U.S. Commodity Futures Trading Commission

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U.S. Commodity Futures Trading Commission (CFTC)
Cftc logo.png
Founded 1974
Headquarters Washington, D.C.
Products Regulation
Twitter ID CFTC
Web site www.cftc.gov

The mission of the Commodity Futures Trading Commission (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 options markets.[1]

For more background on the CFTC, see the CFTC MarketsWiki page.


Contents

Duties Related to the Dodd-Frank Act

The Dodd-Frank Act authorizes or requires the CFTC to establish rules in the following general areas:[2]

Open Meetings Related to the Dodd-Frank Act

To see the rulemakings considered at a meeting, click the (+) sign. To see the full summary, including commissioners' statements, vote outcomes and meeting webcasts, click "View Meeting Page."

2014 Budget and Performance Plan, April 2013

The 2014 budget requests an appropriation of $315 million and 1015 staff-years, increased from the 2013 budget of $308 million.

From the budget:

The Commission’s FY 2013 plan has been realigned to meet the new realities. FY 2013 is a pivotal year for CFTC, as it transitions from developing the regulatory framework for its new authorities under Dodd-Frank to operationalizing its new and significant responsibilities. October 12, 2012 marked the beginning of a new era in swaps market reform. The Commission has requested public input on the first set of swaps subject to mandatory clearing. Cleared interest rate and credit default swap transactions are being reported to swap data repositories (SDRs). By the new year, these transactions will be subject to real-time reporting; uncleared swap transactions entered into by swap dealers will also be subject to real-time reporting. And, swap dealers will begin registering in the next months. It is anticipated that in FY 2013:

  • The Commission will expend just over 29 percent of its staffing resources in four major activities:
    • Registering new entities and ensuring that currently registered entities comply with new core principle requirements;
    • Review new contracts, making mandatory clearing determinations, and other product review activities;
    • Providing legal guidance and interpretations on the new regulatory framework; and
    • Coordinating with international regulators to ensure cross-border harmonization of these global markets.
  • Approximately 32 percent of the Commission’s staffing resources will be focused on surveillance (including data standards, acquisition and analytics) and examinations of systemically important derivatives clearing organizations (SIDCOs) as required by Title VIII of the Dodd-Frank Act, and examinations of other significant registered entities;
  • Another 21 percent of the Commission’s staffing resources will be engaged in enforcement activities; and
  • The remaining 18 percent of the Commission’s staff will be responsible for supporting the Commission’s information technology infrastructure and agency direction, management, and administrative support.


CFTC Strategic Plan FY 2011-15, February 28, 2011

Prior to passage of the Dodd-Frank Act, the chief responsibility of the commission was solely to regulate the futures and options industry in the United States, which has increased from 580 million contracts, with notional value of $56.7 in 2000 to more than 3.1 billion contracts worth $170 billion in 2010. Furthermore, the Dodd-Frank Act authorizes the CFTC to bring regulation to the largely unregulated OTC swaps markets, which has an estimated notional value of approximately $300 trillion – roughly ten times the size of the regulated futures markets.[21]

The strategic plan outlines the "reorganization" of the CFTC as it assumes these additional oversight responsibilities, including the creation a new group for oversight of swap dealers and intermediaries, and the reorganization of its technology programs by establishing a new group to collect, manage and analyze data. The 59-page document, which can be found below, lists the objectives, strategies, and performance measures of these goals:

  • Protect the public and market participants by ensuring market integrity, promoting transparency, competition and fairness and lowering risk in the system; (p. 10)
  • Protect the public and market participants by ensuring the financial integrity of derivatives transactions, mitigation of systemic risk, and the fitness and soundness of intermediaries and other registrants; (p. 22)
  • Protect the public and market participants through a robust enforcement program; (p. 31)
  • Enhance integrity of U.S. markets by engaging in cross-border cooperation, promoting strong international regulatory standards, and encouraging ongoing convergence of laws and regulation worldwide; (p. 34) and
  • Promote Commission excellence through executive direction and leadership, organizational and individual performance management, and effective management of resources.(p. 37)

The strategic plan concludes with an overview of the commission's organizational structure (p. 48), programs and functions (p. 49), planning, and operational processes (p. 52).

Related Documents: 2014 Budget; 2011-15 Strategic Plan

References

  1. U.S. Commodity Futures Trading Commission. CFTC. Retrieved on March 11, 2011.
  2. Rulemaking Areas. CFTC. Retrieved on March 11, 2011.
  3. CFTC in fresh bid to impose position limits. Financial Times. Retrieved on November 13, 2013.
  4. CFTC to Hold Open Meeting to Consider Final Rule on the Further Definition of the term “Swap,” Final Rule on the End-User Exception to Clearing, and Proposed Rule to Exempt from Clearing Certain Swaps by Cooperatives. CFTC. Retrieved on July 6, 2012.
  5. CFTC Said to Exempt Banks Under $10 Billion From Clearing. Bloomberg BusinessWeek. Retrieved on July 6, 2012.
  6. CFTC to Hold Open Meeting to Consider Effective Dates of Provisions in the Dodd-Frank Act. CFTC. Retrieved on June 14, 2011.
  7. Open Meeting on Thirteenth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on April 14, 2011.
  8. Open Meeting on Thirteenth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on April 14, 2011.
  9. Open Meeting on Twelfth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 26, 2011.
  10. http://www.cftc.gov/PressRoom/Events/opaevent_doddfrank012611.html. CFTC. Retrieved on May 31, 2011.
  11. Open Meeting on Tenth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 14, 2011.
  12. Open Meeting on Ninth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on May 31, 2011.
  13. Open Meeting on Eighth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on March 2, 2011.
  14. Open Meeting on Seventh Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 21, 2011.
  15. Open Meeting on Sixth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 16, 2011.
  16. Open Meeting on Fifth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on March 10, 2011.
  17. Open Meeting on Fourth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on March 7, 2011.
  18. Open Meeting on Third Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on March 4, 2011.
  19. Open Meeting on Second Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 16, 2011.
  20. Open Meeting on First Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on March 2, 2011.
  21. CFTC Strategic Plan 2011-15. CFTC. Retrieved on March 31, 2011.

[Category:CFTC Final Rules]]

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