[DOCID:186873tx_xxx-50]
From the Government Manual Online via GPO Access
[wais.access.gpo.gov]
[Page 377-379]
COMMODITY FUTURES TRADING COMMISSION
1155 Twenty-first Street NW., Washington, DC 20581
Phone, 202-418-5000. Internet, www.cftc.gov.
Chairman William J. Rainer
Commissioners Thomas J. Erickson,
Barbara P.
Holum, James
E. Newsome,
David D.
Spears
General Counsel C. Robert Paul
Executive Director Donald L. Tendick,
Acting
[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
operation in April 1975, and its authority to regulate futures trading
was renewed by Congress in 1978, 1982, 1986, 1992, and 1995.
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 Chairperson. The
Commissioners serve staggered 5-year terms, and by law no more than
three Commissioners can belong to the same political party.
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The Commission has five major operating components: the Divisions of
Enforcement, Economic Analysis, and Trading and Markets, and the Offices
of the Executive Director and the General Counsel.
Activities
The Commission regulates trading on the U.S. futures exchanges, which
offer active futures and options contracts. It also regulates the
activities of numerous commodity exchange members, public brokerage
houses (futures commission merchants), Commission-registered futures
industry salespeople (associated persons), commodity trading advisers,
and commodity pool operators.
The Commission's regulatory and enforcement efforts are designed to
ensure that the futures trading process is fair and that it protects
both the rights of customers and the financial integrity of the
marketplace. It oversees the rules under which an exchange operates and
monitors exchange enforcement of those rules. It reviews the terms of
proposed futures contracts, and registers companies and individuals who
handle customer funds or give trading advice. The Commission also
protects the public by enforcing rules that require
that customer funds be kept in bank accounts separate from accounts
maintained by firms for their own use, and that such customer accounts
be marked to present market value at the close of trading each day.
Large regional offices are maintained in Chicago, IL, and New York,
NY, where many of the Nation's futures exchanges are located. Smaller
regional offices are located in Kansas City, MO, and Los Angeles, CA. A
suboffice of the Kansas City regional office is located in Minneapolis,
MN.
For further information, contact the Office of Public 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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