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Commodity Futures Trading Commission

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| org_name = Commodity Futures Trading Commission
| org_logo = [[Image:CFTCsealsmCFTC-New-Logo.gifpng]]
| foundation = 1974
| keypeople = [[Timothy MassadHeath Tarbert]], Chairman| location = Three Lafayette Centre, 1155 21st Street, NW, Washington D, DC 20581[[File:CFTC_headquarters_map_in_washington_D.C..jpg|180px|Image: 180 pixels]]| facebook = cftcgov| twitter = cftc| youtube = CFTC| linkedin = commodity-futures-trading-commission
| products = Regulator
| homepage= []}}
The mission of the Commodity Futures Trading Commission (CFTC)<ref>{{cite web|name=U.S. Commodity Futures Trading Commission|url=|org=CFTC|date=December 28, 2007}}</ref> is to protect [[market]] users and the public from [[CFTC Fraud Advisories|fraud]], [[manipulation]], and abusive practices related to the sale of [[commodity]] and financial [[futures contract|futures]] and [[options]], and to foster open, competitive, and financially sound [[futures trading|futures]] and [[option]]s markets. <ref>{{cite web|name=U.S. Commodity Futures Trading Commission|url=|org=CFTC|date=December 28, 2007}}</ref>
[[Timothy MassadHeath Tarbert]] is the chairman of the CFTC. He was appointed on June 3, 2014, to replace [[Gary Gensler]], who stepped down started his term in January 2014July 2019.<ref>{{cite web|url=|name=Senate Confirms Gensler To Head CFTC|org=Yahoo News|date=May 19, 2009}}</ref> <ref>{{cite web|url=|name=Gensler Said to Discuss Chance of Second Term at CFTC|org=BusinessWeek|date=May 9, 2013}}</ref>
== History ==
Congress created the CFTC in with the [[Commodity Futures Trading Commission Act of 1974]] as an independent agency with the mandate to regulate [[commodity]] [[futures trading|futures]] and [[option]]s markets in the United States. (Prior to Before that time, futures markets were regulated by the [[Commodity Exchange Authority]] ([[CEA]]), a division of the [[U.S. Department of Agriculture]]). The CFTC's mandate has been renewed and expanded several times since 1974, most recently by the [[Commodity Futures Modernization Act of 2000]] ([[CFMA]]).<ref>{{cite web|name=Washington Watch|url=|org=Futures Industry Magazine|date=February 22, 2008}}</ref> In May of 2008, the U.S. Congress reauthorized the CFTC through the Fiscal Year 2013. On July 21, 2010, U.S. 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 [[economicWilliam T. Bagley]] utility , a lawyer, was appointed by President Gerald Ford as the first chairman of the [[futures]] markets by encouraging their competitiveness and efficiencyCommodity Futures Trading Commission, ensuring their integrity, protecting market participants against serving from 1975-1978. As keynote speaker at a press dinner on the [[manipulationChicago Board of Trade]], abusive 's [[tradingfloor]] practicesearly in his chairmanship, and [[fraud]], and ensuring the financial integrity he established one of the [[clearing]] process. Through effective CFTC's oversight, goals by telling the CFTC enables crowd something along the futures markets to serve lines of that if there was anything "Mickey Mouse" going on in the important function of providing a means for [[price discovery]] and [[offset]]ting [[price risk]]industry, he would cut off Mickey's ears.
