Keeping Pace with Change: Commodity Futures Trading Commission Strategic Plan, 2004-2009

摘要

When we last submitted our strategic plan, the Commission was hard at work with Congress to reauthorize the agency for another five years. Incorporating the new oversight regulatory vision into the reauthorization legislation was our primary goal. The Commodity Futures Modernization Act (CFMA), passed in December 2000, reflects this vision through three key objectives: (1) modernizing rules affecting trading platforms and market intermediaries; (2) permitting futures based on single stocks or narrow-based stock indices; and (3) providing legal certainty for over-the-counter derivatives. Despite the unexpected challenges the industry and the Commission faced following the September 11, 2001 terrorist attacks, in the nearly three years since the passage of the CFMA, the Commission has successfully begun to implement the objectives of the CFMA by: Reorganizing and modernizing the structure of the CFTC to make the most effective use of our resources in overseeing these important and dynamic markets; Working with the U.S. Securities and Exchange Commission (SEC) to put into place the rules and other mechanisms to allow the launch of trading in domestic security futures; Designating six new contract markets and accepting the registration of five additional derivatives clearing organizations, including the London Clearing House; Moving from a compliance-based approach to conducting audits toward a risk-based approach and developing an appropriate oversight framework for futures clearinghouses; Achieving pay parity with other financial regulators.