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A commodity market is a market that trades in the primary economic sector rather than manufactured products,such as cocoa,fruit and sugar. Hard commodities are mined,such as gold and oil. Futures contracts are the oldest way of investing in commodities. Commodity markets can include physical trading and derivatives trading using spot prices,forwards,futures,and options on futures. Farmers have used a simple form of derivative trading in the commodity market for centuries for price risk management.
In finance,speculation is the purchase of an asset with the hope that it will become more valuable shortly. It can also refer to short sales in which the speculator hopes for a decline in value.
The Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974 that regulates the U.S. derivatives markets,which includes futures,swaps,and certain kinds of options.
The Commodity Futures Modernization Act of 2000 (CFMA) is United States federal legislation that ensured financial products known as over-the-counter (OTC) derivatives remained unregulated. It was signed into law on December 21,2000 by President Bill Clinton. It clarified the law so most OTC derivative transactions between "sophisticated parties" would not be regulated as "futures" under the Commodity Exchange Act of 1936 (CEA) or as "securities" under the federal securities laws. Instead,the major dealers of those products would continue to have their dealings in OTC derivatives supervised by their federal regulators under general "safety and soundness" standards. The Commodity Futures Trading Commission's (CFTC) desire to have "functional regulation" of the market was also rejected. Instead,the CFTC would continue to do "entity-based supervision of OTC derivatives dealers". The CFMA's treatment of OTC derivatives such as credit default swaps has become controversial,as those derivatives played a major role in the financial crisis of 2008 and the subsequent 2008–2012 global recession.
Wendy Lee Gramm is an American economist who led the Commodity Futures Trading Commission during the Reagan administration. She is also the wife of former United States Senator Phil Gramm. Gramm has gained notoriety for her role in the Enron scandal.
Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown &Sons in 1997 before being acquired by Deutsche Bank in 1999. Deutsche Bank sold the Trust and Custody division of Bankers Trust to State Street Corporation in 2003.
The American Bankers Association (ABA) is a Washington,D.C.-based trade association for the U.S. banking industry,founded in 1875. They lobby for banks of all sizes and bank charters,including community banks,regional and money center banks,Federal savings associations,mutual savings banks,and trust companies. The average member bank has approximately $250 million in assets. ABA is the largest financial trade group in the United States.
The International Organization of Securities Commissions (IOSCO) is an association of organizations that regulate the world's securities and futures markets. Members are typically primary securities and/or futures regulators in a national jurisdiction or the main financial regulator from each country. Its mandate is to:
Options Clearing Corporation (OCC) is a United States clearing house based in Chicago. It specializes in equity derivatives clearing,providing central counterparty (CCP) clearing and settlement services to 16 exchanges. Started by Wayne Luthringshausen and carried on by Michael Cahill. Its instruments include options,financial and commodity futures,security futures,and securities lending transactions.
Brooksley Elizabeth Born is an American attorney and former public official who,from August 26,1996,to June 1,1999,was chair of the Commodity Futures Trading Commission (CFTC),the federal agency which oversees the U.S. futures and commodity options markets. During her tenure on the CFTC,Born lobbied Congress and the President to give the CFTC oversight of off-exchange markets for derivatives,in addition to its role with respect to exchange-traded derivatives,but her warnings were ignored or dismissed,and her calls for reform resisted by other regulators. Born resigned as chairperson on June 1,1999,shortly after Congress passed legislation prohibiting her agency from regulating derivatives.
Sean O'Brien Cota is an American businessman,energy market expert,financial commentator,and policy advisor on American energy and financial market transparency and reform measures. As the President of a third generation family-owned oil company,Cota &Cota Oil,Inc. in Bellows Falls,VT,whom he has worked for since 1977,he became extremely involved in energy commodity trading in 1988. In 2010,he was named Chairman of the Petroleum Marketers Association of America.
Bartholomew Hamilton Chilton was an American civil servant.
Richard L. Sandor is an American businessman,economist,and entrepreneur. He is chairman and CEO of the American Financial Exchange (AFX) established in 2015,which is an electronic exchange for direct interbank/financial institution lending and borrowing. The AFX flagship product,the AMERIBOR benchmark index,reflects the actual borrowing costs of thousands of regional and community banks across the U.S. and is one of the short-term borrowing rates,along with the Secured Overnight Financing Rate,vying to replace U.S. dollar Libor as a benchmark in the U.S.