Lawyer Today, the CFTC assures the [[William T. Bagleyeconomic]] was appointed utility of the [[futures]] markets by President Gerald Ford as encouraging their competitiveness and efficiency, ensuring their integrity, protecting market participants against [[manipulation]], abusive [[trading]] practices, and [[fraud]], and ensuring the first chairman financial integrity of the Commodity Futures Trading Commission, serving from 1975-1978[[clearing]] process. As keynote speaker at  The CFTC introduced a press dinner on new fintech initiative in May 2017 called [[LabCFTC]], with [[Daniel Gorfine]] at the helm. On December 15, 2017 the CFTC launched a virtual currency resource Web page,, as a repository for commission-produced resources about virtual currency (aka cryptocurrency).<ref>{{cite web|url=|name=CFTC Launches Virtual Currency Resource Web Page|org=CFTC|date=December 18, 2017}}</ref> [[Chicago Board of TradeFile:The_CFTC_building_name_plate_in_Washington_D.C..jpg|450px|Image: 450 pixels]]'s  == Regulatory Agreement with the European Commission ==The CFTC and the [[trading floorEuropean Commission]] early in his chairmanshipFebruary 2016 announced a "common approach" to clearinghouse requirements that would pave the way for European regulators to grant equivalence to U.S. clearinghouses. The agreement would allow European CCPs to do business in the U.S. more easily and U.S. CCPs to continue to provide services to EU companies.<ref>{{cite web|url=|name=Joint CFTC and European Commission Statement|org=Europa|date=February 10, he established one 2016}}</ref> The deal will also result in millions of dollars of savings daily in the CFTC's oversight goals amount of collateral derivatives dealers are required to post.  The European Commission will propose the adoption of an equivalence decision, which will need to be approved by telling the crowd something along Member States of the lines of that if there was anything "Mickey Mouse" going European Union. That vote is expected on in Feb. 24. The Commission expects that U.S. CCPs will be recognized by June 21, the industrydate when the mandatory clearing obligation for [[interest rate swaps]] starts to take effect.<ref>{{cite web|url=|name=FIA Welcomes US-EU accord on CCP equivalence|org=FIA|date=February 10, he would cut off Mickey'2016}}</ref> 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 2008 financial crisis.<ref>{{cite web|url= ears/0/b7f72eda-cfef-11e5-92a1-c5e23ef99c77.html#axzz3zn7ppGy9|name=EU and US strike derivatives regulation deal|org=The Financial Times|date=February 10, 2016}}</ref>
== How the CFTC Is Organized ==
The CFTC monitors markets and market participants closely by maintaining, in addition to its headquarters office in Washington, offices in cities that have [[futures]] [[exchange]]s — New York, Chicago, Kansas City, and Minneapolis.
==CFTC Budget & Enforcement Results==
===CFTC Annual budget===
*2018: $249 million
*2017: $250 million<ref>{{cite web|url=|name=Misconduct rife in derivatives - ex-CFTC enforcement chief|org=Reuters|date=March 23, 2018}}</ref>
*2016: $250 million<ref>{{cite web|url=|name=SEC, CFTC Funding Unchanged in Congressional Spending Plan|org=BNA|date=March 23, 2018}}</ref>
*2015: $250 million<ref>{{cite web|url=|name=SEC and CFTC Gain, IRS Loses in FY 2015 Budget Bill|org=McEldrew Young|date=March 23, 2018}}</ref>
*2014: $215 million
*2013: $215 million<ref>{{cite web|url=|name=Budget compromise eases swaps regulations on banks and increases CFTC Budget |org=Baker McKenzie|date=March 23, 2018}}</ref>
*2012: $205.2 million<ref>{{cite web|url=|name=CFTC Gensler asks for 49% increase in budget|org=Futures|date=March 23, 2018}}</ref>
*2011: $169 million<ref>{{cite web|url=|name=CFTC Budget Request Is Cut|org=Wall Street Journal|date=March 23, 2018}}</ref>
*2010: $168.8 million<ref>{{cite web|url=|name=Democrats, GOP spar over SEC, CFTC budgets
|org=Marketwatch|date=March 23, 2018}}</ref>
*2009: $146 million<ref>{{cite web|url=|name=CFTC Addresses 2010 Budget|org=Hedge Fund Law Blog|date=March 23, 2018}}</ref>
*2008: $111 million
===Total monetary sanctions for fiscal year===
*2017: $413 million<ref>{{cite web|url=|name=CFTC Releases Annual Enforcement Results for Fiscal Year 2017|org=U.S. Commodity Futures Commission|date=March 23, 2018}}</ref>
*2016: $1.29 billion<ref>{{cite web|url=|name=CFTC Releases Annual Enforcement Results for Fiscal Year 2016|org=U.S. Commodity Futures Commission|date=March 23, 2018}}</ref>
*2015: $3.2 billion<ref>{{cite web|url=|name=CFTC Releases Annual Enforcement Results for Fiscal Year 2015|org=U.S. Commodity Futures Commission|date=March 23, 2018}}</ref>
*2014: $3.27 billion<ref>{{cite web|url=|name=CFTC Releases Annual Enforcement Results for Fiscal Year 2014|org=U.S. Commodity Futures Commission|date=March 23, 2018}}</ref>
== Major Operating Units ==
'''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.S. [[derivatives]] exchanges and the [[National Futures Association]] (NFA). 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)'''
'''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.
