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Commodity Futures Trading Commission

The U.S. Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974, that regulates futures and option markets.

U.S. Commodity Futures Trading Commission
Commodity Futures Trading Commission seal.svg
Official seal
Agency overview
FormedApril 15, 1975 (1975-04-15)
Preceding agency
  • Commodity Exchange Authority
JurisdictionFederal government of the United States
Headquarters1155 21st Street, NW, Washington, D.C.
Employees435 (2006)
Agency executive
Websitewww.cftc.gov
Footnotes
[1][2]

The Commodities Exchange Act ("CEA"), 7 U.S.C. § 1 et seq., prohibits fraudulent conduct in the trading of futures contracts. 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 users and their funds, consumers, and the public from fraud, manipulation, and abusive practices related to derivatives and other products that are subject to the Commodity Exchange Act.[3] After the Financial crisis of 2007–2008 and since 2010 with the Dodd–Frank Wall Street Reform and Consumer Protection Act, CFTC has been transitioning to bring more transparency and stricter regulation to the multitrillion dollar swaps market.[4]

Contents

HistoryEdit

Futures 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.[5] The Grain Futures Act of 1922 set the basic authority and was changed by the Commodity Exchange Act of 1936 (7 U.S.C. 1 et seq.).[6][7]

Since the 1970s,[8] 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.

Congress created the CFTC in 1974 as an independent agency with the mandate to regulate. The Commodity Futures Trading Commission Act of 1974 (P.L. 93-463) created the CFTC to replace the U.S. Department of Agriculture's Commodity Exchange Authority as the independent federal agency responsible for regulating commodity futures and option markets in the United States. The Act made extensive changes in the basic authority of the Commodity Exchange Act (CEA) of 1936, which itself had made extensive changes in the original Grain Futures Act of 1922. (7 U.S.C. 1 et seq.).[7][9]

CFTC's mandate was renewed and expanded in December 2000 when Congress passed the Commodity Futures Modernization Act of 2000, which instructed the Securities and Exchange Commission (SEC) and the CFTC to develop a joint regulatory regime for single-stock futures, the products of which began trading in November 2002. As of 2003 the growth in the value of swaps had exploded since their introduction in the late 1970s.[10]

In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act, expanded the CFTC's authority into the swaps markets, to prohibit the reckless use of manipulative schemes without -as in the past- having to prove the specific intent of the accused to affect prices and the existence of an artificial price.[11][12]

ResponsibilitiesEdit

The CFTC assures utility of the futures markets by encouraging their competitiveness and efficiency, ensuring their integrity, protecting market participants against manipulation, abusive trading practices, fraud, and ensuring the financial integrity of the clearing process. 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.[13] Through oversight, the CFTC enables the futures markets to serve the function of price discovery and offsetting price risk.

As of 2014 the CFTC oversees 'designated contract markets' (DCMs) or exchanges, swap execution facilities (SEFs), derivatives clearing organizations, swap data repositories (SDRs), swap dealers, futures commission merchants, commodity pool operators and other intermediaries. The CFTC coordinates its work with foreign regulators, such as its UK counterpart, the Financial Conduct Authority, which supervises the London Metal Exchange.[12]

Over-the-counter derivativesEdit

In 1998 CFTC chairperson Brooksley E. Born lobbied Congress and the President[14][page needed][15] to give the CFTC oversight of 'off-exchange markets' for over-the-counter (OTC) derivatives in addition to its existing oversight of exchange-traded derivatives,[16] but her warnings were opposed by other regulators.[17]

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.[18] First, in a February 1998 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.[19]

In May 1998 the CFTC issued a 'concept release' requesting comment on whether regulation of OTC derivatives markets was appropriate and, if so, what form such regulation should take.[20] Legislation enacted in 1999 at the request of the US Treasury, the Federal Reserve Board, and the SEC 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'.[21] 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". Shortly after Congress had passed this legislation prohibiting CFTC from regulating derivatives, Born resigned.[15] She later commented the failure of Long-Term Capital Management and the subsequent bailout as being indicative what she had been trying to prevent.[15][notes 1]

Crude oil derivatives and futures: speculation or fundamentalsEdit

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.[22] These exemptions came to light only after the 2008 financial crisis had 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.[23]

