*•*• * * * * 

COMMODITY FUTURES TRADING COMMISSION 

Commodity Futures Trading Commission 

Transition Briefing Book 

November 2020 
Commodity Futures Trading Commission 

Transition Briefing Book 

Table of Contents 

I. The CFTC Organization 

a. CFTC Organization Charts 

b. Key Personnel 

c. Key Staff Bios 

d. Resumption of Operations Plan 

2. Division & Office Summaries 

a. Office of Legislative and Intergovernmental Affairs (OLIA) 

b. Office of Public Affairs (OPA) 

c. Office of Minority and Women Inc\m,ion (OMWI) 

d. Division of Clearing and Risk (OCR) 

c. Market Participants Division (MPD) 

f. rnvisi,m of Mmht Ovecsight (DMO) 

g. Division of Enforcement (DOE) 

h. Office of International Affairs (OIA) 

1. Office of the Chief Economist (OCE) 

J. Legal Division (LD) 

k. Division of Administration (DA) 

I. Division of Data (DOD) 

3. Budget & Staffing 

a. fY2l President's Budget 

h. FY 2019 

c. FY 2020 

d. FY 2021 

4. Administrative & Organizational Topics 

a. CFTC Strategic Plan 

b. Operation!-. Overview 

c. Sunshine Act 

d. Commission Decision Processes 

e. Unified Agenda 

f. Pay and Pecfocmance Management Refocm 

g. Labor Relations 

h. Space & Leasing 

1. Enterprise Risk Management (ERM) 

J. ByPass Authority 

k. Agency Reform 

I. Aluminum Market 

111. Lab CFTC Overview 

n. Advisory Committees 
ll.1fil 

CFTC 

Commodity Futures Trading Commission 

Transition Briefing Book 

November 2020 

Section 1- CFTC Organization 
The CFTC Organization 

11 /2020 

Commissioner Commissioner Chairman Commissioner Commissioner 

Quintenz -

Behnam Tarbert Stump Berkovitz 

I I I I 

Inspector Chief Legal Public Legislative and Administration General - Economist Affairs Intergovernmental 

Affairs 

Office of Minority 

and Women - LabCFTC 

Inclusion 

I I I I I I 

Clearing and International Market Market Data Enforcement Risk Affairs Oversight Participants 

I I 

Regional Offices 

Chicago Kansas City New York 
Office of the Chairman 

Karen Brown 

Executive Assistant 

CT-0301-12 

Detail NTE 12/20/2020 

Heath P. Tarbert 

Chairman and CEO 

EX-0301-03 

Charlie Thornton 

Counselor to the Chairman 

CT-0905-14 

Chanel Smith 

Staff Assistant 

CT-0303-10 

Temp Prom NTE 12/20/20 

Jaime Klima 

Chief of Staff 

aod 

coo 

CT-0905-17 

' I I I I I 

Matt Daigler 

Senior Counsel 

Term NTE 7/10/2021 

CT-0905-15 

VACANT 

Deputy Chief of Staff 

aod 

Attorney Advisor 

CT-0905-14 

Andrew Ridenour 

Senior Counsel 

CT-0905-15 

Daniel Grimm 

Senior Counsel 

CT-0905-15 

Temp Prom NTE 

07/2.1/2021 

Torn Ben1son 

Chief Negotiator for 

lnt'I Agreements 

CT-0301-15 

11/25/2020 
Office of Legislative and Intergovernmental Affairs 

Summer Mersinger 

Director 

CT-0301-16 

I 

Ann Wright 

Deputy Director 

CT-0301-1S 

I 

Darryl Blakey 

Legislative Affairs Specialist 

CT-0301-12 

11/25/2020 
Office of Minority and Woman Inclusion 

Sarah Summerville 

Director 

CT-0260-15 

' I 

Derrick Wilson Sarah Pauly Diversity and Inclusion EEO Specialist Specialist CT-0260-14 

CT-0260-12 

11/25/2020 
--

Office of Public Affairs 

Michael Short 

Director 

OPA 

CT-0301-17 

Rachel Millard 

Nisha Smalls Deputy Director Office of Public 

Public Affairs Strategist Affairs Digital Engagement CT-1035-14 CT-0301-16 

Mollie Wilken 

VACANT Public Affairs and Digital Dig Multimedia Engagement Strategist Engagement Strategist CT-0301-14 

