Font Size: AAA // Print // Bookmark

e8-2580

  • [Federal Register: February 14, 2008 (Volume 73, Number 31)]

    [Rules and Regulations]

    [Page 8599-8606]

    From the Federal Register Online via GPO Access [wais.access.gpo.gov]

    [DOCID:fr14fe08-12]

    [[Page 8599]]

    =======================================================================

    -----------------------------------------------------------------------

    COMMODITY FUTURES TRADING COMMISSION

    17 CFR Parts 36 and 40

    RIN 3038-AC39

    Amendments Pertinent to Registered Entities and Exempt Commercial

    Markets

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Final rules.

    -----------------------------------------------------------------------

    SUMMARY: The Commission is adopting final regulations that effectuate

    the following amendments to the Commission's regulations. The

    amendments delegate the Commission's authority to issue special calls

    to exempt commercial markets to the Director of the Division of

    Enforcement and that Director's designees. The amendments clarify the

    process for listing, clearing, or implementing products or rules,

    including dormant products and rules, and amend the definition of

    emergency to clarify that persons other than persons comprising a

    registered entity's full governing board may declare an emergency on

    behalf of the governing board. The amendments also amend the approval

    period for designated contract market rules that may change a material

    term or condition of an enumerated agricultural futures or options

    contract. Lastly, the amendments clarify how far in advance of

    implementation registered entities must submit self-certified contracts

    and rules to the Commission, and identify three additional categories

    of rules that may be implemented without certification or Commission

    approval.

    EFFECTIVE DATE: February 14, 2008.

    FOR FURTHER INFORMATION CONTACT: Bruce Fekrat, Special Counsel, Office

    of the Director (telephone 202.418.5578, e-mail bfekrat@cftc.gov),

    Division of Market Oversight, Commodity Futures Trading Commission,

    Three Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581.

    SUPPLEMENTARY INFORMATION:

    I. Introduction

    The Commission published initial comprehensive final regulations

    for trading facilities on August 10, 2001 \1\ to implement amendments

    introduced to the Commodity Exchange Act (CEA or Act) by the Commodity

    Futures Modernization Act of 2000 (CFMA).\2\ The final regulations

    codified the procedural provisions common to exempt boards of trade and

    exempt commercial markets (ECM) operating pursuant to sections 5d and

    2(h)(3) through (5) of the Act, respectively, in part 36 of the

    Commission's regulations. The final regulations also codified the

    procedural provisions common to designated contract markets (DCM),

    derivatives transaction execution facilities (DTEF), and derivatives

    clearing organizations (DCO) in part 40 of the Commission's

    regulations, and further established the regulatory framework necessary

    to implement and interpret the provisions of the CEA, as amended by the

    CFMA, pertinent to trading facilities.

    ---------------------------------------------------------------------------

    \1\ 66 FR 42256 (August 10, 2001).

    \2\ Pub. L. 106-554, 114 Stat. 2763 (December 21, 2000).

    ---------------------------------------------------------------------------

    The Commission recently proposed additional amendments to parts 36

    and 40 of the Commission's regulations that, based upon its experience

    in administering the Act, will better implement certain provisions of

    the Act and provide clearer direction as to the Commission's regulatory

    requirements thereunder (August 2007 notice of proposed rulemaking).\3\

    The Commission received two comment letters in response to the Federal

    Register publication of the August 2007 notice of proposed rulemaking.

    The material issues raised in each comment letter are addressed in the

    following discussion of the final amendments.

    II. Exempt Commercial Markets

    ECMs are electronic trading facilities that offer a platform for

    executing or trading principal-to-principal transactions involving

    exempt commodities solely between persons that are eligible commercial

    entities (ECM transactions).\4\ ECM transactions, pursuant to section

    2(h)(3) of the Act, as amended by the CFMA, are subject to a qualified

    exemption from the Act that reserves the applicability of the Act's

    fraud and manipulation provisions as well as the Commission's

    regulations thereunder to such contracts.\5\ In accord with this

    reservation of applicability, the CEA specifically authorizes the

    Commission's issuance of special calls for information to ECMs in order

    to, among other things, enforce the Act's antifraud and

    antimanipulation provisions.\6\

    ---------------------------------------------------------------------------

    \3\ 17 CFR parts 36 and 40, Amendments Pertinent to Registered

    Entities and Exempt Commercial Markets, 72 FR 45185 (August 13,

    2007).

    \4\ 7 U.S.C. 2(h)(3).

    \5\ 7 U.S.C. 2(h)(4).

    \6\ 7 U.S.C. 2(h)(5)(B)(iii).

    ---------------------------------------------------------------------------

    In July 2004, the Commission amended regulation 36.3(b), which

    governs the Commission's access to ECM transaction data, to improve the

    quality of accessible information relevant to its antifraud and

    antimanipulation authority.\7\ In that rulemaking, the Commission

    stated that aberrant price behavior on ECMs may require further

    Commission investigation and the eventual use of special calls to

    identify wrongful conduct.\8\ The authority to issue special calls to

    ECMs currently is delegated only to the Directors of the Division of

    Market Oversight (DMO) and the Division of Clearing and Intermediary

    Oversight (DCIO) or their designees.\9\ Given that the Division of

    Enforcement is directly charged with the responsibility to enforce the

    provisions of the Act that apply to ECMs, and the importance of the

    authority to issue special calls to the Commission's ability to enforce

    its reserved antifraud and antimanipulation authority, the Commission

    is amending, as proposed, regulation 36.3 to expand the set of persons

    with delegated authority to issue ECM special calls to include the

    Director of the Division of Enforcement or that Director's designees.

    ---------------------------------------------------------------------------

    \7\ 69 FR 43285 (July 20, 2004).

    \8\ Id. at 43289.

    \9\ The persons to whom the authority to issue special calls may

    be designated is not restricted by regulation. Nonetheless, pursuant

    to Commission practice, the persons who have been so designated by

    the Division Directors of DMO and DCIO have been limited to Deputy

    Directors, Associate Directors, Branch Chiefs and Chief Counsels of

    those Divisions.

