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Commodity Futures Trading Commission

1155 Twenty-first Street NW, Washington, DC 20581

202-418-5514 (TTY)


CHAIRHeath P. Tarbert

Rostin Behnam
Daniel M. Berkovitz
Dawn DeBerry Stump
Brian D. Quintenz


Clearing and RiskM. Clark Hutchison III
EnforcementJames M. McDonald
Market OversightAmir R. Zaidi
Swap Dealer and Intermediary OversightJoshua B. Sterling



Chief EconomistBruce Tuckman
Chief Information OfficerJohn L. Rogers
General CounselDaniel J. Davis

External AffairsMichael C. Short
International AffairsMauricio Melara, Acting
Legislative and Intergovernmental AffairsAnn Wright, Acting
Minority and Women InclusionSarah J. Summerville

Office of Inspector General

Office of Inspector General
Inspector GeneralA. Roy Lavik

The Commodity Futures Trading Commission avoids systemic risk; fosters open, transparent, competitive, and financially sound markets; and protects the market users and their funds, consumers, and the public from fraud, manipulation, and abusive practices related to derivatives and other products that are subject to the Commodity Exchange Act.


On October 23, 1974, President Gerald R. Ford approved Public Law 93–463, which is commonly cited as the Commodity Futures Trading Commission Act of 1974 (7 U.S.C. 2). The Act established the Commodity Futures Trading Commission (CFTC), which became operational in April of 1975. The U.S. Congress renewed the CFTC's authority to regulate futures trading in 1978, 1982, 1986, 1992, 1995, 2000, and 2008.

In 2010, Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203) gave the CFTC new and expanded responsibilities and authorities for regulating the swaps marketplace.

The President appoints the CFTC's five Commissioners by the advice and with the consent of the Senate. The President designates one Commissioner, also by the Senate's advice and with its consent, to serve as the Chair. The Commissioners serve staggered 5-year terms, and no more than three of them may belong to the same political party.

The Commission has nine major operating components: the Divisions of Market Oversight, Clearing and Risk, Swap Dealer and Intermediary Oversight, Enforcement, and the Offices of the Executive Director, the General Counsel, the Chief Economist, International Affairs, and Data and Technology. The Office of Inspector General is an independent organizational unit at the CFTC.

The CFTC's statement of organization is found in 17 CFR 140.

The CFTC posts it organizational chart online in Portable Document Format (PDF).


The CFTC regulates trading on the U.S. futures and options markets that offer commodity futures and options contracts, as well as the swaps marketplace in the United States. Oversight of the derivatives marketplace is accomplished through various CFTC activities.

The CFTC oversees derivatives clearing organizations and other market participants in the clearing process, including futures commission merchants, swap dealers, major swap participants, and large traders. The CFTC oversees the registration and compliance of intermediaries and futures industry self-regulatory organizations, including U.S. derivatives exchanges and the National Futures Association. It also oversees trade execution facilities and data repositories, conducts surveillance, reviews new exchange applications, and examines existing exchanges to ensure compliance with applicable core principles.

Exercising the agency's authority, its staff also investigates and prosecutes alleged violations of the Commodity Exchange Act and CFTC regulations. Potential violations include fraud, manipulation, and other abuses concerning commodity derivatives and swaps that threaten market integrity, market participants, and the general public.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFTC develops and monitors compliance with regulations addressing registration, business conduct standards, capital adequacy, and margin requirements for swap dealers and major swap participants.

Sources of Information

Business Opportunities

The Commission has recurring requirements for the following goods: furniture, office equipment and supplies, and telecommunications equipment and supplies. It also has recurring requirements for copying and printing services and minor construction.

Career Opportunities

The Commission hires professionals with strong academic records and superior analytical and problem solving skills.

In 2018, the CFTC ranked 23d among 29 small Government agencies in the Partnership for Public Service's Best Places To Work Agency Rankings.

Climate-Related Market Risk

The CFTC has established a subcommittee to prepare a report that identifies and examines climate change-related financial and market risks for the agency's Market Risk Advisory Committee. The climate-related market risk subcommittee will bring experts from academia, industry, and the public sector together to identify and examine the risks that climate change poses to the stability of the U.S. financial system. The subcommittee will propose future actions for policymakers and market participants to consider for mitigating these risks.

Cotton Futures

The "Cotton On-Call Report" shows the quantity of bought or sold call cotton on which the price has not been fixed, together with the respective futures on which the purchase or sale is based. Call cotton refers to physical cotton bought or sold, or contracted for purchase or sale at a price to be fixed later based upon a specified delivery month future’s price.

Disciplinary History

Making the CFTC's disciplinary history accessible is part of the agency's ongoing effort to protect market participants and the public from fraud, manipulation, and abusive practices.

Forms / Submissions

Forms and submissions information for designated contract markets, filing tips and complaints, future commissions merchants, and ownership and control reporting are available online.

Freedom of Information Act (FOIA)

The FOIA gives the right to request access to Federal agency records or information to any person. All agencies of the U.S. Government must disclose records upon receiving a written request for them, except for records that the FOIA's nine exemptions and three exclusions shield from disclosure. This right of access is enforceable in court. | Email:

In addition to maintaining a physical, onsite reading room in Washington, DC, the CFTC also has an electronic reading room. Information seekers should see if the records that they seek are immediately available and accessible free of charge in the electronic reading room before submitting a FOIA request.

Frequently Asked Questions (FAQs)

The "Ask CFTC" web page provides answers to some basic questions regarding the futures markets and how they work, where to go for help, as well as answers to other FAQs.


The online glossary defines specialized words and phrases that are used in the futures industry. Standard reference works do not include some of them.


Futures contracts for agricultural commodities have been traded in the country for more than 150 years. The Federal Government has regulated them since the 1920s. When the CFTC was created in 1974, most futures trading took place in the agricultural sector. Over the years, the futures industry has become increasingly varied and complex. To learn more of the history of the futures trading industry and the Federal Government's role in regulating it, visit the "History of the CFTC" web page.


LabCFTC is the hub for the CFTC's engagement with financial technology innovators.

Learning Resources

The Office of Consumer Outreach makes information and tools available to help consumers avoid fraud. The "Learning Resources" web page has brochures, reports, videos, and a book to educate consumers on this topic. | Email:

The "Avoid Fraud" web page has additional resources.

Money Laundering

A general outline of important anti-money laundering topics with links to general information and resources is available on the CFTC website.

Press Room

The press room provides convenient access to news, podcasts, press releases, remarks, statements, testimonies, webcasts, and information on public events.

Regional Offices

The Commission maintains regional offices in Chicago, IL, and New York, NY, where many of the Nation's designated contract markets are located. Phone, 312-596-0700 (IL); Phone, 646-746-9700 (NY). A third regional office is located in Kansas City, MO. Phone, 816-960-7700.

Site Map

The Web site map allows visitors to look for specific topics or to browse content that aligns with their interests.

Swaps Report

The "CFTC Swaps Report" is published every Wednesday at 3:30 p.m., unless otherwise noted. | Email:

Virtual Currencies

One of the most recent marketplace developments driving a lot of interest is the rise in prominence of virtual currencies, specifically bitcoin. The "Bitcoin and Other Virtual Currencies" web page has resources for market participants and customers on virtual currency and on the CFTC's role in overseeing this emerging innovation.

Whistleblower Program

The Commission gives monetary incentives to whistleblowers who report possible Commodity Exchange Act violations that lead to a successful enforcement action. The Commission also provides antiretaliation protections, confidentiality, and privacy.

The Sources of Information were updated 8–2019.