US Commodity Futures Trading Commission
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The US Commodity Futures Trading Commission was created by the Congress of the United States in 1974. The organization was supposed to have acted as an independent one upon its inception. The main responsibility of the US Commodity Futures Trading Commission was to look after the affairs of the commodity future markets and the commodity option markets.
The scope of the activities of the US Commodity Futures Trading Commission, as well as its powers, have been increased on a number of occasions. The modification to the power and range of works of the US Commodity Futures Trading Commission was made for the last time in the Commodity Futures Modernization Act, which was passed in 2002.
During the year 1974 most of the commodities trading took place in the agricultural sector. The US Commodity Futures Trading Commission has been able to diversify the commodities trading sector of the United States of America. Nowadays the commodity trading industry is more vast and also incorporates more sophisticated contracts.
The US Commodity Futures Trading Commission plays an active role in increasing the levels of efficacy as well as competition in the commodities trading market by encouraging the members of the commodities fraternity in the country to stress on these aspects. This effectively, also increases the levels of economic usefulness of the commodities market in the USA.
Among the various duties of the US Commodity Futures Trading Commission is granting protection to the participants of the commodities trading markets. The US Commodity Futures Trading Commission is supposed to safeguard them against any kind of fraudulent manipulations. It also tries to make sure that the clearing process is transparent.
The US Commodity Futures Trading Commission has a very well organized structure that allows it to function to its fullest potency. The organization comprises of the Commissioners, the operating units of the organization and the Chairman’s offices. There are five commissioners of the US Commodity Futures Trading Commission and they are selected by the USA President. However, the agreement from as well as the advices of the US Senate are pretty important as well. The commissioners serve a five year term. Not more than three commissioners are supposed to be allowed from a single party as commissioners. The Chairman of the US Commodity Futures Trading Commission is nominated by the United States President himself.
There are several Offices of the Chairman – the Office of External Affairs, the Office of the Secretariat, the Office of International Affairs, the Office of Equal Employment Opportunity and the Office of the Inspector General. The Office of the External Affairs is supposed to look after the connections of the organization with the media, the market user groups and the producers. This office also deals with the common public as well as the academic and educational groups regarding information on the US Commodity Futures Trading Commission. It also looks after the initiatives that are taken for protecting the customers from misappropriations of various kinds.
The International Affairs Office of the Offices of Chairman of the US Commodity Futures Trading Commission helps the organization to make a trading policy that would be accepted all over the world. The efforts of the US Commodity Futures Trading Commission at global regulation of the commodities trading are also looked after by the International Affairs Office.
The Office of the Inspector General is supposed to audit the operations and programs of the US Commodity Futures Trading Commission. It is also meant to review the various regulations and legislations of the organization as well. The Office of the Secretariat helps with the making and distribution of important policy papers. It also looks after requests that are registered as per the Freedom of Information Act. The Office of Equal Employment Opportunity is also a part of the Offices of the Chairman.
The offices of the US Commodity Futures Trading Commission are located at Chicago, New York City and Kansas City where there are futures exchanges. The US Commodity Futures Trading Commission also has certain departments through which it functions. They may be mentioned as below:
The following entities are the Advisory Committees of the US Commodity Futures Trading Commission:
The contact details of the US Commodity Futures Trading Commission are as follows:
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
202-418-5000
Fax – 202-418-5521 neweconomyfoo