    ---------------------------------------------------------------------------

    In its comment letter submitted in response to the Commission's

    publication of the August 2007 notice of proposed rulemaking, the

    IntercontinentalExchange, Inc. (ICE), a Delaware corporation that,

    among other things, operates an ECM that predominantly lists energy

    commodities derivative contracts, emphasized that information subject

    to special calls may include confidential details of transactions that

    often reflect the proprietary trading activities of market

    participants.\10\ Citing its prior experience providing information to

    the Division of Enforcement and the potential sensitive nature of the

    information that may be submitted, ICE requested that the exercise of

    ECM special call authority, by regulation, be restricted to certain

    senior Enforcement staff, or in the alternative, be subject to

    consideration and review by a restricted group of senior Enforcement

    staff. ICE argued that such restrictions would develop channels of

    communication between ECMs and staff from the Division of Enforcement

    that would be

    [[Page 8600]]

    particularly familiar with the type and working value of callable

    information. According to ICE, these procedural restrictions would

    facilitate the timely and efficient production of information by, for

    example, reducing the time spent on specifying the scope of particular

    productions.

    ---------------------------------------------------------------------------

    \10\ Letter from Johnathan H. Short, Senior Vice President and

    General Counsel, ICE, to the Commission's Office of the Secretariat

    (September 12, 2007) (on file with the Commission), available at

    http://frwebgate.access.gpo.gov/cgi-bin/leaving.cgi?from=leavingFR.html&log=linklog&to=http://www.cftc.gov/stellent/groups/public/@lrfederalregister/documents/frcomment/07-010c001.pdf.

    ---------------------------------------------------------------------------

    The CEA specifically recognizes the value and sensitive nature of

    transaction data and expressly prohibits, with limited exceptions, the

    Commission's public disclosure of ``information that would separately

    disclose the business transactions or market positions of any person *

    * *'' \11\ The Commission appreciates and will remain aware of the

    concerns raised by ICE. The Commission, however, will not adopt ICE's

    recommendation that special call authority be restricted by regulation

    because adequate controls are in place to ensure the effective and

    proper use of delegated authority.

    ---------------------------------------------------------------------------

    \11\ 7 U.S.C. 12(a)(1).

    ---------------------------------------------------------------------------

    The issuance of an ECM special call by Enforcement staff will be an

    agency action undertaken pursuant to delegated authority to act on

    behalf of the Commission. The exercise of the authority to issue or

    assign the authority to issue special calls under Commission regulation

    36.3 will be the product of deliberation and substantial internal

    process and will involve the participation of the Division Director

    prior to the issuance of a special call. Pursuant to Commission

    practice with respect to the other divisions, Division of Enforcement

    staff that would be designated by the Director to exercise special

    calls should be limited to the Division's Deputy Directors, Associate

    Directors and Chief Counsel. Restricting, by regulation, the Division

    of Enforcement's authority to issue ECM special calls to certain senior

    Enforcement staff, or in the alternative, requiring that issuances be

    subject to consideration and review by a restricted group of senior

    Enforcement staff, in the judgment of the Commission, will not

    substantially facilitate the efficiencies referenced by ICE.

    Accordingly, the Commission is amending Commission regulation 36.3, as

    proposed, to expand the set of persons with delegated authority to

    issue ECM special calls to include the Director of the Division of

    Enforcement or that Director's designees.

    III. Amendments to Part 40 of the Commission's Regulations

    A. Self-Certification, Approval, and Dormancy

    The Commission applies the procedural requirements for listing,

    clearing or implementing initial submissions of contracts and rules

    (including rule amendments) to dormant contracts and rules, and with

    certain exceptions, requires DCMs and DCOs to certify or submit for

    Commission approval all products and rules prior to listing or

    implementation.\12\ Part 40 of the Commission's regulations, however,

    currently does not clearly indicate that the procedural requirements

    for listing, clearing or implementing dormant contracts and rules are

    identical to the requirements established for initial submissions of

    contracts and rules that have never been certified with, or approved

    by, the Commission.\13\ Furthermore, the current product and rule

    filing provisions of part 40 do not clearly indicate that DCMs and

    DCOs, in general, must choose either to comply with the approval

    process established in part 40, or in the alternative, the

    certification process established in part 40, prior to listing,

    clearing, or implementing any product or rule, including any product or

    rule that has become dormant.\14\

    ---------------------------------------------------------------------------

    \12\ The Commission defines a dormant contract as a contract or

    product without open interest that, after the expiration of a

    thirty-six month development period following initial certification

    or approval, has not traded in the preceding twelve consecutive

    calendar months. 17 CFR 40.1(b). The Commission defines a dormant

    rule as a rule that has remained unimplemented for twelve

    consecutive calendar months following the rule's initial

    certification with, or approval by, the Commission. 17 CFR 40.1(f).

    \13\ This alignment of procedural requirements is based, in

    part, on the premise that certain contracts and rules, which have

    remained inactive or unimplemented for a significant period of time,

    may contain terms that are no longer consistent with the

    Commission's regulations or prevailing market conditions. 67 FR

    62783, 62784 (October 9, 2002).

    \14\ The Commission's regulations do not require a DTEF to

    either certify or submit for Commission approval a product or rule

    prior to listing or implementation. However, a DTEF, which is

    generally subject to notice filing requirements, may choose to self-

    certify products or rules or submit them for Commission approval

    pursuant to the procedures established in part 40 of the

    Commission's regulations. See 17 CFR 37.7.

    ---------------------------------------------------------------------------

    The Commission is herein adopting several amendments to address

    these matters. The Commission is amending regulations 40.2(a), 40.3(a),

    40.4(a), 40.5(a) and 40.6(a) to clarify that the procedural

    requirements for listing, clearing or implementing dormant contracts

    and rules are identical to the requirements established for submissions

    of contracts and rules (including rule amendments) that have never been

    certified with, or approved by, the Commission. The Commission is also

    amending the above referenced regulations to clarify that a DCM or DCO

    in general must choose either to list, clear, or implement a product or

    rule, including any dormant product or rule, pursuant to the self-

    certification provisions of part 40 or, in the alternative, pursuant to

    the process established in part 40 for receiving the Commission's prior

    approval.\15\

    ---------------------------------------------------------------------------

    \15\ Registered entities may voluntarily seek the Commission's

    approval for products, rules, and rule amendments. DCM rules that

    will materially change a term or condition of a contract with open

    interest that is based on an agricultural commodity enumerated in

    section 1a(4) of the Act, however, must be approved by the

    Commission prior to implementation. 7 U.S.C. 7a-2(c)(2)(B).