' ' 

Public Affairs Digital customer Engagement 

Donna Faulk White VACANT 

Associate Director Associate Director 

Public Affairs Digital Customer 

CT-1035-15 Engagement 

Antoinette Turner NancyW1,uerg RICKS 

VACANT VACANT Web Content Digital Content 

Public Affairs Specialist Press Assistant OPA Specialist Strategist 

CT-"~"1-12 CT-n~n1.n 

1v11cne11e woornanu ·"-"" 

Web Content Digital Engagement VACANT VACANT 

Specialist Strategist Public Relations Specialist Consultant 

CT-0301-12 CT-0301-14 (Media) EF-0301-00 

La~ .. arn uo;:1er VACANT IT Specialist Digital Video (Internet) Specialist ("T_~~•~.1~ 

VACANT VACANT Web Content Visual Info Specialist Manager 

11/25/2020 
Lab CFTC 

Melissa Netram 

Director 

Lab CFTC/Fin Tech 

CT-0905-16 

I I I I I 

VACANT Bianca Gomez Christopher Goodman 

Brian Trackman Shivon Kershaw Senior Policy and Special Counsel Dtil from DMO 

Special Counsel Strategic Comm & Ed Lead Technology Specialist CT-0905-14 CT-0905-14 

CT-0905-14 CT--0301-14 

CT-13/14 Special Counsel 

11/25/2020 
Commissioners 

CFTC 

I 

' ' 

Dawn Stump Brian Qu1ntenz Russ Behnarn Dan Berkov1t;: 

Commissioner Commissioner Commissioner Commissioner 

EX--0301-04 EX--0301-04 EX-0301-04 EX-0301-04 

I I I I 

Dan Busca Kevin Webb David Gillers Erik Remmler Chief of Staff Special Counsel 

Special Counsel Special Counsel CT-0301-16 CT-0905-15 

CT-0905-15 CT-0905-15 

DTL Ext Req Detailed to OIA 11/8/20 

I I I I 

Eli;:abeth (Libby) Margo Bailey Laura Gardy Lucy Hynes Mastrog1acomo Special Counsel Special Counsel Special Counsel 

Special Counsel CT--0905-15 CT-0905-15 CT-0905-15 CT-0905-15 

I I I I 

Peter Kais Terry Arbit John Dunfee Sebastian Pujol-Schott Special Counsel Special Counsel Special Counsel Special Counsel CT-0905-15 CT--0905-15 CT-0905-15 CT-0905-15 

Temp Prom 

I I I I 

Charles Ladd Deonion Green Kyndra Burke Erica Quinlan 

Program Assistant Executive Assistant Executive Assistant Executive Assistant. 

CT-0344-05 (Contractor) (Contractor) (Contractor) 

I 

Latonia Williams 

Executive Assistant. 

(Contractor) 

11/25/2020 
Division of Administration 

Anthony Thompson 

Chief Administrative Officer 

CT-0301-18 

John Rogers ' 

Senior Advisor 

CT-0301-18 Proceedings 

Section 

I 

Karen Brown 

Administrative Specialist 

CT-0301-12 ~ 

Eugene Smith 

Director of Proceedings 

CT-0905-15 

DTL CHR 3/14/21 

Kavita Puri 

~ Judgement Officer 

CT-0905-15 

Belinda Pugh 

Complaint Specialist 

CT-1801-13 

' ' 

Naeem Musa 

Chief Information Security 

Officer 

CT-2210-16 

Kerrilaine Prunella 

Chief Human Capital Officer 

CT-0201-16 

Joel Mattingley 

Chief Financial Officer 

CT-0505-16 

Tomeka Gilbert 

Chief Planning Officer 

CT-0301-16 

Janaka l)ohn) Perera 

Chief Information Officer 

CT-2210-16 

11/25/2020 
L 

Human Resources Branch 

Kerrilaine Prunella 

Chief Human Capital Officer 

CT-0201-16 

I I I 

Alice Macklin Dustin Hicks Talent Management 

Human Capital Analyst Management Analyst Workforce Relations Section Section 

CT--0201-15 CT-0343-14 

I 

Tonia Patterson Lauren Colon 

Chief, Talent Management Chief, Workforce Relations 

CT-0201-15 CT-0201-15 

I 

' ' 

