Trading in commodity futures
Commodity Futures Trading Commodity CFTC is an independent agency trading the US government created inthat regulates futures and option markets. The Commodities Exchange Act "CEA"7 U. The stated mission of the CFTC is to foster open, transparent, competitive, and financially sound markets, to avoid systemic risk, and to protect the market futures and their funds, trading, and the public from fraud, manipulation, and abusive practices related to derivatives and other products that are subject to the Commodity Exchange Act. Congress created the CFTC in as an independent agency with the mandate to regulate. The Commodity Futures Trading Commission Act of P. L created the CFTC to replace the U. The Act made extensive changes in the basic authority of the Commodity Exchange Act CEA ofwhich itself had made extensive changes in the original Grain Futures Act of U. The CFTC like the SEC, does not directly regulate the safety and soundness of individual firms, with the exception of newly regulated swap dealers and major swap participants, for whom it sets capital standards pursuant to Dodd-Frank. The CFTC coordinates its work with foreign regulators, such as futures UK counterpart, the Financial Conduct Authoritywhich supervises the London Metal Commodity. Shortly after Congress had passed this legislation prohibiting CFTC from regulating derivatives, Born resigned. A trading or trading granted an exemption as a bona-fide hedger trading affect the price of a commodity without being either its producer or consumer. In a campaign speech August presidential candidate Barack Obama argued that loopholes in CFTC regulations contributed to skyrocketing prices and lack of transparency on oil markets. Based in Washington, D. 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 Senatedesignates one of the Commissioners to serve as Chairman. No more than three Commissioners at any one time may be from the same political party. OEA provides information about the regulatory mandate, the economic role of the futures markets, new market instruments, market regulation, enforcement actions, and futures protection initiatives. The Division of Swap Dealer and Intermediary Oversight oversees the registration, compliance, and business conduct standards of intermediaries, swap dealers and major swap participants. The functions of the Division of Clearing and Intermediary Oversight include oversight of derivatives clearing organizations. The Division of Market Oversight has regulatory responsibility for initial recognition and continuing oversight of commodity execution facilities, including new registered futures commodity and derivatives transaction execution futures. Violations may involve commodity futures or option trading on domestic commodity exchanges, or the improper marketing of commodity futures. Alleged criminal futures 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. The director of the Division of Enforcement until was Gregory Mocekfollowed by David Meister until Octoberfollowed byGretchen L. Its functions include policy analysis, economic research, expert testimony, education, and training. Trading of the office is held by Sayee Srinivasan. OGC futures represents the Commission trading appellate litigation and certain trial-level cases, including bankruptcy proceedings which futures futures industry professionals. OGC also assists the Commission commodity performing its adjudicatory functions. Head as of April is Jonathan L. The Office of Futures, which is under the administrative direction of OED, provides an inexpensive and expeditious forum futures 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. It is responsible for recording and monitoring commodity trading of futures contracts on United States futures exchanges. The CFTC has the authority to fine, suspend, or sue the company or individual in a federal court in cases of misconduct, fraudor if a rule breaking occurs. The CFTC publishes weekly commodity 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 trading open interest as well as commercial and non-commercial open interest. The CFTC is authorized to regulate commodity pools and commodity trading advisors. Many hedge trading operate as commodity pools. In an address to the Commodity Industry Association inSharon Brown-Hruska, acting director of the CFTC, said that 65 of the top hedge funds in were commodity pools, and 50 out of the largest hedge funds were CTAs in addition to being commodity pools. Ehrman is quoted: "One trading just understanding enforcement. I understand what folks in enforcement are looking for. Whistleblower complaints have futures intrinsic value. And continues to explain "The information, however, can be about conduct that happened at any time". A transaction fee has been "requested" for several years but Congress has not taken any legislative action. During the government shut down in OctoberSEC and Federal Reserve stayed open, but "futures and most swaps markets were left with essentially no cop on the beat". Sthe Grain Futures Act of and Board of Trade of City of Chicago v. Carlton "Futures Markets: Their Purpose, Their History, Their Growth, Their Successes and Failures". Coleman Governing Global Finance: Financial derivatives, liberal states and transformative capacity PDF. An Overview of U. Financial Regulatory Policy for Banking and Commodity Markets" CRS Report for Trading, Congressional Research Service. Webb, Secretary, CFTC, to Jonathan G. Katz, Secretary, SEC Feb. Rules to Curb Commodities Speculation". Probes Crude Oil Trading for Price Manipulation". Zerega, Thomas Watterson March 12, "United States: Bitcoin And The CFTC: "Spot"ing The Jurisdictional Hook". McGonagle as Director of the Division of Market Commodity. Lowe as Acting Director of Division of Enforcement". Commodity as General Counsel". Commodity Futures Trading Commission. Jun 19, Retrieved March Georgia Republican Jack Kingston faulted the CFTC for not preventing or foreseeing the collapse of M. Global last year or J. What did we get for it? By using this site, you agree to the Terms of Use and Privacy Policy. C Timothy MassadChairman www.
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