Office of the Chief Economist

Mission Statement

The mission of the Office of the Chief Economist (OCE) of the Commodity Futures Trading Commission (CFTC) is to conduct rigorous economic and econometric analysis of derivatives markets; to foster market transparency by disseminating its research to market participants and the general public; and to partner with other CFTC divisions and offices to integrate economic reasoning and data analysis into Commission policy and cost-benefit considerations.

A list of the current members of the Office of the Chief Economists can be found on our Biographies page, which includes backgrounds as well as research interests. The office is led by Scott Mixon (Acting Chief Economist).

Featured Research

Determinants of Commodity Market Liquidity (Pankaj Jain, Ayla Kayhan, and Esen Onur)
Web Appendix

The Financial Review (forthcoming)

  • We examine systematic and idiosyncratic determinants of Amihud price impact and microstructure noise proxying for permanent and transitory components of commodity futures liquidity.
  • For idiosyncratic factors, we identify that excess hedging demand increases price impact and noise while active position taking (by market-makers) in excess of the hedging demand reduces noise.
  • For systematic factors, lack of competition among liquidity providers adversely impact liquidity, but this effect is mitigated if liquidity providers are well capitalized.
  • We also show that the Supplementary leverage ratio (SLR) makes holding inventory costlier and is associated with lower liquidity.

For older research projects, please visit our Research Papers website.

 Information on Academic Collaboration