Commodity Futures Trading Commission (CFTC)
The Commodity Futures Trading Commission (CFTC) is an independent US federal agency established by Congress in 1974, whose mandate is to regulate the commodity futures, options and derivatives markets in the US. The mandate of the agency has been most recently renewed by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The name of the CFTC comes from the fact that in 1974 the majority of the futures traded were commodities and in particular from the agricultural sector. For a more detailed history of the CFTC and for an interactive timeline of the CFTC you can visit the following link: CFTC Interactive Timeline.
CFTC’s mission is to “protect market users and the public from fraud, manipulation, abusive practices and systemic risk related to derivatives that are subject to the Commodity Exchange Act, and to foster open, competitive, and financially sound markets.”
The Commission is composed by five Commissioners, one of which is designated Chairman, appointed by the President to serve staggered five year terms. The six major operating units include: Division of Clearing and Intermediary Oversight, Division of Market Oversight, Division of Enforcement, Office of Chief Economist, Office of the General Counsel and Office of the Executive Director.