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Commodity Futures Trading Commission

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{{Infobox_Org
| org_name = Commodity Futures Trading Commission
| org_logo = [[Image:CFTCsealsmCFTC-New-Logo.gifpng]]
| foundation = 1974
| keypeople = J. Christopher Giancarlo[[Heath 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= [http://www.cftc.gov www.cftc.gov]}}
The mission of the Commodity Futures Trading Commission (CFTC) 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=http://www.cftc.gov|org=CFTC|date=December 28, 2007}}</ref>
[[J. Christopher GiancarloHeath Tarbert]] is the chairman of the CFTC. He was nominated by President Donald Trump and confirmed as chairman on August 3, 2017. He had previously been acting chairman, starting Jan. 20, 2017started his term in July 2019.
== History ==
Congress created the CFTC 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. (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=http://www.futuresindustry.org/fi-magazine-home.asp?a=1227|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.
Lawyer [[William T. Bagley]] , a lawyer, was appointed by President Gerald Ford as the first chairman of the Commodity Futures Trading Commission, serving from 1975-1978. 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.
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.
The CFTC introduced a 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, cftc.gov/bitcoin, as a repository for commission-produced resources about virtual currency (aka cryptocurrency).<ref>{{cite web|url=http://www.cftc.gov/PressRoom/PressReleases/pr7665-17#PrRoWMBL|name=CFTC Launches Virtual Currency Resource Web Page|org=CFTC|date=December 18, 2017}}</ref> [[File:The_CFTC_building_name_plate_in_Washington_D.C..jpg|450px|Image: 450 pixels]]
== Regulatory Agreement with the European Commission ==
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=https://www.reuters.com/article/us-cftc-enforcement-goelman/misconduct-rife-in-derivatives-ex-cftc-enforcement-chief-idUSKBN16V1D0|name=Misconduct rife in derivatives - ex-CFTC enforcement chief|org=Reuters|date=March 23, 2018}}</ref>
*2016: $250 million<ref>{{cite web|url=https://www.bna.com/sec-cftc-funding-n57982087381/|name=SEC, CFTC Funding Unchanged in Congressional Spending Plan|org=BNA|date=March 23, 2018}}</ref>
*2015: $250 million<ref>{{cite web|url=https://www.mceldrewyoung.com/fy-2015-budget-bill/|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=https://www.lexology.com/library/detail.aspx?g=7dfee7ab-cc1d-4dbf-b163-4c94d07e39c7|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=http://www.futuresmag.com/2012/02/12/cftc-gensler-asks-49-increase-budget|name=CFTC Gensler asks for 49% increase in budget|org=Futures|date=March 23, 2018}}</ref>
*2011: $169 million<ref>{{cite web|url=https://www.wsj.com/articles/SB10001424052970203503204577038653502512684|name=CFTC Budget Request Is Cut|org=Wall Street Journal|date=March 23, 2018}}</ref>
*2010: $168.8 million<ref>{{cite web|url=https://www.marketwatch.com/story/democrats-gop-spar-over-sec-cftc-budgets-2011-02-14|name=Democrats, GOP spar over SEC, CFTC budgets
|org=Marketwatch|date=March 23, 2018}}</ref>
*2009: $146 million<ref>{{cite web|url=http://hedgefundlawblog.com/cftc-addresses-2010-budget.html|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=https://www.cftc.gov/PressRoom/PressReleases/pr7650-17|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=https://www.cftc.gov/PressRoom/PressReleases/pr7274-15|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=https://www.cftc.gov/PressRoom/PressReleases/pr7488-16|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=https://www.cftc.gov/PressRoom/PressReleases/pr7051-14|name=CFTC Releases Annual Enforcement Results for Fiscal Year 2014|org=U.S. Commodity Futures Commission|date=March 23, 2018}}</ref>
== Major Operating Units ==
'''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=http://www.cftc.gov/newsroom/generalpressreleases/2009/pr5607-09.html|name=CFTC Launches New Monthly Report|org=U.S. Commodity Futures Commission|date=February 4, 2009}}</ref>
'''Office of the General Counsel'''
The CFTC regularly issues various [[CFTC Market Reports|weekly, monthly or annual reports]],<ref>{{cite web |url=http://www.cftc.gov/marketreports/index.htm|name=Market Reports|org=U.S. Commodity Futures Trading Commission |date=April 9, 2008}}</ref> including [[Commitments of Traders reports]]<ref>{{cite web |url=http://www.cftc.gov/marketreports/commitmentsoftraders/index.htm|name=Commitments of Traders|org=U.S. Commodity Futures Trading Commission |date=April 9, 2008}}</ref>, [[Cotton On-Call]]<ref>{{cite web |url=http://www.cftc.gov/marketreports/cottononcall/index.htm|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=http://www.cftc.gov/marketreports/bankparticipation/index.htm |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=http://www.cbot.com/cbot/pub/page/0,3181,404,00.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=http://www.cftc.gov/stellent/groups/public/@ecintrotofuturesindustry/documents/file/registrantsbylocation.pdf |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=http://www.cftc.gov/marketreports/financialdataforfcms/index.htm|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|[[J. Christopher GiancarloHeath Tarbert]], Chairman*File:Quintenz.jpg|[[Brian D. Quintenz]], Commissioner*File:CFTC_Commissioner_Rostin_Behnam.jpg|[[Rostin Behnam]], CommissionerFile:Dawn Stump.jpg|[[Dawn Stump]], CommissionerFile:Dan Berkovitz.jpg|[[Dan M. Berkovitz]], 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=http://www.futuresmag.com/2011/10/21/senate-confirms-mark-wetjen-as-new-cftc-commission|name=Senate confirms Mark Wetjen as new CFTC commissioner|org=Futuresmag.com|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=http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20090616006201&newsLang=en|org=Businesswire/ NYSE Euronext|name=Press Release|date=June 16, 2009}}</ref>
==Terms of Service - Current and Former Commissioners==