Training Selina Swales 

Employment and Benefits Labor and Employee Performance and & HR Specialist (Exec Res) 

Classification Relation Compensation Development CT-0201-14 

Bob Short Patricia !Patti) Smith Patrice Jones-Washington Constance Adkins Shannon Schmidt 

Benefits Manager Performance Mgmt. - Learning Officer HR Specialist HR Specialist 

CT-0201-14 CT-0201-14 (Chief Negotiator) CT-0201-14 Program Manager 

CT-0201-14 CT-0201-15 

Michael Bartlett Heidi Cha lie Brinkley Hypes 

Learning Management HR Specialist Paul Ullman HR Specialist (Comp) 

Systems Specialist CT-0201-14 HR Specialist jLER) CT-0201-14 

CT-0201-14 CT-0201-14 

Sarata Head 

Andrietta Bryant-Minter HR Specialist Jennifer Plumlee 

HR Specialist CT-0201-14 Speci;3list (LER) 

CT-0201-11 CT-0201-14 

Tiffany Williford 

HR Specialist 

CT-0201-14 

11/25/2020 
Financial Management Branch 

Joel Mattingley 

Chief Financial Officer 

CT-0905-16 

Budget and Planning 

Section 

Accounting 

Section 

Strategic and 

Operational Planning 

Section 

' 

Andrea Busch 

Budget Officer 

CT-0560-15 

Keith Ingram 

Accounting Officer 

CT-0510-15 

Dav1u Freuenc~son 

Chief, Strategic and 

Operational Planning ,.,~•~•-•r 

Lindsey Santos Jennifer Fleming Michael Smith 

Budget Analyst Staff Accountant Senior Program Analyst 

CT-0560-14 CT-0510-15 CT-0343-14 

VACANT ,u 1a "anagan 

Budget Analyst Senior Staff 

CT-0560-14 Accountant 

,..,._,,~"'-14 

Melody Chang 

IT Specialist 

CT-2210-14 

Steve Joo 

Staff Accountant 

CT-0510-12 

VACANT 

Budget Analyst Soyoung Rosin 

CT-0560-14 Staff Accountant 

CT-0510-12 

MarK Bu11ar 

Financial Mgmt. Linda Lightner 

Specialist 

CT-0501-14 

Program Assistant 

CT-0303-08 

Stella Murray 

Budget Analyst 

CT-0560-13 

11/25/20 
--

Business Operations Branch 

Facilities and 

Operational Services 

Unit 

I 

Denise Hamm 

Manager 

Administrative Services 

CT-0342-14 

Wesley French Cathy Wicykowski 

Support Services 

Specialist 

CT-0342-14 

DTL to Bus Ops 

Branch 

~ 

Kansas City 

Support Services 

Specialist 

CT-0342-12 

Janis Kelly Sarah Jambrosek 

Support Services Support Services 

Specialist Specialist 

CT-0342-13 CT-0342-09 

Henry Hansen 

Randall Turner Support Services 

Program Analyst ~~ Specialist CT-0343-13 CT-0342-12 

Margaret Yates 

Denise Thompson Operations Admin Assistant Specialist CT-0303-07 CT-0301-13 

Nyree Thomas Lee Smith 

Support Services -- Support Services 

Specialist Assistant 

CT-0342-9 CT-0303-7 

Tomeka Gilbert 

Chief Planning Officer 

CT-0301-16 

wes ey renc 

Support Services Specialist ~ CT-0342-15 

Temn. Prom. NTE 02 115 12025 

Procurement and Travel Business Management Management Section Section 

I 

William Roberson LaKeesha Jones 

Contracting Officer Business Management 

CT-1102-lS Officer 

CT-0301-15 

Karen Hampton 

- Travel Mgmt. ' I I Specialist 

CT-0301-13 

Mission BMU Operational BMU 

Procurement 

I I 

Hoa Kern "'""" Sup Business Mgmt Sup Business Mgmt 

Susan Hong 

Contract Specialist 

CT-1102-14 

~~ 

Kathryn Rison 

Senior Contract 

Specialist 

CT-1102--15 

Spec. 

