Currently FINRA is responsible for securities brokers, the Commodities Futures Trading Commission for commodities traders and the Federal Reserve for the largest banks.
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The Merc will need clearance for the merger from the U.S. Securities and Exchange Commission, the Commodities Futures Trading Commission and the U.S. Justice Department.
Dodd-Frank gave rulemaking authority to at least eight agencies, for example, and the Securities and Exchange Commission is constantly fighting with the Justice Dept. and the Commodities Futures Trading Commission over who should police financial fraud and products like derivatives.
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The securities and commodities futures trading commission have a tremendous amount of overlapping authority.
It happens that the U.S. lets futures exchanges regulate themselves under the umbrella of the Commodities Futures Trading Commission.
Interestingly, this is what the US regulator, the Commodities Futures Trading Commission (CFTC), has tried to do in its settlement with Barclays.
In September 2005, the Commodities Futures Trading Commission filed a complaint against Israel and Marino and others alleging fraud and misappropriation of funds.
So, for example, implementing financial regulatory reform requires new personnel at the Treasury Department, at the SEC, at the Commodities Future Trading Commission.
Earlier in the year, the Commodities Futures Trading Commission (CFTC) repealed a key exemption from registration that a majority of hedge fund advisers had relied on.
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The Commodities Futures Trading Commission (CFTC) has said that financial firms trading either for themselves or for their clients could hold as much as 81 percent of all contracts on the NYMEX.
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Bart Chilton, a Democratic commissioner of the Commodities Futures Trading Commission, said it is a headache for regulators to determine whether industry lobbying is based on a legitimate concern or is simply a delaying tactic.
Last year, as the subprime market began its collapse, the President's Working Group, which includes the Treasury Department, the Federal Reserve, the SEC and the Commodities Futures Trading Commission, recommended against tighter oversight of the over-the-counter market, in the context of vetoing tighter regulation of hedge funds, saying the industry can self-police.
The complaints have gotten a sympathetic ear on Capitol Hill, where lawmakers have just gotten a proposal by the Treasury Department for a sweeping overhaul of financial market regulation, including the merger of the SEC with the Commodities Futures Trading Commission and the reassignment of many of the SEC's enforcement duties to the stock exchanges and other self-regulatory agencies.
The securities industry is regulated by the Securities and Exchange Commission and the Commodities and Futures Trading Commission.
True, Gary Gensler, a Goldman alumnus (and veteran of the Clinton administration), has been appointed to run the Commodities and Futures Trading Commission, an important regulator of Wall Street, and Mr Obama may be tempted to appoint Jon Corzine, New Jersey's governor to a top job, but Mr Corzine's past stint as boss of Goldman Sachs will not help his cause.
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Under the newly minted 2010 Dodd-Frank Act, the Commodity Futures and Trading Commission is chartered to monitor non-agricultural commodities trading, to promote transparency and to prevent asset bubbles.
Kevin Grady, trader on the Comex floor with MF Global, also said gold also has been hurt some by anticipation of a Commodity Futures Trading Commission meeting on position limits for commodities.
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