In February of 2009, the CFTC announced it had launched, on a six-month trial basis, a new monthly report called “[[This Month in Futures Markets]].” The report, produced by the Commission’s Office of the Chief [[Economist]], was touted as something that could add [[transparency]] to the information the Commission provides the public concerning regulated [[futures]] markets by providing graphical and tabular displays on the Commission’s Web site. The report draws from the Commission’s [[Commitments of Traders reports]] data and displays various market statistics for 22 actively-traded [[commodity]] markets, including four each from energy, agriculture, metals, financials, soft commodities and two from livestock markets.<ref>{{cite web|url=|name=CFTC Launches New Monthly Report|org=U.S. Commodity Futures Commission|date=February 4, 2009}}</ref>
'''Office of the General Counsel'''
== Reports ==
The CFTC regularly issues various [[CFTC Market Reports|weekly, monthly or annual reports]],<ref>{{cite web |url=|name=Market Reports|org=U.S. Commodity Futures Trading Commission |date=April 9, 2008}}</ref>, including [[Commitments of Traders reports]]<ref>{{cite web |url=|name=Commitments of Traders|org=U.S. Commodity Futures Trading Commission |date=April 9, 2008}}</ref>, [[Cotton On-Call]]<ref>{{cite web |url=|name=Cotton on Call|org=U.S. Commodity Futures Trading Commission|date=April 9, 2008}}</ref>, [[Bank Participation in the Futures and Options Markets]]<ref>{{cite web |url= |name=Bank Participation in the Futures and Options Markets |org=U.S. Commodity Futures Trading Commission|date=April 9, 2008}}</ref>, [[CUSIPS Delivered for CBOT Treasury Futures Contracts]] (maintained by Chicago Board of Trade)<ref>{{cite web |url=,3181,404,00.html|name=CUSIPS Delivered for CBOT Treasury Futures Contracts |org=Chicago Board of Trade|date=April 9, 2008}}</ref>, [[Futures Industry Registrants by Location]]<ref>{{cite web |url= |name=Futures Industry Registrants by Location |org=U.S. Commodity Futures Trading Commission|date=April 8, 2008}}</ref>, and [[Financial Data of FCMs]]<ref>{{cite web|url=|name=Financial Data for Futures Commission Merchants|org=U.S. Commodity Futures Commission|date=April 9, 2008}}</ref> and others.
== Key People Commissioners ==*<gallery>File:Heath_Tarbert.jpg|[[Timothy MassadHeath Tarbert]], Chairman*File:Quintenz.jpg|[[Mark WetjenBrian D. Quintenz]], Commissioner*File:CFTC_Commissioner_Rostin_Behnam.jpg|[[J. Christopher GiancarloRostin Behnam]], Commissioner *File:Dawn Stump.jpg|[[Sharon Y. BowenDawn Stump]], Commissioner*File:Dan Berkovitz.jpg|[[Scott DDan M. O'MaliaBerkovitz]], Commissioner</gallery>
See also [[CFTC Commissioners]]
In October 2011, Senate policy advisor [[Mark Wetjen]] was confirmed as the replacement to retiring commissioner and former CFTC acting-chairman [[Michael Dunn]] <ref>{{cite web|url=|name=Senate confirms Mark Wetjen as new CFTC commissioner||date=March 7, 2012}}</ref>
It was announced on June 16, 2009 that [[Walter Lukken]], commissioner of the Commodity Futures Trading Commission at the time, as well as acting chairman of the Commission from June 27, 2007 until Jan. 20, 2009, would join [[NYSE Euronext]] on July 13, 2009 as senior vice president, global market structure, office of the general counsel.<ref>{{cite web|url=|org=Businesswire/ NYSE Euronext|name=Press Release|date=June 16, 2009}}</ref>
==Terms of Service - Current and Former Commissioners==
|[[Scott D. O’Malia]]
|04/15/05 – 04/15/10, 04/15/10 – 04/15/15
|10/1619/09- 08/08/14
|[[Jill E. Sommers]]
|04/13/04 – 04/13/09, 04/13/09 – 04/13/14
|08/08/07 -07/08/13
|[[Bart Chilton]]
|04/13/03 – 04/13/08, 04/13/08 – 04/13/13
|08/08/07 -03/21/14
|[[Gary Gensler]], (Chairman 05/26/09 - )
|04/13/07 – 04/13/12
|05/26/09 -01/3/14