Economic Analysis

Office of the Chief Economist Mission

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.

Futures Markets Research, Support, and Education

The growth in the number of markets that trade and clear a wider array of complex derivative products requires analysis and research to determine the appropriate regulatory approach to these markets and products. CFTC monitors a large and diverse array of markets, including new energy products, new types of “event-related” markets, such as corporate actions, derivatives on economic statistics, derivatives on credit events, derivatives on weather and derivatives on exchange-traded commodity funds.

Reports of the Office of the Chief Economist

Weekly Swaps Report: The CFTC Swaps Report is designed to be a valuable public service due to its unique combination of data aggregation, free availability, and weekly publication frequency. The CFTC Swaps Report aggregates a comprehensive body of swap market data that was not previously reported to regulators or regulated entities, and makes that information freely available in a form that is readily usable by both market participants and the general public. The swaps market data included in publications produced by entities such as the BIS, ISDA, and the Office of the Comptroller of the Currency vary in scope and granularity, but none corresponds directly to the data stored in the CFTC's SDRs.

Economic Analysis and Related Reports

Introducing ENNs: A Measure of the Size of Interest Rate Swap Markets (Feb, 2018)

     -Update as of March 16, 2018 (May, 2018)

Staff Report on Oct 15, 2014 Market Events (July 13, 2015)

Staff Report on Cotton Futures and Option Market Activity During the Week of March 3, 2008 (January 4, 2010)

Market Growth, Trader Participation and Pricing in Energy Futures Markets (December 4, 2008)

Interagency Task Force on Commodity Markets Interim Report on Crude Oil (July 22, 2008)

Commodities and Equities: A “Market of One”? (June 8, 2008)

Report on Large Short Trader Activity in the Silver Futures Market (May 13, 2008)

Price Dynamics, Price Discovery and Large Futures Trader Interactions in the Energy Complex (April 28, 2005)

Letter to Silver Investors (May 14, 2004)