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Appendix 2 – Analysis of New Responsibilities and Authorities on 2013 Budgetary Requirements (continued)

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Analysis of CFTC Registrants

Registration and regulation of over-the-counter derivatives dealers would be required. Dealers will be subject to capital and margin requirements (in some cases set by the Commission and in some by other prudential regulatory authorities). Dealers also will be required to meet robust business conduct standards to be established and enforced by the Commission. The Commission will also be responsible for enforcing recordkeeping requirements to be imposed on dealers, for establishing the requirements for reports that dealers must provide, and for reviewing those reports once submitted and taking action when necessary.


Companies and individuals who handle customer funds, solicit or accept orders, or give trained advice must apply for CFTC registration through the NFA, a registered futures association and self-regulatory organization with delegated oversight authority from the Commission.  The Commission currently regulates the activities of over 65,000 registrants.

Number of Registrants as of September 30, 2011
Registration Category Number Registered
Associated Persons (APs) (Salespersons) 52,369
Commodity Pool Operators (CPOs) 1,183
Commodity Trading Advisors (CTAs) 2,530
Floor Brokers (FBs) 6,316
Floor Traders (FTs) 1,286
Futures Commission Merchants (FCMs) 123
Retail Foreign Exchange Dealers (RFEDs) 14
Introducing Brokers (IBs) 1,535
Swap Dealers (SDs) 0
Major Swap Participants (MSPs) 0
Total 65,356

In FY 2013, the Commission projects approximately 230 – 300 entities to register as swap dealers, FCMs or RFEDs.  This includes:

Given the resource needs of the CFTC, we are working very closely with self-regulatory organizations, including the National Futures Association (NFA), to determine what duties and roles they can take on in the swaps markets. In particular, we proposed rules that swap dealers would be required to be members of the NFA. This could facilitate the NFA taking on responsibilities related to registration and examination of swaps dealers. Nevertheless, the CFTC has the ultimate statutory authority and responsibility for overseeing these markets. Therefore, it is essential that the CFTC have additional resources to reduce risk and promote transparency in the swaps markets.


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