    ---------------------------------------------------------------------------

    B. Dormant Registered Entities, Contracts, and Rules

    The Commission has applied the concept of dormancy to registered

    entities by defining a dormant market or clearing organization as a

    registered entity that has been designated by, or registered with, the

    Commission for a period of thirty-six months or more but has not served

    as a facility for the trading or clearing of transactions for a period

    of twelve consecutive calendar months.\16\ The Commission recognizes

    that a significant period of inactivity can potentially have a negative

    impact on a registered entity's ability to implement rules and list and

    clear contracts in a manner that remains consistent with current market

    conditions, the Commission's regulations, and self-regulatory best

    practices.\17\ Accordingly, the Commission has deemed that upon a

    registered entity becoming dormant, its rules and contracts also become

    dormant.\18\

    ---------------------------------------------------------------------------

    \16\ See 17 CFR 40.1.

    \17\ See 47 FR 29515 (July 7, 1982).

    \18\ See 71 FR 1953, 1960 (January 12, 2006).

    ---------------------------------------------------------------------------

    In contrast to this view, the current language of the Commission's

    regulations implies that the earliest possible time that a rule can

    become dormant, regardless of whether a registered entity has entered

    into dormancy, is at the end of a twelve month rule implementation

    period.\19\ Similarly, the current language of the Commission's

    regulations implies that the earliest possible time that a contract can

    become dormant, regardless of whether a registered entity has entered

    into dormancy and absent affirmative

    [[Page 8601]]

    action on the part of the registered entity, is at the end of a thirty-

    six month contract development period. The Commission therefore is

    revising the definition of a dormant product or contract, dormant rule,

    and dormant DCM, DTEF, and DCO in Commission regulation 40.1 to clearly

    establish that the dormancy of a registered entity will automatically

    and separately trigger the dormancy of that entity's contracts and

    rules.\20\

    ---------------------------------------------------------------------------

    \19\ The term ``rule'' is defined to include any registered

    entity (DCM, DTEF, or DCO) ``* * * rule, regulation, resolution,

    interpretation, stated policy, term and condition * * * in whatever

    form adopted, and any amendment or addition thereto or repeal

    thereof * * *'' 17 CFR 40.1(h).

    \20\ The final amendments also clarify that only registered DCOs

    can be dormant.

    ---------------------------------------------------------------------------

    C. Definition of Emergency

    The Commission's regulations give registered entities the ability

    to implement emergency rules in response to market disruptions without

    certifying or receiving the Commission's approval prior to

    implementation.\21\ The current definition of emergency implies that

    the full governing board of a registered entity must determine whether

    particular developments constitute an emergency before the registered

    entity may operate under emergency procedures.\22\ The Commission, in

    its August 2007 notice of proposed rulemaking, proposed to amend the

    definition of emergency in regulation 40.1(g) to clarify that certain

    persons other than persons that comprise a registered entity's full

    governing board may properly issue an emergency determination on behalf

    of the governing board. The proposed revision was precipitated by a New

    York Mercantile Exchange (NYMEX) comment letter (submitted in response

    to the publication of a procedurally unrelated notice of proposed

    rulemaking) that suggested that the full governing board of an

    exchange, under emergency conditions, may not be able to issue a

    determination in a timely manner to address emergency conditions.\23\

    ---------------------------------------------------------------------------

    \21\ See 17 CFR 40.6(a)(2).

    \22\ See 17 CFR 40.1(g).

    \23\ See letter from James A. Newsome, President, NYMEX, to Jean

    A. Webb, Secretary of the Commission (September 26, 2005) (on file

    with the Commission), available at http://frwebgate.access.gpo.gov/cgi-bin/leaving.cgi?from=leavingFR.html&log=linklog&to=http://www.cftc.gov/foia/comment05/foi05-004_1page2.htm.

    ---------------------------------------------------------------------------

    The Commission received one comment in response to its proposal to

    amend the definition of emergency. In its comment letter, the CME Group

    Inc., a DCM formed by the 2007 merger of the Chicago Mercantile

    Exchange Inc. and the Board of Trade of the City of Chicago, expressed

    its support for the proposed clarification.\24\ CME Group based its

    support on the premise that an authorized committee or an exchange

    official may be better able to respond in the first instance to market

    disruptions that may quickly evolve into emergencies.

    ---------------------------------------------------------------------------

    \24\ See letter from Craig S. Donohue, Chief Executive Officer,

    CME Group, to David A. Stawick, Secretary of the Commission

    (September 12, 2007) (on file with the Commission), available at

    http://frwebgate.access.gpo.gov/cgi-bin/leaving.cgi?from=leavingFR.html&log=linklog&to=http://www.cftc.gov/stellent/groups/public/@lrfederalregister/documents/frcomment/07-010c002.pdf.

    ---------------------------------------------------------------------------

    The Commission agrees with CME Group and NYMEX, and pursuant to a

    broader interpretation of the definition of emergency, has previously

    approved registered entity rules that delegate the authority to make an

    emergency determination to persons other than persons that comprise the

    full governing board. Accordingly, the Commission herein revises the

    definition of emergency in regulation 40.1(g) to clarify that duly

    authorized persons may determine whether a particular occurrence or

    circumstance is an emergency that ``requires immediate action and

    threatens or may threaten such things as the fair and orderly trading

    in, or the liquidation of or delivery pursuant to, any agreements,

    contracts or transactions * * *'' \25\ The final amendments to the

    definition of emergency require, as proposed, that the authorization to

    act on behalf of the governing board be derived from registered entity

    rules that specify in detail: (1) The persons authorized to issue an

    emergency opinion on behalf of the governing board; and (2) the

    procedures for the exercise of such authority.\26\

    ---------------------------------------------------------------------------

    \25\ 17 CFR 40.1(g).

    \26\ The Commission is further adopting, as proposed, amendments

    to the definition of emergency in Commission regulation 40.1(g) to

    clarify the definition's applicability to all registered entities,

    including DCOs.

    ---------------------------------------------------------------------------

    D. Commission Review and Approval of Registered Entity Rules

    In contrast to other registered entity rules that may be

    implemented pursuant to the self-certification process established in

    part 40, DCM rules that, as determined by the Commission, materially

    change a term or condition of a contract with open interest that is

    based on an agricultural commodity enumerated in section 1a(4) of the

    Act must be approved by the Commission prior to implementation.\27\

    Since a finding of materiality is by statute at the reasonable

    discretion of the Commission, part 40 currently affords DCMs the

    opportunity to request a materiality opinion from the Commission for

    rules that a submitting DCM characterizes as non-material. Upon

    request, the Commission will determine whether a DCM rule submitted

    under regulation 40.4(b)(9) at least ten business days prior to

    implementation is material within the meaning of section 5c(c) of the

    Act.\28\

    ---------------------------------------------------------------------------

    \27\ 7 U.S.C. 7a-2(c).