CT-0301-14 

Spec. ,_,, ---

Christine Park 

Contract Specialist ~~ 

CT-1102-14 

Benny Van Wormer 

Contract Specialist 

CT-1102-14 

Margaret Littlejohn 

Business Mgmt Sp •• 

CT-0301-14 

Hana Sarsour 

Business Mgmt Sp 

CT-0301-14 

Stephanne Player 

Business Mgmt Sp 

CT-0301-14 

•• 

Katrina Emerson 

Financial Mgmt Sp 

CT-0501-14 

Veda Allen Kinnith Artemus Jerald Neveleff Gretchen Smith 

~ Yolanda Smith Venita Hill Business Mgmt Sp Business Mgmt Sp Contract Specialist Purchasing Agent Business Mgmt Sp Business Mgmt Sp CT-0301-13 CT-0301-13 CT-1102-14 CT-1105-08 CT-0301-12 CT-0301-13 

Cynthia Watson 

Steve Hendershot Business Mgmt Sp 

Business Mgmt Sp CT-0301-13 

CT-0301-12 

I l/2:i/20 
Cyber and Physical Security Branch 

Naeem Musa 

Chief Information Security Officer 

CT-2110-16 

' ' 

Security and Emergency Cyber Security Unit 

Management Unit 

Dwight Riley VACANT 

Security and Emergency Supv. IT Specialist 

Management Officer (INFOSEC) 

CT-0301-14 CT-0301-15 

kbl(6) I kbl/61 !lb)(6) l/b)(6) Personnel Security I I I ~- COOP Manager IT Specialist (INFOSEC) -- IT Specialist (INFOSEC) Special 1st CT-0301-13 CT-2210-14 CT-2210-14 

CT-0080-13 

VACANT ~b)(6l I llb)/6) I - Project Manager IT Specialist IINFOSEC) -- IT Specialist IINFOSEC) 

CT-0301-12/13 CT-2210-13 CT-2210-14 

l(b)(6) I - IT Specialist (INFOSEC) 

CT-2210-13 

I l/2:i/20 
--

- -

Information Technology Branch 

Janaka (John) Perera 

Chief Information Officer 

CT-2210-16 

Srinivas Bangarbale 

IT Specialist (Enterprise Arch) - CT-0301-16 

Infrastructure and End 

User Support Services 

Section 

Lamar uunn 

Deputy CIO of 

Infrastructure 

CT-2210-16 

' 

I User Operations Client Engineering Network Operations 

I 

' 

Dennis Turner William Yuen Craig Simmons Associate Director Associate Director Associate Director CT-0391-15 CT-2210-15 CT-2210-lS 

' 

Ron Hooo Joyce Kelly ,._,,_, IT Specialist Coburn Flippen /h\/1>\ 

IT Specialist IT Specialist IT Specialist (Customer Support) Telecornrn Spec. CT-2210-14 -- (Network Services) (Network Admin) CT-2210-14 CT-0391-13 _,. -" 

Bonita Glover Pamela Bodart Joshua Griffin 

IT Specialist -- Telecornm Spec. h\/1>\ 

- Telecornrn Spec. l/b)(6) I CT-2210-13 CT-0391-13 IT Specialist CT-0391-14 IT Specialist (Network Admin) CT-2210-14 CT-2210-14 

Yvonne Williams Lance Fox Geoffrey Nolasco IT Specialist - IT Specialist - IT Specialist CT-2210-12 /h\/1>\ CT-2210-12 CT-2210-13 Telecomm Spec. I Security Operations Unit r I- CT-0391-13 

iv,anoe., ornan "- I 

IT Specialist ~--ns IIYS ICKI -"" 

IT Specialist Customer libl/61 I Support (Customer Support) Supv. IT Specialist -" -" --- -" CT-2210-14 

I I 

~bl/61 I lib)(6) I 

IT Specialist IT Specialist 

CT-2210-13 CT-1210-13 

I 

IT Program Management 

Section 

Melissa Ferguson 

Associate Director 

CT-2210-15 

' 

Katharine Cerveny 

IT Spec. (PM) 

CT-2210-14 

Sun Yorn 

IT Specialist (APPSW) 

CT-2210-13 

Kennet Ake 

IT Specialist (PM) 

