United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1996-09-25 monographic deposited born digital 58 p. GA 1.13:GGD-96-177 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-96-177 P0b002ee18037eb2d f:gg96177 DGPO 2010-08-12 2011-03-24 GAOREPORTS-GGD-96-177 machine generated eng fdlp REPORT GAOREPORTS-GGD-96-177 GGD-96-177 Commodities exchanges Securities regulation Commodity futures Brokerage industry Securities fraud Auditing standards Self-regulatory organizations Audit oversight Noncompliance Reporting requirements Letter Report GGD Pursuant to a congressional request, GAO provided information on the Commodity Futures Trading Commission's (CFTC) actions to enforce Futures Trading Practices Act (FTPA) audit trail provisions.<p/>GAO found that: (1) 7 U.S. futures exchanges are in compliance with FTPA 1-minute trade timing and sequencing standards; (2) CFTC is unable to determine the status of four other exchanges until it reviews the results of the audit trail tests; (3) audit trail test results for the Chicago Board of Trade (CBT) and the Chicago Mercantile Exchange (CME) are not precise enough to verify their compliance with existing audit trail standards; (4) none of the exchanges fully complied with the heightened audit trail standards as of October 28, 1995; (5) CFTC has delayed requiring some audit trail enhancements to existing systems due to assurances that electronic trading terminals would be in place by the statutory deadline; (6) CFTC has granted the Coffee, Sugar & Cocoa Exchange and the New York Mercantile Exchange temporary relief from the FTPA statutory deadline; (7) CBT and CME were not in compliance with the heightened FTPA guidelines after additional retests; (8) CFTC has not determined the practicability of certain FTPA provisions, including the requirement to capture broker receipt time for customer orders; (9) CFTC plans to act on exchange petitions for exemption from the dual trading ban; and (10) CFTC needs to keep Congress informed of its actions to facilitate additional FTPA audit standards. https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-96-177/html/GAOREPORTS-GGD-96-177.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-96-177/pdf/GAOREPORTS-GGD-96-177.pdf GAO/GGD-96-177 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-96-177 Letter Report GAO/GGD-96-177; Futures Markets: Heightened Audit Trail Standards Not Met But Progress Continues; Commodities exchanges Securities regulation Commodity futures Brokerage industry Securities fraud Auditing standards Self-regulatory organizations Audit oversight Noncompliance Reporting requirements Public Law 102-546