    \28\ Id.

    ---------------------------------------------------------------------------

    DCMs often simultaneously request that agricultural rule changes be

    reviewed for materiality, and if found to be material, approved by the

    Commission. Commission regulation 40.5 does not specify when the

    approval period commences with respect to rules submitted for

    materiality review under the process framed by Commission regulation

    40.4(b)(9).\29\ To establish certainty, the Commission is amending

    regulation 40.5 to commence the rule approval period at the conclusion

    of the 10-day materiality review period under regulation 40.4(b)(9). As

    stated in the August 2007 notice of proposed rulemaking, the

    commencement of the approval period at this point is appropriate

    because determining a rule's consistency with the Act and the

    Commission's regulations thereunder requires an analysis that is

    qualitatively different from the analysis required to determine the

    materiality of the same rule within the meaning of section 5c(c) of the

    Act.\30\

    ---------------------------------------------------------------------------

    \29\ See 17 CFR 40.4(b) and 40.5(b).

    \30\ August 2007 notice of proposed rulemaking, at 45187.

    ---------------------------------------------------------------------------

    E. Listing of Products and the Implementation of Registered Entity

    Rules

    1. The Timing of Submissions

    The Commission understands that there may be some confusion as to

    how far in advance of implementation registered entities must submit

    self-certified products and rules to the Commission. Commission

    regulations 40.2(a) and 40.6(a) provide that such submissions must be

    filed electronically with the Commission at or before the close of

    business on the business day preceding implementation. Questions have

    arisen as to whether these provisions refer to the Commission's

    business day or the business day of the submitting registered entity.

    The Commission is adopting regulations to clarify that the

    specified date is the Commission's business day. For clarity and in

    order to ensure proper notice of certified products and rules, the

    Commission is defining business day in part 40 and adding language to

    Commission regulations 40.2(a) and 40.6(a) to expressly require the

    filing of certified submissions with the Commission at least one full

    Commission business day prior to

    [[Page 8602]]

    implementation.\31\ In addition, to ensure that the appropriate

    operating divisions of the Commission have the ability to access

    electronic copies of submissions at the time of filing, the Commission

    is amending the mandatory recipients of electronic submissions filed

    under regulations 40.2(a)(1) and 40.6(a)(2) to include the Secretary of

    the Commission at submissions@cftc.gov, the relevant branch chief at

    the regional office having local jurisdiction over the registered

    entity, and, for filings submitted by a designated contract market or

    registered derivatives transaction execution facility, DMO at

    DMOSubmissions@cftc.gov.

    ---------------------------------------------------------------------------

    \31\ These amendments are consistent with other Commission

    regulations that exclude the day on which a notice is given or an

    event occurs in computing time periods that begin upon the

    occurrence of that notice or event. See 17 CFR 1.3(b) and 10.5.

    ---------------------------------------------------------------------------

    2. Implementing Registered Entity Rules Without Certification

    a. Additional Rule Categories

    The Commission's regulations generally permit a registered entity

    to implement a new or dormant rule without seeking prior Commission

    approval by certifying to the Commission that the rule complies with

    the Act and the Commission's regulations thereunder on the business day

    preceding implementation.\32\ Registered entities, however, are not

    required to file certified submissions prior to implementing several

    categories of registered entity rules that are enumerated in Commission

    regulation 40.6(c)(2).\33\ Registered entity rules that come within

    these categories typically are limited in scope and are implemented

    under enabling rules that have already been approved by, or certified

    with, the Commission. In order to lessen the burden placed on

    registered entities as well as better utilize Commission resources, the

    Commission is codifying several additional categories of registered

    entity rules that may be implemented without prior certification or

    Commission approval if subsequently included in a weekly notification

    of rule changes under regulation 40.6(c)(2). The categories of rules

    enumerated in Commission regulation 40.6(c)(2) are amended to include:

    (1) The initial listing of trading months that are consistent with

    previously approved or certified standards; (2) changes in lists of

    producers' brands or markings that are made pursuant to previously

    approved or certified standards or criteria relating to quality

    specifications; and (3) for existing delivery locations, changes in

    lists of approved delivery facilities and delivery service providers

    that are made pursuant to previously approved or certified standards or

    criteria.\34\

    ---------------------------------------------------------------------------

    \32\ See 17 CFR 40.6(a).

    \33\ 17 CFR 40.6(c)(2).

    \34\ Commission regulation 40.4(b)(2) identifies rules that are

    changes in lists of approved delivery facilities as immaterial. In

    conformance with the amendments to Commission regulation 40.6(c)(2),

    the Commission is amending regulation 40.4(b)(2) to identify rules

    that are changes to lists of approved delivery service providers as

    immaterial.

    ---------------------------------------------------------------------------

    A registered entity's ability to notice file changes that relate to

    trading months under amended regulation 40.6(c)(2) only extends to

    trading months within currently established cycles of trading months

    and does not extend to the delisting or relisting of trading months. By

    way of example, assume that the currently established cycle of trading

    months for a particular contract is December, March, May, July and

    September. Under the final amendments, the listing of a new trading

    month, such as November, would not qualify for notice filing under

    regulation 40.6(c) while an earlier than anticipated (or delayed)

    listing of a July contract could properly be notice filed.\35\ With

    respect to producer's brands or markings and delivery facilities and

    service providers, the Commission reviews the relevant enabling

    standards and criteria to ensure their consistency with cash market

    practices and to ensure that their terms do not unreasonably restrain

    trade by inappropriately prohibiting the open participation of certain

    producers, facilities or service providers.\36\ The identification of

    producers' brands and enumerated delivery facilities and service

    providers at an existing delivery location does not alter certified or

    Commission approved qualifying standards or criteria, nor does it

    change exchange procedures that verify compliance with those standards

    or criteria. The final regulations will therefore require that the

    Commission be kept apprised of changes in lists of approved producers'

    brands or markings, changes in lists of delivery location delivery

    facilities and service providers, and the initial listing of trading

    months that are consistent with previously certified or approved

    standards through weekly notices of rule changes filed under regulation

    40.6(c)(2) as opposed to requiring that such changes be certified with

    or approved by the Commission prior to implementation.\37\

    ---------------------------------------------------------------------------

    \35\ The language of the final regulations for delivery months

    is different from the language that was proposed by the Commission

    in its August 2007 notice of proposed rulemaking. The final

    regulations discard redundant references to open interest and the

    delisting and relisting of trading months. The substantive effect of

    the final regulations, that is, allowing the initial listing of

    trading months (trading months that cannot have open interest or be

    delisted or relisted trading months) within the currently

    established cycle of trading months without prior certification or

    Commission approval, is equivalent to the substantive effect of the

    regulations and amendments proposed in the August 2007 notice of

    proposed rulemaking. See August 2007 notice of proposed rulemaking,

    at 45187 to 45188.

