Commodity Futures Trading Commission
Some of the key events about Commodity Futures Trading Commission
- 1974Established as an independent agency to regulate commodity futures and options markets
- 1974Failed to prevent the Hunt brothers' attempt to corner the silver market, leading to market instability
- 1982Granted authority to regulate foreign exchange trading
- 1987Inadequate oversight contributed to the "Black Monday" stock market crash
- 1992Gained oversight of off-exchange retail foreign exchange contracts
- 1992Insufficient regulation allowed rogue trader Nick Leeson to cause the collapse of Barings Bank
- 2000Authorized to regulate over-the-counter derivatives trading
- 2000Lack of authority to regulate over-the-counter derivatives contributed to the Enron scandal
- 2002Implemented new regulations to enhance market transparency and prevent fraud
- 2008Expanded enforcement efforts during the financial crisis to protect investors
- 2008Insufficient oversight of credit default swaps played a role in the global financial crisis
- 2010Received expanded authority under the Dodd-Frank Act to regulate swaps markets
- 2010Delayed implementation of Dodd-Frank Act provisions, slowing financial reform
- 2012Implemented position limits to prevent excessive speculation in commodity markets
- 2012Failed to detect and prevent the MF Global bankruptcy, resulting in $1.6 billion in missing customer funds
- 2014Inadequate oversight allowed manipulation of foreign exchange markets by major banks
- 2015Introduced new rules to enhance cybersecurity in futures markets
- 2018Criticized for weak enforcement actions against spoofing in futures markets
- 2020Adopted final rules to improve swap data reporting and enhance market transparency
- 2020Faced scrutiny for delayed response to negative oil futures prices during the COVID-19 pandemic
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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