Study of the Global Competitiveness of U.S. Futures Markets

摘要

The Futures Trading Practices Act of 1992 requires that the Commodity Futures Trading Commission (CFTC or Commission) study the competitiveness of organized United States futures exchanges with their counterparts abroad. This report examines the nature and evolution of U.S. and foreign markets and the specific regulatory environments in which they operate. As part of its study, the CFTC examined non-U.S. regulatory systems, comparing them to the U.S. system. In addition, the Commission analyzed domestic and foreign trading volume data and other economic factors that would bear on the relative success of U.S. and foreign markets. Finally, the views of representatives of interested U.S. futures exchanges and the brokerage and money management communities were elicited on the competitiveness of U.S. markets and on other relevant issues.