Report on the Oversight of Trading on Regulated Futures Exchanges and Exempt Commercial Markets

摘要

On September 18, 2007, the Commodity Futures Trading Commission (CFTC or Commission) held a hearing to examine the oversight of trading on regulated futures exchanges (designated contract markets or DCMs) and exempt commercial markets (ECMs). Witnesses included Commission staff, representatives of DCMs and ECMs, and representatives of a broad spectrum of market users and consumers. ECMs came into being through the Commodity Futures Modernization Act of 2000 (CFMA), which amended the Commodity Exchange Act (CEA or Act) and replaced the 'one-size-fits-all' supervisory framework for futures trading with a risk-based, tiered structure in which the level of regulation is tailored to the type of market and the risks associated with it.