CT-2210-13 

wmston , riompson 

IT Specialist 

(Proj Mgr) 

CT-2210-13 

VACANT 

IT Specialist (PM) 

CT-2210-14 

William Rison 

Program Analyst 

CT-0343-14 

Systems Development and 

Management 

Sharon Mcclary 

Deputy CIO of Systems 

CT-2210-16 

Enterprise, 

Legal Technology Information and 

Services Platform 

Management 

David Wiederkehr Russell Boland 

Associate Director Associate Director 

CT-2210-15 CT-2210-15 

' 

Michelle lmperio ~h1/h1 I IT Specialist (Sys IT Spec. Anal) CT-2210-14 CT-2210-13 

~h1/h1 

IT Specialist- eLaw David Draher ~ Manager - IT Specialist (APPSW) _,. CT-2210-13 

Paul Duncan 

1/h\//::;\ I IT Specialist (APPSW) 

IT Spec. (Litigation) CT-1210-13 

CT-2210-14 

lh\11:-\ 

~ IT Specialist 

(Forensics) 

CT-2210-14 

l/h1/h1 ' IT Specialist 

(Forensics) I l/2:i/20 -~-~~---•~ 
Division of Clearing and Risk 

Clark Hutchison 

Director 

CT-0301-18 

-

Robert Wasserman 

Chief Counsel & Senior Advisor 

to the Commission on 

Bankruptcy 

CT-0905-16 

' ' Sarah Josephson Sayee Srinivasan Eileen Donovan Julie Mohr Deputy Director 

Deputy Director Deputy Director Deputy Director 

International & Domestic Risk Surveillance Branch Clearing Policy Branch Examinations Branch Clearing Initiatives CT-1101-16 CT-0905-16 CT-1101-16 CT-0905-16 

11/25/2020 
International & Domestic Clearing Initiatives Branch 

Sarah Josephson 

Deputy Director 

International & Domestic 

Clearing Initiatives 

CT-0905-16 

I 

1v1egan vva11ace Kirsten Robbins 

Senior Special Associate Director Counsel CT-0905-15 -- '''' " 

Melissa D' Arey VACANT 

Special Counsel -f- Special Counsel 

CT-0905-14 CT-0905-14 

n,ICla L€WIS 

Jocelyn Partridge 

- Special Counsel Special Counsel CT-0905-14 CT-0905-14 ' '' 

11/25/2020 
Clearing Policy Branch 

Eileen Donovan 

Deputy Director 

CT-0905-16 

war ~nmn c1 een _, ' ot,ner 

Senior Special Senior Compliance 

Counsel Analyst ........ r,_~~•'1-14 

' 

Section One Section Two 

' 

Parisa Nouri Theodore Polley 

Associate Director Associate Director 

CT-0905-15 CT-0905-15 

Brian Baum August lmholtz Elizabeth Arumilli Joseph Opron Ill 

Special Counsel ~~ Special Counsel Special Counsel Special Counsel 

CT-0905-14 CT-0905-14 CT-0905-14 CT--0905-14 

Abigail Knauff Scott Sloan 

Special Counsel Special Counsel " CT--0905-14 CT--0905-14 

11/25/2020 
- - -

Examinations Branch 

Julie Mohr 

Deputy Director 

CT-1101-16 

I 

' ' ' 

Section Five Section One Section Two Section Three Section Four 

I I I I ' 

Kenji Takaki Thomas Koprowski Bernard Mattes James Ortlieb Gerald Nudge-NY 

Associate Director Associate Director Associate Director Associate Director 

CT-1101-15 CT-1101-15 CT-1101-15 CT-1101-15 CT-0511-15 

Associate Director 

Keith Swiderski John Kean Drew Saunders VACANT Phyllis Chung Joe Principato 

Risk Analyst - Risk Analyst - Risk Analyst - Risk Analyst Audit Manager Audit Manager 

CT-1101-14 CT-1101-14 CT-1101-14 CT-1101-14 CT-0511-14 CT-0511-14 

Bradley Atkinson Susan Reyes Luan Nguyen Deborah Gallizo 

Risk Analyst Risk Analyst Risk Analyst Risk Analyst Timothy Wigand Patrick Rafferty 

Auditor Auditor CT-1101-14 CT-1101-14 CT-1101-14 CT-1101-14 - - CT-0511-14 CT-0511-14 