A commodity trading advisor (CTA) is US financial regulatory term for an individual or organization who is retained by a fund or individual client to provide advice and services related to trading in futures contracts,commodity options and/or swaps. They are responsible for the trading within managed futures accounts. The definition of CTA may also apply to investment advisors for hedge funds and private funds including mutual funds and exchange-traded funds in certain cases. CTAs are generally regulated by the United States federal government through registration with the Commodity Futures Trading Commission (CFTC) and membership of the National Futures Association (NFA).
A managed futures account (MFA) or managed futures fund (MFF) is a type of alternative investment in the US in which trading in the futures markets is managed by another person or entity,rather than the fund's owner. Managed futures accounts include,but are not limited to,commodity pools. These funds are operated by commodity trading advisors (CTAs) or commodity pool operators (CPOs),who are generally regulated in the United States by the Commodity Futures Trading Commission and the National Futures Association. As of June 2016,the assets under management held by managed futures accounts totaled $340 billion.
J. Christopher Giancarlo is an American attorney and former business executive who served as 13th chairman of the United States Commodity Futures Trading Commission (CFTC). Giancarlo was sworn in as a CFTC commissioner on June 16,2014,for a term expiring on April 13,2019. Starting on January 20,2017,with President Donald Trump's inauguration,Giancarlo began serving as acting chair of the CFTC. In March 2017,the president nominated Giancarlo to be full-time chair of the commission. Giancarlo was confirmed as chairman of the commission by the United States Senate on August 3,2017.
Heath Price Tarbert is an American lawyer and former government official who most recently served as the 14th Chairman and a Commissioner of the Commodity Futures Trading Commission (CFTC). Prior to leading the CFTC,he served as Assistant Secretary of the Treasury for International Markets and Development and as acting Under Secretary of the Treasury for International Affairs. As of July 1,2023,he is Chief Legal Officer and Head of Corporate Affairs for Circle.
Christy Goldsmith Romero is an American lawyer and federal government official. She has served as a member of the Commodity Futures Trading Commission (CFTC) since 2022,having been nominated by President Joe Biden.
Rostin Behnam(born February 16,1978) is an American lawyer and government official who currently serves as the 15th chairman of the Commodity Futures Trading Commission (CFTC). Prior to leading the CFTC,he served as one of five-member CFTC commissioners,having been nominated on July 13,2017 by President Donald Trump to fulfill a term expiring June 19,2021. Behnam was unanimously confirmed by the Senate on August 3,2017,and sworn in as commissioner on September 6,2017. On January 21,2021,the commission members unanimously elected Behnam to be acting chairman following President Joe Biden' s inauguration and the resignation of Heath Tarbert,who served as chairman since July 15,2019. Behnam was re-nominated by President Biden as a commissioner,and simultaneously nominated to chair the agency for a new 5-year term through June 19,2026. Behnam was unanimously confirmed by the Senate on December 15,2021,and sworn in as CFTC's chairman and chief administrative officer on January 4,2022.
Summer Kristine Mersinger is an American attorney who serves as a commissioner of the Commodity Futures Trading Commission.
References
- 1 2 3 "Nomination of Robert R. Davis To Be a Commissioner of the Commodity Futures Trading Commission". The American Presidency Project. UC Santa Barbara. July 30, 1984. Retrieved 3 March 2023.
- ↑ "PN1043 — Robert R. Davis — Commodity Futures Trading Commission". Congress.gov. Library of Congress. Retrieved 3 March 2023.
- ↑ "Former Commissioners". Commodity Futures Trading Commission. Retrieved 3 March 2023.
- ↑ "Community Banks: A Legislative & Regulatory Overview: Robert Davis – America's Community Bankers". The Wall Street Transcript. May 19, 2003. Retrieved 3 March 2023.
- ↑ Cooke, Sarah Snell (October 30, 2007). "American Bankers Association/America's Community Bankers Merger to be Official Dec. 1". Credit Union Times. Retrieved 3 March 2023.
- ↑ "Industry initiative of the year: ABA and MStar". Risk.net. June 24, 2020. Retrieved 3 March 2023.
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