In December 2007 during the subprime mortgage crisis, the CFTC began investigating transportation, storage and trading of U.S. crude oil for price manipulation, which included a probe of U.S. crude oil futures.[24][notes 2] By May 2008, when the price of crude oil futures showed a meteoric rise of 40% to a record $US 135 a barrel there were concerns that the record prices may have been the result of "manipulation or fraud".[24] Michael Haigh, head of U.S. commodities research in New York at Société Générale SA, and former CFTC associate chief economist, said in an interview "It's unprecedented for the CFTC to say that they are in the midst of an investigation.[..] "They may be under pressure from Congress to look at this market given the high prices." Some argued that crude oil market fundamentals drive the price, not the speculative market.[25]

On June 25, 2008 Speaker Pelosi sent a letter to President Bush calling on him to direct the CFTC to use its emergency powers to take immediate action to curb excessive speculation in energy markets, to investigate all energy contracts and that despite growing reports of excessive speculation in energy markets, the CFTC refused to take actions they have taken in the past.[26] The Energy Markets Emergency Act of 2008 was a failed bill that would have attempted to curb excessive speculation in the energy futures markets.

In a campaign speech August 2008 presidential candidate Barack Obama argued that loopholes in CFTC regulations contributed to skyrocketing prices and lack of transparency on oil markets.[27]

In April 2010 Reuters reported that of the "40 major figures in the oil industry, including traders and analysts at some of the largest banks, trading houses and oil companies" interviewed, the vast majority (73 percent) thought increased speculation boosted prices beyond what supply and demand fundamentals dictated.[28] Peregrine Financial Group analyst Phil Flynn argued that in terms of supply and demand fundamentals, oil markets were only the messenger.[28] By April the CFTC began to "rein in" speculation in energy and commodity trading, especially oil, and proposed limiting the number of futures contracts financial players can hold at any one time."[28]

Foreign Exchange ratesEdit

In November 2014, the CFTC and the UK Financial Conduct Authority fined six banks for manipulating the foreign exchange market; JPMorgan, Chase, Citigroup, HSBC, RBS, and UBS paid roughly $1.2 billion to FCA and $1.5 billion, or about $300 million apiece to the CFTC.[29]

Regulating digital currenciesEdit

In March 2014 the CFTC acknowledged it was considering the regulation of Bitcoin.[30] The CFTC could treat Bitcoin transactions as swaps, futures, or spot transactions, otherwise Bitcoin would likely be a commodity under the CEA.[31] In October, CFTC's Global Markets Advisory Committee discussed virtual currencies. Mark Wetjen wrote in an OpEd by the WSJ afterwards that ["bitcoin] could play a fascinating role in the derivatives markets as well as financial services."[32] and that a swap contract on Bitcoin that had been listed for trading by one registered trading platform was recently presented to CFTC.

In 2015, the CFTC ruled that for purposes of trading, cryptocurrencies were legally classified as commodities.[33] However, in view of the market volatility and magnitude of profitability, the CFTC noted several risks associated with trading virtual currencies.[34] In 2017, the CFTC cited the US SEC’s warning against token sales and initial coin offerings (ICOs) that can “improperly entice investors with promises of high returns”.[35]

OrganizationEdit

The CommissionEdit

Based in Washington, D.C., the CFTC maintains regional offices in Chicago, New York and Kansas City, Missouri. The Commission consists of five Commissioners appointed by the President of the United States to serve staggered five-year terms. The President, with the consent of the United States Senate, 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.

Current members of the CommissionEdit

 
Chairman Heath Tarbert
Name Title Party Took office Term expires
Heath Tarbert Chairman Republican June 5, 2019 April 13, 2024
Brian Quintenz Commissioner Republican August 15, 2017 April 13, 2020
Rostin Behnam Democratic September 6, 2017 June 19, 2021
Dawn DeBerry Stump Republican September 5, 2018 April 13, 2022
Dan Berkovitz Democratic September 7, 2018[36] April 13, 2023

Chairman's staffEdit

The Chairman's staff has responsibility for providing information about the Commission, interacting with other entities and for the preparation and dissemination of Commission documents. 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, the focal point for the Commission's global regulatory coordination efforts.

The Office of External Affairs (OEA) is the Commission's liaison with news media, producer and market user groups, educational groups, and the general public. OEA provides information about the regulatory mandate, the economic role of the futures markets, new market instruments, market regulation, enforcement actions, and customer protection initiatives.

