    [United States Government Manual]
    [June 01, 2005]
    [Pages 368-370]
    [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                                          Sharon Brown-Hruska,
                                                              Acting
    Commissioners                                     Michael V. Dunn,
                                                              Frederick W.
                                                              Hatfield,
                                                              Walter L.
                                                              Lukken,
                                                              (vacancy)
    General Counsel                                   Patrick McCarty
    Executive Director                                Madge Bolinger
    Director, Division of Market Oversight            Richard Shilts, Acting
    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.

    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

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    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.

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