    \36\ See 17 CFR part 40, Appendix A (Application for Designation

    of Physical Delivery Futures Contracts).

    \37\ Registered entities must be able to cite clearly

    identifiable registered entity rules that establish the applicable

    enabling standards and criteria in any such submission made under

    Commission regulation 40.6(c)(2).

    ---------------------------------------------------------------------------

    b. Implementing Rules Without Notification

    Rule changes that may appear in a weekly notification pursuant to

    Commission regulation 40.6(c)(2)(iv) also include ``[c]hanges to option

    contract rules relating to the strike price listing procedures, strike

    price intervals, and the listing of strike prices on a discretionary

    basis.'' \38\ The Commission currently receives substantially the same

    information under part 16 of the Commission's regulations, which

    specifies the daily reporting requirements that apply to DCMs.\39\ In

    particular, regulation 16.01(b) stipulates that each reporting market

    must submit to the Commission on a daily basis various trade data,

    including trade volume, open interest and price information for all

    listed option strike prices, including discretionary prices.\40\

    ---------------------------------------------------------------------------

    \38\ 17 CFR 40.6(c)(iv).

    \39\ See 17 CFR part 16.

    \40\ 17 CFR 16.01(b).

    ---------------------------------------------------------------------------

    In January 2006, DMO staff granted no-action relief to permit DCMs

    to satisfy the regulation 40.6(c)(2)(iv) notification requirement by

    complying with the daily reporting requirements of regulation 16.01 of

    the Commission's regulations.\41\ In order to codify the no-action

    relief granted by DMO and avoid duplicative regulatory requirements,

    the Commission is amending regulation 40.6(c)(2)(iv) and adding

    paragraph (G) to regulation 40.6(c)(3)(ii) to allow registered entities

    that are in compliance with regulation 16.01(b) to implement the

    specified changes relating to option contract strike prices without

    either prior approval, certification or inclusion in a weekly

    notification to the Commission.\42\

    ---------------------------------------------------------------------------

    \41\ See CFTC Staff Letter 06-01 (January 9, 2006).

    \42\ In July of 2006, the Commission adopted final rules to

    permit the trading of futures contracts based on corporate debt

    securities. 71 FR 39541 (July 13, 2006) (Debt Futures Release). The

    Commission herein adopts, as proposed, a technical amendment that

    conforms regulation 40.6(c)(2)(iii) to the adoption of the Debt

    Futures Release by replacing that regulation's reference to stock

    indexes with a reference to securities indexes, a general term that

    includes both equity and debt securities. Final Commission

    regulation 40.6(c)(2)(iii) also includes a reference to regulation

    40.6(c)(3)(ii)(F) to alert registered entities that certain rule

    changes relating to securities indexes may be implemented pursuant

    to notification or without such notice if implemented under

    regulation 40.6(c)(3).

    ---------------------------------------------------------------------------

    [[Page 8603]]

    The Commission is making a similar amendment for registered entity

    rules denoting changes to contract trading months within currently

    established cycles of trading months that may be implemented pursuant

    to a regulation 40.6(c)(2) notification filing.\43\ As with rules that

    are changes to option contract strike prices, the Commission currently

    receives adequate notification of the same information under regulation

    16.01(a). In order to avoid duplicative regulatory requirements, the

    Commission is adding paragraph (H) to regulation 40.6(c)(3)(ii) to

    provide that registered entities that are in compliance with regulation

    16.01(a) may effect the initial listing of contract trading months

    within the currently established cycle of trading months without prior

    approval, certification or inclusion in a weekly notification to the

    Commission.\44\

    ---------------------------------------------------------------------------

    \43\ The Commission is amending the heading of regulation 40.6,

    and that provision's references to DCMs and DCOs, to clarify its

    potential applicability to all registered entities, including DTEFs.

    \44\ In its comment letter, CME Group stated that permitting

    DCMs that comply with the reporting requirements of Commission

    regulations 16.01(a) and (b) to implement changes in the listing of

    trading months within currently established cycles of trading months

    and changes to certain option contract rules relating to strike

    prices, without certification or prior Commission approval, will

    avoid duplicative requirements and will facilitate the efficient use

    of Commission resources.

    ---------------------------------------------------------------------------

    V. Related Matters

    A. Cost Benefit Analysis

    Section 15(a) of the Act requires the Commission to consider the

    costs and benefits of its actions before issuing new regulations under

    the Act. Section 15(a) does not require the Commission to quantify the

    costs and benefits of new regulations or to determine whether the

    benefits of adopted regulations outweigh their costs. Rather, section

    15(a) requires the Commission to consider the cost and benefits of the

    subject regulations. Section 15(a) further specifies that the costs and

    benefits of the regulations shall be evaluated in light of five broad

    areas of market and public concern: (1) Protection of market

    participants and the public; (2) efficiency, competitiveness, and

    financial integrity of futures markets; (3) price discovery; (4) sound

    risk management practices; and (5) other public interest

    considerations. The Commission may, in its discretion, give greater

    weight to any one of the five enumerated areas of concern and may, in

    its discretion, determine that, notwithstanding its costs, a particular

    regulation is necessary or appropriate to protect the public interest

    or to effectuate any of the provisions or to accomplish any of the

    purposes of the Act.

    The final regulations expand the set of persons delegated by the

    Commission with the authority to issue ECM special calls to include the

    Director of the Division of Enforcement and that Director's designees.

    The final regulations do not expand the basis for issuing ECM special

    calls; rather, they simply expand the set of persons authorized to

    issue such special calls. There are no regulatory costs imposed by this

    extension of delegated special call authority.