Major operating unitsEdit

Division of Swap Dealer and Intermediary OversightEdit

The Division of Swap Dealer and Intermediary Oversight (DSIO) primarily oversees derivatives market intermediaries, including commodity pool operators, commodity trading advisors, futures commission merchants, introducing brokers, major swap participants, retail foreign exchange dealers, and swap dealers, as well as designated self-regulatory organizations. The DSIO conducts the registration, compliance, and business conduct standards of intermediaries, swap dealers and major swap participants. As of 2019, Joshua Sterling serves as Director of the Division of Swap Dealer and Intermediary Oversight. [37]

Division of Clearing and RiskEdit

The Division of Clearing and Risk (DCR) oversees derivatives clearing organizations (DCOs) and other market participants in the clearing process. These include futures commission merchants, swap dealers, major swap participants, and large traders. DCR monitors the clearing of futures, options on futures, and swaps by DCOs, assesses DCO compliance with Commission regulations, and conducts risk assessment and surveillance. DCR also makes recommendations on DCO applications and eligibility, rule submissions, and which types of swaps should be cleared.[38]

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, swap execution facilities, and swap data repositories. 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. As of 2017, Amir Zaidi serves as Director of the Division of Market Oversight. [39]

Division of EnforcementEdit

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. As of 2017, James McDonald serves as Director of the Division of Enforcement. [40]

Office of Chief EconomistEdit

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. As of 2019, Bruce Tuckman serves as Chief Economist and Director of the Office of the Chief Economist.[41]

Office of the General CounselEdit

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. As of 2017, Daniel Davis serves as General Counsel.[42]

Office of International AffairsEdit

The Office of International Affairs advises the Commission regarding international regulatory initiatives; provides guidance regarding international issues raised in Commission matters; represents the Commission in international fora such as the International Organization of Securities Commissions (IOSCO), OTC Derivatives Working Group (ODWG), and OTC Derivatives Regulators Group (ODRG); coordinates Commission policy as it relates to policies and initiatives of major foreign jurisdictions, the G20, Financial Stability Board (FSB), and U.S. Treasury Department; negotiates cooperative arrangements and responds to inquires related to supervisory cooperation or information sharing; and provides technical assistance to foreign market authorities, including advice, training, and an annual meeting and symposium.

Legislative and Intergovernmental Affairs

The Office of Legislative and Intergovernmental Affairs (OLIA) is the chief advisor to the CFTC Chairman on matters before the U.S. Congress and serves as the Commission’s official liaison with Members of Congress, federal agencies, and the Administration. OLIA provides counsel and professional support to the Chairman and Commission with the goal of building and maintaining relationships with Members of Congress and their staffs and in doing so, furthering the goals and agenda of the Chairman and the Commission.  OLIA develops and executes legislative strategy on behalf of the Chairman and Commission, manages congressional testimony, and works with the various divisions to provide technical assistance on legislation.  In addition, OLIA represents the interests of the CFTC with other federal agencies and the Administration and also serves as a liaison to CFTC stakeholders on a variety of CFTC related matters.

List of Past CommissionersEdit

[43]

