[United States Government Manual]
[June 01, 2004]
[Pages 369-371]
[From the U.S. Government Publishing Office, www.gpo.gov]



COMMODITY FUTURES TRADING COMMISSION

1155 Twenty-first Street NW., Washington, DC 20581

Phone, 202-418-5000. Fax, 202-418-5521. Internet, www.cftc.gov.
Chairman                                          James E. Newsome
Commissioners                                     Walter L. Lukken, 
                                                          Sharon Brown-
                                                          Hruska, (2 
                                                          vacancies)
General Counsel                                   Patrick McCarty
Executive Director                                Madge Bolinger
Director, Division of Market Oversight            Michael Gorham
Director, Division of Clearing and Intermediary   James Carley
        Oversight
Director, Division of Enforcement                 Gregory Mocek
Chief Economist                                   James Overdahl

[For the Commodity Futures Trading Commission statement of organization, 
        see the Code of Federal Regulations, Title 17, Part 140]

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The mission of the Commodity Futures Trading Commission is to protect 
market users and the public from fraud, manipulation, and abusive 
practices related to the sale of commodity futures and options, and to 
foster open, competitive, and financially sound commodity futures and 
option markets.


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The Commodity Futures Trading Commission (CFTC) , the Federal regulatory 
agency for futures trading, was established by the Commodity Futures 
Trading Commission Act of 1974 (7 U.S.C. 4a). The Commission began 
operation in April 1975, and its authority to regulate futures trading 
was renewed by Congress in 1978, 1982, 1986, 1992, 1995, and 2000.
    The Commission consists of five Commissioners who are appointed by 
the President, with the advice and consent of the Senate. One 
Commissioner is designated by the President to serve as Chairman. The 
Commissioners serve staggered 5-year terms, and by law no more than 
three Commissioners can belong to the same political party.
    The Commission has six major operating components: the Divisions of 
Market Oversight, Clearing and Intermediary Oversight, and Enforcement, 
and the Offices of the Executive Director, General Counsel, and Chief 
Economist.

Activities

The Commission regulates trading on the U.S. futures markets, which 
offer commodity futures and options contracts. It regulates these 
markets in order to ensure the operational integrity of the futures 
markets. The Commission regulates two tiers of markets: designated 
contract markets and registered derivatives transaction execution 
facilities. It also exercises more limited regulatory or enforcement 
authority over other types of markets. Additionally, the Commission 
regulates derivatives clearing organizations. Each board of trade that 
operates a designated contract market must own or have a relationship 
with a derivatives clearing organization which provides clearing 
services for each futures contract executed.
    The Commission also regulates the activities of numerous commodity 
trading professionals, including brokerage houses (futures commission 
merchants), futures industry salespersons (associated persons), 
commodity trading advisers, commodity pool operators, and floor brokers 
and traders.
    The Commission's regulatory and enforcement efforts are designed to 
foster transparent and financially sound markets, encourage market 
competition and efficiency, ensure market integrity, and protect market 
participants and the public from fraud, manipulation, and abusive 
practices. It oversees the rules under which designated contract markets 
and derivatives clearing organizations operate and monitors enforcement 
of those rules. The Commission reviews the terms of futures contracts 
and registers firms and individuals who handle customer funds or give 
trading advice. It also protects the public by enforcing rules that 
require customer funds be kept in separate accounts, away from accounts 
maintained by firms for their own use or maintained on behalf of the 
firm, and that such customer accounts be marked to present market value 
at the close of trading each day.
    The Commission maintains regional offices in Chicago, IL, and New 
York, NY, where many of the Nation's designated contract markets are 
located. Additional regional offices are located in Kansas City, MO, and 
Minneapolis, MN.

For further information, contact the Office of External Affairs, 
Commodity Futures Trading Commission, 1155 Twenty-first Street NW., 
Washington, DC 20581. Phone, 202-418-5080. Internet, www.cftc.gov.