    The final regulations clarify that a DCM or DCO must generally

    choose either to comply with the rule approval process established in

    part 40 of the Commission's regulations or, in the alternative, the

    certification process established in part 40, prior to listing or

    clearing any product, or implementing any rule, including any product

    or rule that has become dormant. The final regulations also clearly

    establish that the dormancy of a registered entity will automatically

    and separately trigger the dormancy of that entity's contracts and

    rules. These clarifications are consistent with current Commission

    practice, do not impose any regulatory cost, and serve the public

    interest by facilitating regulatory certainty for persons subject to

    the Act and the Commission's regulations thereunder.

    The final regulations clarify that the definition of emergency

    allows persons other than persons comprising the full governing board

    of a registered entity to declare an emergency on behalf of the

    governing board. The final regulations expressly recognize that the

    full governing board of an exchange under emergency conditions may not

    be able to issue an opinion in a timely manner to address an emergency.

    Accordingly, the Commission's final definition of emergency in part 40

    clearly permits duly authorized persons to determine whether a

    particular occurrence or circumstance is an emergency. The final

    regulations facilitate the ability of registered entities to undertake

    timely action in response to emergency events and thereby better

    protect market participants and the financial integrity of transactions

    executed and cleared on registered entities. The final regulations also

    limit the potential costs that may arise from any misuse of authority

    by requiring registered entities to adopt detailed procedural rules to

    effectuate the exercise of this delegated authority.

    The final regulations clearly set forth the duration of the rule

    approval period for DCM rules that may change a material term or

    condition of a contract based on the agricultural commodities

    enumerated in section 1a(4) of the Act by commencing the rule approval

    period at the conclusion of the 10-day materiality review period under

    Commission regulation 40.4(b)(9). Commencing the approval period at

    this point gives the Commission time to effectively discharge its

    separate regulatory responsibilities to review registered entity rule

    changes for their impact on contracts with open interest and to

    determine whether such changes are consistent with the Act and the

    Commission's regulations thereunder. The amended review period is

    consistent with current Commission regulatory practice and should not

    place any additional cost or burden on submitting DCMs.

    The final regulations address how far in advance of implementation

    registered entities must submit self-certified contracts and rules to

    the Commission pursuant to regulations 40.2(a) and 40.6(a) by

    clarifying that the date specified in those regulations refers to the

    Commission's business day. The final regulations ensure that there is

    at least one full Commission business day between the submission of a

    certified product or rule and such product or rule's listing or

    implementation. The final regulations provide regulatory clarity and

    impose no additional cost or burden.

    The final regulations lessen the burden placed on registered

    entities as well as better utilize Commission resources by codifying

    several additional rule categories that may be implemented without

    prior certification or Commission approval if noticed to the Commission

    through other required filings or disclosure requirements or

    subsequently included in a weekly notification of rule changes to the

    Commission under regulation 40.6(c)(2). The final regulations add lists

    of approved producers' brands or markings, changes in lists of approved

    delivery facilities and delivery service providers, certain changes in

    contract trading months, and certain specified changes to option

    contract strike prices to the categories of rules may be implemented

    without prior certification or Commission approval, or as applicable,

    notification. Registered entity rules that come within these categories

    typically are limited in scope

    [[Page 8604]]

    and are implemented under enabling rules that have already been

    certified with, or approved by, the Commission. Permitting their

    implementation without certification or approval, or as applicable,

    notification, avoids unnecessary or duplicative regulatory requirements

    and better utilizes the Commission's resources.

    The Commission's August 2007 notice of proposed rulemaking analyzed

    the aforementioned costs and benefits. No relevant comments were

    received with respect to the Commission's analysis. After considering

    these factors, the Commission has determined to amend parts 36 and 40

    of the Commission's regulations as set forth below.

    B. The Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA), 5 U.S.C. 601 et seq.,

    requires that agencies consider the impact of their regulations on

    small businesses. The requirements related to the final amendments fall

    mainly on registered entities. The Commission has previously determined

    that registered entities are not ``small entities'' for the purposes of

    the RFA.\45\ In addition, these final regulations, collectively, tend

    to relieve regulatory burdens. Accordingly, the Chairman, on behalf of

    the Commission, hereby certifies, pursuant to 5 U.S.C. 605(b), that the

    actions to be taken herein will not have a significant economic impact

    on a substantial number of small entities.

    ---------------------------------------------------------------------------

    \45\ See 47 FR 18618 (April 30, 1982).

    ---------------------------------------------------------------------------

    C. Paperwork Reduction Act

    When publicizing final regulations, the Paperwork Reduction Act

    (PRA) of 1995 (44 U.S.C. 3501 et seq.) imposes certain requirements on

    Federal agencies (including the Commission) in connection with their

    conducting or sponsoring any collection of information as defined by

    the PRA. The information collection requirements associated with the

    final regulations are administered under Office of Management and

    Budget control numbers 3038-0022 and 3038-0054. These final amendments

    to parts 36 and 40 of the Commission's regulations would not impose any

    new or additional recordkeeping or information collection requirement

    that would require the approval of the Office of Management and Budget

    under 44 U.S.C. 3501, et seq.

    List of Subjects

    17 CFR Part 36

    Commodity futures.

    17 CFR Part 40

    Commodity futures, Reporting and recordkeeping requirements.

    0

    In consideration of the foregoing, and pursuant to the authority

    contained in the Act, and, in particular, sections 2, 4, 5, 5a, 5b, 5c,

    5d and 8a of the Act, the Commission hereby amends Chapter I of Title

    17 of the Code of Federal Regulations as follows:

    PART 36--EXEMPT MARKETS

    0

    1. The authority citation for part 36 continues to read as follows:

    Authority: 7 U.S.C. 2, 5, 6, 6c, and 12a, as amended by the

    Commodity Futures Modernization Act of 2000, Appendix E of Public

    Law 106-554, 114 Stat. 2763 (2000).

    0

    2. In Sec. 36.3, revise paragraphs (b)(3)(ii) to read as follows:

    Sec. 36.3 Exempt commercial markets.

    * * * * *

    (b) * * *

    (3) * * *

    (ii) The Commission hereby delegates, until the Commission orders

    otherwise, the authority to make special calls as set forth in Section

    2(h)(5)(B)(iii) of the Act to the Directors of the Divisions of Market

    Oversight, the Division of Clearing and Intermediary Oversight, and the

    Division of Enforcement to be exercised by each such Director or by

    such other employee or employees as the Director may designate. The

    Directors may submit to the Commission for its consideration any matter

    that has been delegated in this paragraph. Nothing in this paragraph

    prohibits the Commission, at its election, from exercising the

    authority delegated in this paragraph.