  • J. Christopher Giancarlo (Acting Chairman 01/20/17 – 08/03/17) (Chairman 08/03/17 – 04/13/19) (term of Service 06/06/14 – 06/05/19)
  • Sharon Y. Bowen (term of Service 06/09/14 – 09/29/17)
  • Timothy Massad (term of Service 6/5/14 – 02/17/17)
  • Mark P. Wetjen (term of Service 10/25/11 – 08/28/15)
  • Scott D. O'Malia (term of Service 10/19/09 – 08/08/14)
  • Bart Chilton (term of Service 08/08/07 – 03/21/14)
  • Gary Gensler (Chairman 05/26/09 – 01/3/14) (term of Service 05/26/09 – 01/3/14)
  • Jill E. Sommers (term of Service 08/08/07 – 07/08/13)
  • Michael V. Dunn (Acting Chairman 1/20/09 – 5/25/09) (term of Service 11/21/04 – 10/24/11)
  • Walter L. Lukken (Acting Chairman 6/27/07- 01/20/09) (term of Service 08/07/02 – 07/10/09)
  • Reuben Jeffery, III (chairman 07/11/05 – 6/27/07) (term of Service 07/11/05 – 06/27/07)
  • Frederick W. Hatfield (term of Service 12/06/04 – 12/31/06)
  • Sharon Brown-Hruska (Acting Chairman 08/24/04 – 07/10/05) (term of Service 08/07/02 – 07/28/06)
  • James E. Newsome (Acting Chairman 01/20/01 – 12/27/01) (chairman 12/27/01 – 07/23/04) (term of Service 08/10/98 – 07/23/04)
  • Thomas J. Erickson (term of Service 06/21/99 – 12/01/02)
  • Barbara P. Holum (Acting Chairwoman 12/22/93 – 10/07/94) (term of Service 11/28/93 – 12/09/03)
  • David D. Spears (Acting Chairman 06/02/99 – 08/10/99) (term of Service 09/03/96 – 12/20/01)
  • Brooksley E. Born (Chairwoman 08/26/96 – 06/01/99)
  • John E. Tull, Jr. (Acting Chairman 01/27/96 – 08/25/96) (term of Service 11/24/93 – 02/27/99)
  • Joseph B. Dial (term of Service 06/20/91 – 11/13/97)
  • Mary L. Schapiro (Chairwoman 10/13/94 – 01/26/96) (term of Service 10/13/94 – 01/26/96)
  • Sheila C. Bair (Acting Chairwoman 08/22/93 – 12/21/93) (term of Service 05/02/91 – 06/16/95)
  • William P. Albrecht (Acting Chairman 01/22/93 – 08/20/93) (term of Service 11/22/88 – 08/20/93)
  • Wendy L. Gramm (term of Service 02/22/88 – 01/22/93)
  • Fowler C. West (term of Service 10/06/82 – 01/20/93)
  • Kalo A. Hineman (Acting Chairman 07/27/87 – 02/22/83) (term of Service 01/12/82 – 06/19/91)
  • Robert R. Davis (terms of Service 10/03/84 – 04/30/90)
  • William Rainer (term of Service 08/11/99 – 01/19/01)
  • William E. Seale (term of Service 11/16/83 – 09/01/88)
  • Susan M. Philips (Chairwoman 11/17/83 – 07/24/87) (Acting Chairwoman 05/28/83 – 11/16/83) (term of Service 11/16/81 – 07/24/87)
  • Philip McBride Johnson (Chairman 6/8/81 – 5/01/83) (term of Service 06/06/81 – 05/01/83)
  • James M. Stone (Chairman 05/04/79 – 06/08/81) (term of Service 05/04/79 – 01/31/83)
  • Reed P. Dunn (term of Service 04/15/75 – 11/13/81)
  • David G. Gartner (term of Service 05/19/78 – 10/05/82)
  • Robert L. Martin (term of Service 06/20/75 – 08/31/81)
  • Gary L. Seevers (Acting Chairman 12/06/78 – 05/03/79) (term of Service 04/15/75 – 06/01/79)
  • William T. Bagley (term of Service 04/15/75 – 11/15/78)
  • John V. Rainbolt (term of Service 04/15/75 – 05/18/78)

Funding/budgetEdit

Unlike the other four main financial regulators, the CFTC does not have self-funding. A transaction fee has been "requested" for several years but Congress has not taken any legislative action. During the government shut down in October 2013, SEC and Federal Reserve stayed open, but "futures and most swaps markets were left with essentially no cop on the beat".[44]

In 2007, the CFTC's budget was $98 million and it had 437 full-time equivalent employees (FTEs). After 2008, funding increased by 80% to $205 million and 687 FTEs for fiscal year (FY) 2012, but was cut to $180.4 million and 682 FTEs for FY 2013.[45] In 2013 CFTC's performance was severely affected by limited resources and had to delay cases.[46] The current, FY 2014 funding of $215m did not keep up with CFTC's increasing swaps market oversight and regulation, equivalent to tens of trillions of dollars in formerly dark market trading, according to outgoing Commissioner Bart Chilton in his last speech.[44] The Obama administration's latest budget proposal for FY 2015 requested $280m, which is $35m less than the request for the previous year,[47] and would fund "100 less employees than we need" per Chilton, who called the budget "woefully insufficient" for CFTC's more than 40-fold increased purview.[44] In February 2014, Commissioner Scott D. O'Malia dissented from the FY 2014 spending plan saying that it did not allocate enough funding to new technology investments, but allocated too much to swap dealer oversight, duplicating the work of the self-regulatory National Futures Association.[48] In March he dissented from the FY 2015 budget request stating CFTC "makes an unrealistic request for new staff and funding in this budget request without a firm understanding of its mission priorities, specific goals, and corresponding personnel and technology needs."[49]

Primary exchanges monitoredEdit

See alsoEdit

NotesEdit

  1. ^ Born was the focus of an 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 regulate the OTC derivatives market (PBS Frontline The Warning)
  2. ^ Crude oil futures in December 2007 were at ,0 US (Yedlin June 5, 2008).

