors combine their moneys and trade in futures contracts as a single entity in order to gain leverage...
- Federal Trade CommissionFederal Trade CommissionThe Federal Trade Commission is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act...
- Forex scamForex scamForeign exchange fraud is any trading scheme used to defraud traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market. Currency trading "has become the fraud du jour" as of early 2008, according to Michael Dunn of the U.S...
- Managed Futures AccountManaged Futures AccountA managed futures account or managed futures fund is a type of alternative investment. Managed futures accounts include, but are not limited to, commodity pools and commodity funds...
- Grain Futures ActGrain Futures ActThe Grain Futures Act , is a United States federal law enacted September 21, 1922 involving the regulation of trading in certain commodity futures, and causing the establishment of the Grain Futures Administration, a predecessor organization to the Commodity Futures Trading Commission.The bill that...
- National Futures AssociationNational Futures AssociationThe National Futures Association is an independent self-regulatory organization and watchdog of the commodities and futures industry in the United States. The NFA oversees and protects investors from fraudulent commodities and futures activities. The NFA also provides mediation and arbitration...
External links
- Commodity Futures Trading Commission Website
- Futures Industry Association
- National Futures Association
- Commitments of Traders
- Proposed and finalized federal regulations from the Commodity Futures Trading Commission
- PBSPublic Broadcasting ServiceThe Public Broadcasting Service is an American non-profit public broadcasting television network with 354 member TV stations in the United States which hold collective ownership. Its headquarters is in Arlington, Virginia....
(WGBHWGBH-TVWGBH-TV, channel 2, is a non-commercial educational public television station located in Boston, Massachusetts, USA. WGBH-TV is a member station of the Public Broadcasting Service , and produces more than two-thirds of PBS's national prime time television programming...
, Boston), "The Warning", Frontline TV public affairs program, October 20, 2009. "At the center of it all he finds Brooksley BornBrooksley BornBrooksley E. Born is an American attorney and former public official who, from August 26, 1996, to June 1, 1999, was chairperson of the Commodity Futures Trading Commission , the federal agency which oversees the futures and commodity options markets...
, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008." See also : http://www.pbs.org/wgbh/pages/frontline/warning/etc/sitemap.html