    * * * * *

    PART 40--PROVISIONS COMMON TO CONTRACT MARKETS, DERIVATIVES

    TRANSACTION EXECUTION FACILITIES AND DERIVATIVES CLEARING

    ORGANIZATIONS

    0

    3. The authority citation for part 40 continues to read as follows:

    Authority: 7 U.S.C. 1a, 2, 5, 6, 6c, 7, 7a, 8 and 12a, as

    amended by appendix E of Pub. L. 106-554, 114 Stat. 2763A-365.

    0

    4. In Sec. 40.1, revise paragraph (a) through (g) to read as follows:

    Sec. 40.1 Definitions.

    * * * * *

    (a) Business day means the intraday period of time starting at the

    business hour of 8:15 a.m. and ending at the business hour of 4:45

    p.m.; business hour means any hour between 8:15 a.m. and 4:45 p.m.,

    Eastern Standard Time or Eastern Daylight Savings Time, whichever is

    currently in effect in Washington, DC, on all days except Saturdays,

    Sundays and federal holidays in Washington, DC.

    (b) Dormant contract or dormant product means:

    (1) Any agreement, contract, transaction, or instrument, or any

    commodity futures or option contract with respect to all future or

    option expiries that has no open interest and in which no trading has

    occurred for a period of twelve complete calendar months following a

    certification with, or approval by, the Commission; provided, however,

    that no contract or instrument under this paragraph (b)(1) initially

    and originally certified with, or approved by, the Commission within

    the preceding 36 complete calendar months shall be considered to be

    dormant; or

    (2) Any commodity futures or option contract or other agreement,

    contract, transaction or instrument of a dormant registered entity; or

    (3) Any commodity futures or option contract or other agreement,

    contract, transaction or instrument not otherwise dormant that a

    registered entity self-declares through certification to be dormant.

    (c) Dormant designated contract market means any designated

    contract market on which no trading has occurred for a period of twelve

    complete calendar months; provided, however, no designated contract

    market shall be considered to be dormant if its initial and original

    Commission order of designation was issued within the preceding 36

    complete calendar months.

    (d) Dormant derivatives clearing organization means any derivatives

    clearing organization registered pursuant to Section 5b of the Act that

    has not accepted for clearing any agreement, contract or transaction

    that is required or permitted to be cleared by a derivatives clearing

    organization under Sections 5b(a) and 5b(b) of the Act, respectively,

    for a period of twelve complete calendar months; provided, however, no

    derivatives clearing organization shall be considered to be dormant if

    its initial and original Commission order of registration was issued

    within the preceding 36 complete calendar months.

    (e) Dormant derivatives transaction execution facility means any

    derivatives transaction execution facility on which no trading has

    occurred for a period of twelve complete calendar months; provided,

    however, no derivatives transaction execution facility shall be

    considered to be dormant if its initial and original Commission order

    of

    [[Page 8605]]

    designation was issued within the preceding 36 complete calendar

    months.

    (f) Dormant rule means:

    (1) Any registered entity rule which remains unimplemented for

    twelve complete calendar months following a certification with, or an

    approval by, the Commission; or

    (2) Any rule or rule amendment of a dormant registered entity.

    (g) Emergency means any occurrence or circumstance that, in the

    opinion of the governing board of a registered entity, or a person or

    persons duly authorized to issue such an opinion on behalf of the

    governing board of a registered entity under circumstances and pursuant

    to procedures that are specified by rule, requires immediate action and

    threatens or may threaten such things as the fair and orderly trading

    in, or the liquidation of or delivery pursuant to, any agreements,

    contracts or transactions, including:

    (1) Any manipulative or attempted manipulative activity;

    (2) Any actual, attempted, or threatened corner, squeeze,

    congestion, or undue concentration of positions;

    (3) Any circumstances which may materially affect the performance

    of agreements, contracts or transactions, including failure of the

    payment system or the bankruptcy or insolvency of any participant;

    (4) Any action taken by any governmental body, or any other

    registered entity, board of trade, market or facility which may have a

    direct impact on trading; and

    (5) Any other circumstance which may have a severe, adverse effect

    upon the functioning of a registered entity.

    * * * * *

    0

    5. In Sec. 40.2, revise the heading and paragraphs (a) introductory

    text, (a)(1) and (a)(2) to read as follows:

    Sec. 40.2 Listing and accepting products for trading or clearing by

    certification.

    (a) Unless permitted otherwise by Sec. 37.7 of this chapter, a

    designated contract market or a registered derivatives transaction

    execution facility must comply with the submission requirements of this

    section prior to listing a product for trading that has not been

    approved under Sec. 40.3 of this chapter or that remains dormant

    subsequent to being submitted under this section or approved under

    Sec. 40.3 of this chapter. A registered derivatives clearing

    organization must comply with the submission requirements of this

    section prior to accepting for clearing a product that is not traded on

    a registered entity and has not been approved for clearing under Sec.

    40.5 of this chapter or that remains dormant subsequent to being

    submitted under this section or approved under Sec. 40.5 of this

    chapter. A submission shall comply with the following conditions:

    (1) The registered entity has filed its submission electronically

    in a format specified by the Secretary of the Commission with the

    Secretary of the Commission at submissions@cftc.gov, the relevant

    branch chief at the regional office having local jurisdiction over the

    registered entity, and, for filings submitted by a designated contract

    market or registered derivatives transaction execution facility, the

    Division of Market Oversight at DMOSubmissions@cftc.gov;

    (2) The Commission has received the submission at its headquarters

    by the open of business on the business day preceding the product's

    listing or acceptance for clearing; and

    * * * * *

    0

    6. In Sec. 40.3, revise paragraph (a) introductory text to read as

    follows:

    Sec. 40.3 Voluntary submission of new products for Commission review

    and approval.

    (a) Request for approval. Pursuant to Section 5c(c) of the Act and

    Sec. Sec. 37.7 and 38.4 of this chapter, a designated contract market

    or registered derivatives transaction execution facility may request

    that the Commission approve a new or dormant product prior to listing

    the product for trading, or if initially submitted under Sec. 40.2 of

    this chapter, subsequent to listing the product for trading. A

    submission requesting approval shall:

    * * * * *

    0

    7. In Sec. 40.4, revise paragraph (a) and (b)(2) to read as follows:

    Sec. 40.4 Amendments to terms or conditions of enumerated

    agricultural contracts.