Iesha Thomas Marcelo Shin Terron Carter 

Matthew Tierney Mortimer Rollins 

Frank Sensenbrenner 

Risk Analyst Risk Analyst Risk Analyst Risk Analyst 

Auditor Auditor CT-1101-14 CT-1101-14 CT-1101-13 CT-1101-14 - - CT-0511-14 CT-0511-14 

Ma1co1m 111exanaer-

- James Marcello David Grzesiak VACANT 

Risk Analyst Neal - Risk Analyst - Risk Analyst Angel Perez Carmel Indelicato 

Risk Analyst Auditor Auditor CT-1101-14 CT-1101-13 CT-1101-13 - - -~-- ---.14 CT-0511-14 CT-0511-14 

Harry Lum Aimee Wilson Michael Adler 

Risk Analyst - Risk Analyst - Auditor 

CT-1101-14 CT-1101-14 CT-0511-14 

11/25/2020 
Risk Surveillance Branch 

Sayee Srinivasan 

Deputy Director 

CT-1101-16 

' ::,11a11om 1v1oses 

Associate Director 

Margin Model r,_,•M_er 

' 

' """aru navnes 

Associate Director 

Risk Analytics ~_.,n,_1~ 

' ' 

Bill Heitner 

Associate Director 

Daily Risk Surveillance 

CT-1101-15 

~ 

Steven Cho 

Risk Analyst 

CT-1101-14 

Team 1 Team 2 

Swaps & Buy-Side 

Team 1 

Clearing Fims 

Team 2 

Products & Clients 

Team 3 

' ' 

Kyle Clelan 

Risk Analyst 

CT-1101-14 

Brandon Webb 

Assistant Director 

CT-1101-15 ~ 

Ning (Nancy) Dong 

Risk Analyst 

CT-1101-14 

Kevin Connerty 

Risk Analyst 

CT-1101-14 

Marv Kaminski 

Risk Analyst 

CT-1101-14 

Joseph Miller 

Assistant Director 

CT-1101-15 

' 

~ 

Moin EI-Herraoui 

Risk Analyst 

CT-1101-14 

Byung-lL Seo 

Risk Analyst 

CT-1101-14 ~ 

Xiaobin Zhou 

Risk Analyst 

CT-1101-14 

- Tao Peng 

Risk Analyst 

CT-1101-14 

- Glenn Schmeltz Risk Analyst 

CT-1101-14 

~ 

Edmund Carpenter 

Risk Analyst 

CT-1101-14 

~ 

mnn vau1 

Rothenberg 

Risk Analyst 

CT-1101-14 

Rick Torres 

Risk Analyst 

CT-1101-14 

Ryan Goodman 

Risk Analyst 

CT-1101-14 

Melissa Cavers 

Risk Analyst 

CT-1101-14 

Lianyan Liu 

Risk Analyst 

CT-1101-14 

Jeff Hasterok 

Risk Analyst 

CT-1101-14(NV) 

~ 

Edward Griffin 

Risk Analyst 

CT-1101-14 

~ 

He Zhang 

Risk Analyst 

CT-1101-13 - Alberto Torres (CH) 

