Commodities Futures Trading Commission

The United States Commodities Futures Trading Commission was created in 1974 to regulate commodity futures and option markets. The Commission’s mission is to protect market participants and the public from... more +
The United States Commodities Futures Trading Commission was created in 1974 to regulate commodity futures and option markets. The Commission’s mission is to protect market participants and the public from fraud, abuse, and systemic risk associated with derivatives subject to the Commodities Exchange Act. In 2010, as a result of the Frank-Dodd Wall Street Reform and Consumer Protection, the Commission’s role was expanded to include drafting rules for regulating the swaps marketplace. less -
News & Analysis as of

Harmony or Dissonance: The CFTC’s and SEC’s Cross-Border Rules

Recently, the SEC issued final rules addressing, among other things, the applicability of the security-based swap dealer (“SBSD”) and major security-based swap participant (“MSBSP”) definitions to cross-border security-based...more

House Approves CFTC Reauthorization, Changes to Dodd-Frank

After a nearly two year process, on June 24, 2014, the U.S. House of Representatives voted 266-144 to pass H.R. 4413, the Customer Protection and End-User Relief Act, which would reauthorize the Commodity Futures Trading...more

Financial Regulatory Developments Focus - July 2014

In this issue: - Derivatives - Compensation - Regulatory Capital - Credit Ratings - Financial Market Infrastructure - Financial Services - Funds - Enforcement...more

"CFTC Further Extends Comment Periods on Position Limits Proposals"

The Commodity Futures Trading Commission (Commission or CFTC) has further extended the comment periods for its November 2013 proposal concerning position limits aggregation and its December 2013 proposal concerning position...more

Observation 1.0.1 on the Volcker Rule: With Summer Comes the First Wave — Of Guidance

A set of frequently asked questions, developed jointly and adopted in substantively identical form by the federal banking agencies (the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB) and the...more

Orrick's Derivatives in Review - July 2014

Extension of Certain Dodd-Frank No-Action Relief - The CFTC recently established a phased compliance timeline for the implementation of the execution requirement currently applicable to certain interest rate swaps and...more

SEC Finalizes Cross-Border Rule for Security-Based Swaps

On June 25, 2014, the United States Securities and Exchange Commission (“SEC”) adopted the first in a series of final rules and interpretive guidance related to U.S. regulation of cross-border security-based swap activities....more

Additional Volcker Rule Guidance Addresses Some Low-Hanging Fruit

When the Volcker Rule was issued by the bank regulators in conjunction with the Securities and Exchange Commission and the Commodity Futures Trading Commission (collectively, the Agencies) last December (the Final Rule), it...more

CFTC Extends Relief to FCMs from Certain Commingling Requirements

On June 25, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) extended to October 31 the relief previously granted in CFTC No-Action Letters Nos. 14-02 and 14-45....more

U.S. House Votes to Reauthorize the CFTC and Exclude Most RICs from CPO and CTA Requirements

The U.S. House of Representatives on June 24, 2014, passed a version of the CFTC reauthorization bill, H.R. 4413, that would exclude investment advisers to registered investment companies (RICs) from the definitions of...more

Corporate and Financial Weekly Digest - Volume IX, Issue 26

In this issue: - Delaware Fee-Shifting Legislation Delayed - SEC Orders Securities Exchanges and FINRA to Develop Tick Size Pilot Plan - CFTC Extends Relief to FCMs from Certain Commingling...more

The Volcker Rule: Overview and Recent Developments Affecting Banking Entities, Funds and Securitization Vehicles

Following years of incubation, in December 2013, five U.S. regulatory agencies – the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the...more

CFTC FORM 40/40S Reporting Requirements

Significant amendments to the CFTC’s large trader reporting program will apply as of August 15, 2014. The U.S. Commodity Futures Trading Commission (CFTC) has seemingly increased the number of Form 40/40S requests it...more

Capital Thinking: Financial Services

LEGISLATIVE ACTIVITY - House To Vote On CFTC Reauthorization Bill - This week, the House is expected to debate and vote on the reauthorization of the Commodity Futures Trading Commission (CFTC) through September...more

Bitcoin Investment Vehicles Beware – The SEC is Watching

The Securities and Exchange Commission (SEC) recently charged the co-owner of two Bitcoin-related websites for publicly offering shares in the ventures without registering the securities under the Securities Act of 1933 (the...more

Legal Alert: CFTC Division of Market Oversight Releases Questions for June 19 Roundtable on Position Limits

The Commodity Futures Trading Commission (CFTC) will host a public roundtable on June 19, 2014, to discuss questions related to a proposed rulemaking to establish speculative position limits for 28 exempt and agricultural...more

Sharon Bowen Sworn in as a Commissioner of the CFTC

On June 9, the CFTC officially swore in Sharon Bowen, to serve as a commissioner. Ms. Bowen was born in Chesapeake, Virginia. She received her B.A. in Economics from the University of Virginia, MBA from the Kellogg School of...more

CFTC Starts Flexing Muscle in New Whistleblower Program

Although it has been nearly four years since the passage of the massive Dodd-Frank Wall Street Reform and Consumer Protection Act, changes to the Act and the myriad of regulations that support it are common. New programs...more

Orrick's Financial Industry Week in Review

Bank of England Launches New Framework to Test for Cyber Vulnerabilities - On June 10, the Bank of England launched a new framework to help identify areas where the financial sector could be vulnerable to sophisticated...more

CFTC Issues No Action Letter On Application Of Swap Rules To Longevity Reinsurance Transaction

There has been considerable concern in the insurance and reinsurance industries that certain hedging and reinsurance activities that companies have engaged in for a number of years, particularly with respect to life insurance...more

Financial Regulatory Developments Focus - June 2014 #2

In this issue: - Derivatives - Capital and Prudential Regulation - Remuneration - Credit Ratings - Funds - Financial Services - Enforcement - Events -...more

NFA Issues Revised Forms CPO-PQR and CTA-PR

On June 5, the National Futures Association (NFA) announced the issuance of revised Forms CPO-PQR and CTA-PR. The NFA is the self-regulatory organization to which the Commodity Futures Trading Commission (CFTC) has delegated...more

CFTC and Reserve Bank of Australia Sign Memorandum of Understanding Regarding Cross-Border Clearing Organizations

The Commodity Futures Trading Commission and Reserve Bank of Australia signed a memorandum of understanding (MOU) regarding the cooperation and the exchange of information in the supervision and oversight of clearing...more

The SEC And A Dark Pool That Is Not Dark Enough

High speed trading, dark pools and similar market structure issues have become hotly debated topics. Former CFTC Commissioner Bart Chilton gave several speeches discussion the subjects and proposed that high speed traders be...more

New CFTC Commissioners Confirmed; Chairman Sworn In

On June 3, the Senate confirmed the appointment of Timothy Massad, Christopher Giancarlo and Sharon Bowen as Commissioners of the Commodity Futures Trading Commission. Mr. Massad, who previously served as the Assistant...more

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