ReferencesEdit

  1. ^ History of the CFTC Retrieved from Internet Archive January 13, 2014.
  2. ^ Commodity Futures Trading Commission Retrieved from Internet Archive January 13, 2014.
  3. ^ "Missions & Responsibilities". Retrieved April 14, 2018.
  4. ^ Ackermann, Andrew (April 9, 2014). "Senate Panel Approves Three Nominees to CFTC – WSJ". Archived from the original on October 19, 2015. Retrieved April 14, 2018.
  5. ^ See the Futures Trading Act of 1921, Declared unconstitutional in Hill v. Wallace 259 U.S. 44 (1922), the Grain Futures Act of 1922 and Board of Trade of City of Chicago v. Olsen 262 US 1 (1923).
  6. ^   This article incorporates public domain material from the Congressional Research Service document "Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition" by Archived August 10, 2011, at the Wayback Machine Jasper Womach.
  7. ^ a b "About". CFTC.
  8. ^ Dennis W. Carlton (1984). "Futures Markets: Their Purpose, Their History, Their Growth, Their Successes and Failures". Journal of Futures Markets. 4 (3): 237–71. doi:10.1002/fut.3990040302.
  9. ^   This article incorporates public domain material from the Congressional Research Service document "Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition" by Archived August 10, 2011, at the Wayback Machine Jasper Womach.
  10. ^ William D. Coleman (2003). Governing Global Finance: Financial derivatives, liberal states and transformative capacity (PDF). GHC Working Paper 01/2.
  11. ^ "Antidisruptive Practices Authority, 78 FR 31890" (PDF). Federal Register. CFTC. May 28, 2013. Retrieved March 13, 2014.
  12. ^ a b "Testimony of Vincent McGonagle, Director Division of Market Oversight, Commodity Futures Trading Commission Before the Financial Institutions and Consumer Protection Subcommittee Senate Committee on Banking, Housing, and Urban Affairs". January 15, 2014. Retrieved March 13, 2014.
  13. ^ Murphy, Edward V (May 28, 2013). "Who Regulates Whom and How? An Overview of U.S. Financial Regulatory Policy for Banking and Securities Markets" (CRS Report for Congress,7-5700). Congressional Research Service. p. 51. Retrieved March 14, 2014.
  14. ^ Michael Hirsh (December 13, 2010). "Capital Offense: How Washington's Wise Men Turned America's Future Over to Wall Street". The New York Times. John Wiley & Sons. pp. 352 pages. ISBN 978-0470520673. Retrieved February 20, 2013.
  15. ^ a b c "The Warning", Frontline, PBS
  16. ^ "Concept Release Concerning Over-The-Counter Derivatives market", CFTC Release #4142-98, May 7, 1998.
  17. ^ Goodman, Peter S. The Reckoning – Taking Hard New Look at a Greenspan Legacy, The New York Times, October 9, 2008.
  18. ^ "Over-the-Counter Derivatives Markets and the Commodity Exchange Act" (PDF), press release, President's Working Group on Financial Markets, archived from the original (PDF) on October 13, 2010
  19. ^ Letter from Jean A. Webb, Secretary, CFTC, to Jonathan G. Katz, Secretary, SEC (February 26, 1998).
  20. ^ Over-the-Counter Derivatives, 63 Fed. Reg. 26,114 (May 12, 1998).
  21. ^ "Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999, § 760, as enacted in Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999, Pub. L. No. 105-277, 112 Stat. 2681, 2681–35 (1998)".
  22. ^ David Stawick, Secretary of the Commodity Futures Trading Commission (March 17, 2009). "FR Doc. E9-6187". Washington, DC.
  23. ^ Brush, Silla; Loder, Asjylyn (December 15, 2010). "Wall Street Pushes for Delay in U.S. Rules to Curb Commodities Speculation". Bloomberg.
  24. ^ a b Matthew Leising; Alexander Kwiatkowski (May 30, 2008). "U.S. Probes Crude Oil Trading for Price Manipulation". Bloomberg.
  25. ^ Deborah Yedlin (June 5, 2008). "Witch hunt won't fix oil price". Calgary, Alberta: Calgary Herald.
