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

Who Trades Bitcoin Futures and Why? (Alex Ferko, Amani Moin, Esen Onur and Michael Penick).

  • We analyze the traders active in the Bitcoin futures (BTC) contracts traded on the Chicago Mercantile Exchange (CME)
  • There are two primary trader types, those who hold almost exclusively BTC (concentrated traders) and those who hold BTC to diversify a broader futures portfolio (diversified traders). 
  • The prevalence of concentrated vs diversified traders changes over time. 
  • Diversified traders connect BTC markets to other futures markets through common holdings.
  • Trader composition in the micro contract is different than that of the full-size contract.

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

 Information on Academic Collaboration