Risk Analyst 

CT-1101-14 

foomos ..,r,nm 

Risk Anolyst 

CT-1101-14 

D"tOi/"d to MPD 

James Burns 

Risk Analyst 

CT-1101-14 

11/25/2020 
Division of Market Oversight 

Dorothy DeWitt 

Director 

CT-0905-18 

Aaron Brodsky Nicole McNair 

Senior Special Counsel Staff Assistant 

CT-0905-15 CT-0303-10 

Shirley Wilson 

Administrative Assistant 

CT-0303-8 

1 iv,eg,,an ' ' ente 1<ict1ng 

Detail NTE 12/31/2020 

Deputy Director 

Product Review 

r,_nnnc ,c 

Nancy Markowitz 

Deputy Director 

Market Review 

CT-0905-16 

Mel Gunewardena 

Deputy Director 

Market Intelligence 

CT-1101-16 

Rachel Berdanskv 

Deputy Director 

Compliance 

CT-0905-16 

Rachel Re1cher 

Chief Counsel and 

Deputy Director 

CT-0905-16 

11/25/2020 
Chief Counsel 

Rachel Reicher 

Chief Counsel and 

Deputy Director 

CT-0905-16 

Jeanette Curtis .I Roger Smith 

Assistant Chief Counselr Associate Chief Counsel 

CT-0905-14 CT-0905-15 

Steven Haidar 

Assistant Chief - Lillian Cardona 

Counsel Assistant Chief Counsel 

CT-0905-14 CT-0905-14 

Chang Jung Brigette Weyls 

Assistant Chief Counsel Assistant Chief Counsel 

CT-0905-14 CT-0905-14 

I\ICriaru ,v,o 

Rebecca Mersand Assistant Chief Counsel 

Paralegal Specialist CT-0905-14 

CT-0950-11 Detailed from DoD .,.,.~ ~,,,,~, 

I'm 1p 1'1a1monrn 

Assistant Chief Counsel 

CT-0905-14 

Detailed to OGC 

. -- ·-- ·-· 

11/25/2020 
Market Intelligence Branch 

Mel Gunewardena 

Deputy Director 

CT-1101-16 

I 

' 

Finance, Harold Hild Data Analysis and 

Commodities, Policy Advisor Reports Section 

and Policy Section CT-1101-15 

Rahul Varma Geoffrey Price 

Associate Director Associate Director 

CT-1101-15 CT-1101-15 

I ' 

I I I Jonathan Dye 

Policy and Market Market Analyst Commodities Unit Finance Unit Analytics CT-1101-14 

Jerome Huhman I I Market Analyst David Amato VACANT 

Sup Market Analyst Geoffrey Price (acting) CT-1101-14 

Sup Market Analyst 

CT-1101-14 Sup Market Analyst CT-1101-14 

Barry Goldmeier I I ~ Market Analyst 

CT-1101-12 

Patricia Collins Twan Dixon David Bice Christopher Goodenow 

Market Analyst Market Analyst Market Analyst ~ Market Analyst 

CT-1101-14 CT-1101-14 CT-1101-14 CT-1101-14 Adam Charriisky 

Market Analyst 

CT-1101-14 

David Wilburn Carlile Mark Valavanis Fickert Richard Kunas 

Market Market Analyst Market Analyst Analyst Market Analyst 

CT-1101-14 CT-1101-14 Michael Nouri Mesbahi CT-1101-14 CT-1101-14 

Market Analyst 

CT-1101-14 

Robert Fedinets Elitza Voeva-Kolev 

Eugene Kunda Market Analyst ~ Market Analyst 

Jennner 1~ewman 

Market Analyst Market Analyst -- Dtl NTE 2/21/21 CT-1101-14 CT-1101-14 Evan Shinbaum 

CT-1101-14 rT_,,nS.1A Market Analyst 

CT-1101-14 

Martin Gorski 

Robert Penksa Jennifer Remedi Market Analyst 

Market Analyst Market Analyst CT-1101-14 

CT-1101-14 CT-1101-14 

Lawrence Grannan 

Market Analyst Brian Rushton John Lavin 

CT-1101-14 Market Analyst ~ Market Analyst 

CT-1101-14 CT-1101-14 

I J/2 5/2020 Athanasia Papadopoulos 

Market Analyst 

CT-1101-14 
Compliance Branch 

Rachel Berdansky 

Deputy Director 

CT-0905-16 

' ' ' ' 

Section One Section Three New York Section Chicago Section 

I I I 

David Taylor 

Associate Director 

CT-0905-15 

David Steinberg 

Associate Director 

CT-0905-15 

Robin Hagedorn 

Associate Director 

CT-1101-15 

Don O'Keefe 

Compliance Analyst 

CT-1101-14 

' ' I 

Kyle Miller 

Systems Risk Analyst 

CT-1101-13 

Marilee Dahlman 

Sped31 Counsel 

CT-0905-14 

Brian Conlon 

Compliance Analyst 

CT-1101-14 

>-

Meghan Wise 

Compliance Analyst 

CT-1101-14 

Christopher Russell Wood 

Systems Risk 

Analyst 

CT-1101-14 

Brian Robinson 

Special Counsel 

CT-0905-14 

~ Paul Ziemianin 

Compliance Analyst 

CT-1101-14 

- Jacob Dull 

Systems Risk Analyst 

CT-1101-13 - Joseph Otchin 

Sped31 Counsel 

CT-0905-14 

- Swati Shah 

Special Counsel 

CT-0905-14 

- Jennifer Tveiten Rifman 

Special Counsel 

CT-0905-14 

11/2_ SI 2020 
Market Review Branch 

Nancy Markowitz 

Deputy Director 

CT-0905-16 

' ' 