    (a) Notwithstanding the provisions of this part, a designated

    contract market must submit for Commission approval under the

    procedures of Sec. 40.5, prior to its implementation, any rule or

    dormant rule that, for a delivery month having open interest, would

    materially change a term or condition, as defined in Sec. 40.1(i), of

    a contract for future delivery in an agricultural commodity enumerated

    in Section 1a(4) of the Act, or of an option on such a contract or

    commodity.

    * * * * *

    (b) * * *

    (2) For each delivery location, changes in lists of approved

    delivery facilities and delivery service providers, including

    weighmasters and inspectors, pursuant to previously set standards or

    criteria;

    * * * * *

    0

    8. In Sec. 40.5, revise paragraphs (a) introductory text and (c)

    introductory text to read as follows:

    Sec. 40.5 Voluntary submission of rules for Commission review and

    approval.

    (a) Request for approval of rules. Pursuant to Section 5c(c) of the

    Act and Sec. Sec. 37.7, 38.4 and 39.4 of this chapter, a registered

    entity may request that the Commission approve a new or dormant rule

    prior to implementation, or if initially submitted under Sec. Sec.

    40.2 or 40.6 of this chapter, subsequent to implementation. A

    submission requesting approval shall:

    * * * * *

    (c) Commencement and extension of time for review. The Commission

    shall commence the review period in paragraph (b) of this section for a

    compliant submission under Sec. 40.4(b)(9) ten business days after its

    receipt and further may extend the review period in paragraph (b) of

    this section for any approval request for:

    * * * * *

    0

    9. Amend Sec. 40.6 as follows:

    A. Remove the term ``designated contract market or registered

    derivatives clearing organization'' and add in its place the term

    ``registered entity'' in paragraphs (a)(2), (c)(1), and (c)(3)(i);

    B. Remove the term ``designated contract market or a registered

    derivatives clearing organization'' and add in its place the term

    ``registered entity'' in paragraph (c) introductory text;

    C. Remove the term ``designated contract markets and registered

    derivatives clearing organizations'' and add in its place the term

    ``registered entities'' in paragraph (c)(3) introductory text;

    D. Remove the term ``contract market or a derivatives clearing

    organization's'' and add in its place the term ``registered entity'' in

    paragraph (c)(3)(ii)(B); and

    E. In addition, revise the heading and paragraphs (a) introductory

    text, (a)(2), (c)(2)(iii), and (c)(2)(iv), and add paragraphs

    (c)(2)(vii) through (c)(2)(ix), (c)(3)(ii)(G) and (c)(3)(ii)(H) to read

    as follows:

    Sec. 40.6 Self-certification of rules.

    (a) Required certification. Unless permitted otherwise by Sec.

    37.7 of this chapter, a registered entity must comply with the

    following conditions prior to the implementation of any rule that has

    not obtained Commission approval under Sec. 40.5 of this chapter or

    that remains dormant subsequent to being

    [[Page 8606]]

    submitted under this section or approved under Sec. 40.5 of this

    chapter:

    (1) * * *

    (2) The registered entity has filed its submission electronically

    in a format specified by the Secretary of the Commission with the

    Secretary of the Commission at submissions@cftc.gov, the relevant

    branch chief at the regional office having local jurisdiction over the

    registered entity, and, for filings submitted by a designated contract

    market or registered derivatives transaction execution facility, the

    Division of Market Oversight at DMOSubmissions@cftc.gov, and the

    Commission has received the submission at its headquarters by the open

    of business on the business day preceding implementation of the rule;

    provided, however, rules or rule amendments implemented under

    procedures of the governing board to respond to an emergency as defined

    in Sec. 40.1, shall, if practicable, be filed with the Commission

    prior to the implementation or, if not practicable, be filed with the

    Commission at the earliest possible time after implementation, but in

    no event more than twenty-four hours after implementation; and

    * * * * *

    (c) * * *

    (2) * * *

    (iii) Index products. Routine changes in the composition,

    computation, or method of selection of component entities of an index

    (other than routine changes to securities indexes to the extent that

    such changes are not described in paragraph (c)(3)(ii)(F) of this

    section) referenced and defined in the product's terms, that do not

    affect the pricing basis of the index, which are made by an independent

    third party whose business relates to the collection or dissemination

    of price information and which was not formed solely for the purpose of

    compiling an index for use in connection with a futures or option

    product;

    (iv) Option contract terms. Changes to option contract rules, which

    may qualify for implementation without notice pursuant to paragraph

    (c)(3)(ii)(G) of this section, relating to the strike price listing

    procedures, strike price intervals, and the listing of strike prices on

    a discretionary basis;

    * * * * *

    (vii) Approved brands. Changes in lists of approved brands or

    markings pursuant to previously certified or Commission approved

    standards or criteria;

    (viii) Delivery facilities and delivery service providers. Changes

    in lists of approved delivery facilities and delivery service providers

    (including weighmasters, assayers, and inspectors) at a delivery

    location, pursuant to previously certified or Commission approved

    standards or criteria; or

    (ix) Trading Months. The initial listing of trading months, which

    may qualify for implementation without notice pursuant to (c)(3)(ii)(H)

    of this section, within the currently established cycle of trading

    months.

    (3) * * *

    (ii) * * *

    (G) Option contract terms. For registered entities that are in

    compliance with the daily reporting requirements of Sec. 16.01(b) of

    this chapter, changes to option contract rules relating to the strike

    price listing procedures, strike price intervals, and the listing of

    strike prices on a discretionary basis.

    (H) Trading Months. For registered entities that are in compliance

    with the daily reporting requirements of Sec. 16.01(a) of this

    chapter, the initial listing of trading months which are within the

    currently established cycle of trading months.

    Issued in Washington, DC, on February 6, 2008, by the

    Commission.

    David A. Stawik,

    Secretary of the Commission.

    [FR Doc. E8-2580 Filed 2-13-08; 8:45 am]

    BILLING CODE 6351-01-P

    Last Updated: February 14, 2008



See Also:

OpenGov Logo

CFTC's Commitment to Open Government

Gavel and Book

Follow the Status of Enforcement Actions