[YELLING]
- EVERY DAY, THOUSANDS
OF INVESTORS
FROM ALL OVER THE WORLD
EXECUTE MILLIONS
OF TRADES IN AMERICA'S FUTURES
AND OPTION MARKETS.
OUR JOB IS TO ENSURE
THE INTEGRITY OF THOSE MARKETS,
TO PROTECT THE MARKET USERS
AND THE PUBLIC
FROM FRAUD, MANIPULATION,
AND ABUSIVE PRACTICES,
AND TO FOSTER OPEN, COMPETITIVE,
AND FINANCIALLY SOUND MARKETS.
WE ARE THE UNITED STATES
COMMODITY FUTURES
TRADING COMMISSION,
THE CFTC.
THE CFTC IS ONE OF SEVERAL
KEY FEDERAL FINANCIAL
REGULATORY AGENCIES.
OUR SISTER AGENCIES INCLUDE
THE SECURITIES AND EXCHANGE
COMMISSION
AND THE FEDERAL RESERVE BOARD.
JUST AS THE SEC REGULATES
THE STOCK MARKETS,
WE REGULATE THE RISK
MANAGEMENT MARKETS,
THE FUTURES AND OPTION MARKETS.
THESE DAYS, THE CFTC OVERSEES
THE TRADING
OF MORE THAN A BILLION FUTURES
AND OPTION CONTRACTS PER YEAR,
CONTRACTS WITH A NOTIONAL VALUE
OF MORE THAN $1.5 TRILLION
PER DAY
ON U.S. FUTURES EXCHANGES.
A VARIETY OF PROFESSIONAL
STAFF MEMBERS
CONTRIBUTE TO THE PROCESS.
- CFTC ATTORNEYS WORK ON
LEGAL ISSUES IN LITIGATION,
REGULATION, AND POLICY
DEVELOPMENT.
ATTORNEYS PARTICIPATE
IN ADMINISTRATIVE
AND CIVIL PROCEEDINGS,
ASSIST U.S. ATTORNEYS
IN CRIMINAL PROCEEDINGS,
AND PROVIDE LEGAL ADVICE
TO THE COMMISSION
ON POLICY AND ADJUDICATORY
MATTERS.
- CFTC ECONOMISTS
EVALUATE FILINGS
FOR NEW FUTURES
AND OPTION CONTRACTS
TO ENSURE THEY MEET
REGULATORY STANDARDS.
THEY ALSO ANALYZE
THE ECONOMIC EFFECT
OF VARIOUS COMMISSION
AND INDUSTRY ACTIONS AND EVENTS.
- FUTURES TRADING SPECIALISTS
PERFORM REGULATORY
AND COMPLIANCE OVERSIGHT.
THEY CONDUCT INVESTIGATIONS
OF ALLEGED FRAUD,
MARKET MANIPULATIONS,
AND VIOLATIONS
OF TRADING PRACTICES.
OUR INVESTIGATORS PERFORM MUCH
OF THE INVESTIGATIVE WORK
THAT ENABLES THE JUSTICE
DEPARTMENT
TO PROSECUTE VIOLATORS.
- CFTC AUDITORS EXAMINE RECORDS
AND OPERATIONS
OF FUTURES EXCHANGES,
CLEARINGHOUSES,
AND COMPANIES.
AUDITORS CHECK FOR COMPLIANCE
WITH CFTC RULES
ON FINANCIAL REQUIREMENTS,
SALES, AND TRADE PRACTICES.
- CFTC MANAGEMENT PROFESSIONALS
PERFORM WORK IN MANY AREAS
SUCH AS STRATEGIC PLANNING,
INFORMATION TECHNOLOGY,
AND HUMAN RESOURCES
IN SUPPORT OF THE CFTC MISSION.
THEY ALSO CONDUCT STAFFING
AND TRAINING,
BUDGETING AND ACCOUNTING,
CONTRACTING, PROCUREMENT,
AND OTHER MANAGEMENT OPERATIONS.
- IN RECENT YEARS,
FUTURES TRADING
HAS EXPANDED GREATLY.
NOW IT EXTENDS TO A VAST ARRAY
OF FINANCIAL INSTRUMENTS
INCLUDING FOREIGN CURRENCIES,
U.S. AND FOREIGN GOVERNMENT
SECURITIES,
AND U.S. AND FOREIGN
STOCK INDEXES.
ALTHOUGH THE FEDERAL GOVERNMENT
HAS REGULATED TRADING
AND COMMODITY FUTURES
SINCE THE 1920s,
THE CFTC HAS BEEN IN CHARGE OF
THIS RESPONSIBILITY SINCE 1974.
THE CFTC NOW HAS
REGIONAL OFFICES
IN THE TRADING CENTERS
OF NEW YORK CITY,
CHICAGO,
AND KANSAS CITY
IN ADDITION TO ITS HEADQUARTERS
IN WASHINGTON, D.C.
THE MARKETS HAVE CHANGED.
INDUSTRY HAS CHANGED.
AND MARKET PARTICIPANTS TODAY
ARE LOCATED AROUND THE WORLD.
THE WAY WE REGULATE
HAS ALSO CHANGED.
HOWEVER, THE CFTC'S GOALS
REMAIN THE SAME:
PROTECT COMMODITY FUTURES
AND OPTION MARKETS,
PROTECT MARKET USERS
AND THE PUBLIC,
AND FOSTER OPEN,
COMPETITIVE, SOUND MARKETS.
THE UNITED STATES COMMODITY
FUTURES TRADING COMMISSION:
PROTECTING THE PUBLIC INTEREST
TODAY AND TOMORROW.