  26. ^ "Energy Markets Emergency Act". Speaker Nancy Pelosi. June 26, 2008. Archived from the original on May 5, 2010. Retrieved May 3, 2010.
  27. ^ "Barack Obama and Joe Biden: New energy for America" (PDF). Obama for America. August 3, 2008. Archived from the original (PDF) on October 17, 2008. Retrieved May 3, 2010.
  28. ^ a b c David Sheppard (April 27, 2010). "Financial speculation seen boosting oil price: Financial speculators in oil are costing consumers at least $300 billion a year, according to almost 75 percent of industry players surveyed by Reuters". Reuters. Retrieved February 20, 2013.
  29. ^ Lee Brodie (November 12, 2014). "Bank scandal sparks CFTC outrage, aggression". CNBC. NBC UNiversal. Retrieved December 27, 2014.
  30. ^ "U.S. swaps watchdog says considering bitcoin regulation". Reuters.com. March 11, 2014. Retrieved March 11, 2014.
  31. ^ Todd P. Zerega, Thomas Watterson (March 12, 2014). "United States: Bitcoin And The CFTC: "Spot"ing The Jurisdictional Hook". Business and Finance. Mondaq.com. Retrieved March 13, 2014.
  32. ^ Mark Wetjen (November 3, 2014). "Bringing Commodities Regulation to Bitcoin". WSJ. Retrieved December 27, 2014.
  33. ^ "A CFTC Primer on Virtual Currencies" (PDF). U.S. Consumer Commodities Trading Commission. U.S. Government. Retrieved February 7, 2019.
  34. ^ "Understand the Risks of Virtual Currency Trading" (PDF). Commodities Futures Trading Commission. Retrieved November 16, 2018.
  35. ^ "Investor Bulletin: Initial Coin Offerings". US Securities and Exchange Commission. Retrieved November 16, 2018.
  36. ^ Schroeder, Pete. "U.S. Senate confirms pair of commissioners to join CFTC". U.S. Retrieved September 4, 2018.
  37. ^ "Chairman Tarbert Announces CFTC Executive Leadership Appointments | U.S. COMMODITY FUTURES TRADING COMMISSION". www.cftc.gov. Retrieved July 18, 2019.
  38. ^ "CFTC Organization | U.S. COMMODITY FUTURES TRADING COMMISSION". www.cftc.gov. Retrieved July 22, 2019.
  39. ^ "Chairman Tarbert Announces CFTC Executive Leadership Appointments | U.S. COMMODITY FUTURES TRADING COMMISSION". www.cftc.gov. Retrieved July 18, 2019.
  40. ^ "Chairman Tarbert Announces CFTC Executive Leadership Appointments | U.S. COMMODITY FUTURES TRADING COMMISSION". www.cftc.gov. Retrieved July 18, 2019.
  41. ^ "Chairman Tarbert Announces CFTC Executive Leadership Appointments". Press room. CFTC. July 19, 2019. Retrieved July 18, 2019.
  42. ^ "Chairman Tarbert Announces CFTC Executive Leadership Appointments". Press Room. CFTC. July 18, 2019. Retrieved July 18, 2019.
  43. ^ "Former Commissioners". U.S. Commodity Futures Trading Commission. Retrieved February 24, 2015.]
  44. ^ a b c "Statement of Commissioner Bart Chilton on the President's FY 2015 Budget". Press Room. CFTC. March 4, 2014. Retrieved March 14, 2014.
  45. ^ "House panel sticks with CFTC funding cut". Reuters.com. June 19, 2012. Retrieved March 14, 2014. Georgia Republican Jack Kingston faulted the CFTC for not preventing or foreseeing the collapse of M.F. Global last year or J.P. Morgan's loss of more than $2 billion in derivatives trade this year. "We spent a lot of money. What did we get for it? Zero," said Kingston, adding, "We're not seeing brilliance."
  46. ^ Jean Eaglesham (November 1, 2013). "CFTC Backs Off, Lacking Funding". WSJ.com. Retrieved March 14, 2014.
  47. ^ Andrew Ackerman (February 28, 2014). "Obama to Request 30% Bump in CFTC Funding". WSJ. Retrieved March 14, 2014.
  48. ^ "Statement of Dissent by Commissioner Scott D. O'Malia, Fiscal Year 2014 Spending Plan". Press Room. CFTC. February 27, 2014. Retrieved March 14, 2014.
  49. ^ "Statement of Dissent by Commissioner Scott D. O'Malia, Fiscal Year 2015 President's Budget & Performance Plan". Press Room. CFTC. March 5, 2014. Retrieved March 14, 2014.

Further readingEdit

External linksEdit