CFTC Organization

The CFTC organization  consists of the Commissioners, the offices of the Chairman, and the agency's operating units.

The Commission consists of five Commissioners appointed by the President, with the advice and consent of the Senate, to serve staggered five-year terms. The President designates one of the Commissioners to serve as Chairman. No more than three Commissioners at any one time may be from the same political party.

The Offices of the Chairman include the Office of External Affairs which acts as the CFTC's liaison with news media, producer and market user groups, educational and academic groups, and the general public, provides information about the CFTC, and spearheads customer protection initiatives; the Office of International Affairs which coordinates the CFTC's global regulatory efforts and assists the Commission in the formulation of international policy; the Office of the Inspector General which performs audits of CFTC programs and operations and reviews legislation and regulations; the Office of the Secretariat which coordinates preparation and dissemination of policy documents and responds to requests filed under the Freedom of Information Act; and the Office of Equal Employment Opportunity.

The CFTC monitors markets and market participants closely and, in addition to its headquarters office in Washington, DC, maintains offices in Chicago, Kansas City, and New York, cities where futures exchanges are located.

The Office of the General Counsel is the Commission's legal advisor, represents the Commission in appellate litigation and certain trial-level cases, including bankruptcy proceedings involving futures industry professionals, and advises the Commission on the application and interpretation of the Commodity Exchange Act and other administrative statutes.

The Office of the Executive Director formulates and implements the management and administrative functions of the CFTC and the agency's budget.

The Division of Swap Dealer and Intermediary Oversight oversees the registration and compliance of swap dealers, major swap participants, futures commission merchants, introducing brokers, commodity pool operators, commodity trading advisors, retail foreign exchange dealers, and other swap and futures market intermediaries. The Division’s oversight program is designed to ensure that these intermediaries are financially sound and meet standards for fitness and conduct as set forth in the Commodity Exchange Act and the Commission’s regulations. The Division assesses and monitors swap dealers’, futures commission merchants’, and other intermediaries’ compliance with capital, margin, customer asset segregation, and customer protection requirements; internal and external business conduct standards; and reporting, disclosure, and recordkeeping requirements. Division staff develops regulations, orders, and interpretative statements on issues relating to swap dealers, futures commission merchants, and other intermediaries; reviews registration applications; reviews financial and other business data of registrants; designs audit modules and conducts examinations of registrants for compliance with the Commodity Exchange Act and Commission regulations; provides advice to other Divisions and Offices in the Commission regarding issues involving swap dealers, futures commission merchants, and other intermediaries; and assesses the risk posed by swap dealers, futures commission merchants, and other intermediaries to the derivatives markets. The Division also oversees and examines the National Futures Association and other self-regulatory organizations, which in turn implement the registration, examination, and surveillance of registrants, as delegated by the Commission.

The Division of Clearing and Risk oversees derivatives clearing organizations (DCOs), the clearing of swaps, futures, and options on futures, and market participants that may pose risk to the clearing process. The program is designed to assure that DCOs, DCO clearing participants, other market participants that may pose risk to the clearing process, and the clearing of swaps, futures, and options on futures are in compliance with the Commodity Exchange Act and Commission regulations, including requirements imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Division staff develop regulations, orders, and guidance on issues pertaining to DCOs; review DCO applications and rule submissions and make recommendations to the Commission; make determinations and recommendations to the Commission as to which types of swaps should be cleared, as well as to the initial eligibility or continuing qualification of a DCO to clear swaps; assess compliance by DCOs with the CEA and Commission regulations, including examining systemically important DCOs at least once a year; and conduct risk assessment and financial surveillance through the use of risk assessment tools, including automated systems to gather and analyze financial information, to identify, quantify, and monitor the risks posed by DCOs, clearing members, and market participants and its financial impact. 

The Division of Market Oversight is responsible for fostering markets that accurately reflect the forces of supply and demand for the underlying commodity and are free of abusive trading activity, oversees trade execution facilities, and performs market surveillance, market compliance, and market and product review functions.

The Division of Enforcement investigates and prosecutes alleged violations of the Commodity Exchange Act and Commission regulations. Violations may involve commodity futures or option trading on U.S. futures exchanges or the improper marketing and sales of commodity futures products to the general public.

The Office of the Chief Economist provides economic support and advice to the Commission, conducts research on policy issues facing the agency, and provides education and training for Commission staff.