Section One Section Three Section Four 

Duane Andresen Lois Gregory Jonathan Lave 

Associate Director Associate Director Associate Director 

CT-0905-15 CT-0905-15 CT-0905-15 

Alexandros Stamoulis Jasmine Lee Israel Goodman 

Special Counsel Special Counsel ~ Special Counsel 

CT-0905-14 CT-0905-14 CT-0905-14 

Matthew Jones 

~ Special Counsel 

CT-0905-14 

11/25/2020 
Product Review Branch 

Meghan Tente (acting) 

Detail NTE 12/31/2020 

Deputy Director 

Product Review 

CT-0905-16 

Thomas Leahy 

Associate Director 

CT-0110-15 

' 

Financials Unit 

' 

VACANT 

Supv Industry Economist 

Christopher Goodman Rosaria Troia 

Industry Economist Industry Economist 

CT-0110-14 ~ CT-0110-14 

Detailed to LabCFTC NTE 

3/16/2.1 

Christa Lachenmayr Philip Colling 

Industry Economist ~ Industry Economist 

CT-0110-14 CT-0110-14 

Sanam Gouloubandi 

- Industry Economist 

CT-0110-14 

Energy and Power Unit 

John Forkk10 

Supv Industry Economist 

CT-0110-14 

George Pullen Christopher Ruemke 

Industry Economist ~ Industry Economist 

CT-0110-14 CT-0110-14 

Steven Benton Thomas Hampton 

Industry Economist ~ Industry Economist 

CT-0110-14 CT-0110-14 

l 112512020 
Division of Data 

Tamara Roust 

Chief Data Officer 

CT-1101-18 

' 

Daniel Buc5a VACANT 

Deputy Director Deputy Director 

CT-0301-16 CT-2210-16 

I l.'2:i/2020 
Data Operations Branch 

VACANT 

Deputy Director 

CT-2110-16 

Jorge Herrada 

IT specialist 

CT-2210-15 

' ' 

Data Engineering Market and Financial and I Market Data Operations Section I 

Reporting Section Systems 

Section 

I I 

1v1argaret:,weet Ed Wehner Howard Rosen Supv Market Data Associate Director Associate Director Analyst CT-2210-lS CT-2210-15 CT-1""1-1~ 

Data Operations Data Operations 

AntnonyLarr New York Chicago Calvin Speight Anu Aggarwa1 IT Specialist Unit 1 Unit 2 VACANT IT Specialist IT Spec 1PM) ~~ I I (Policy Plan) IT Spec. (Policy Plan) CT-2210-14 nc,--,ng jDATAMGT) "eg1na ~anuers CT-2210-14 " "T-221"-P Supv. Market Data Supv. Market Data 

Analyst Analyst Jerrrey Moore Thomas Campbell _,. rT_,, ~'-14 

Richard Galloway Caroline Quintarelli IT Specialist IT Specialist (Sys Anal) Project Manager IT Specialist (SysAnal) Supv. IT Spec. CT-2210-13 CT-221n.p CT-2210-13 CT-2210-14 

Kevin Moffatt Cynithia Cannon Rene Garcia 

Market Data Analyst Market Data Analyst ~- Market Data Analyst 

CT-1801-13 CT-1801-13 CT-1801-13 

JunJun Bi Wyxion Jiaunn 

IT Spec ~- Data Analyst 

CT-2210-13 CT-343-13 Andrew Balzano Michael Manteck Yolanda Herron 

Market Data Analyst Market Data Analyst Market Data Specialist 

CT-1801-12 CT-1801-13 CT-1801-13 

Michael Zieff Kathy Booker Graham Regina Blumenberg 

Market Data Analyst Market Data Analyst - Market Data Analyst 

CT-1801-12 CT-1801-9 CT-1801-13 

11/25/2020 
--

Policy and Planning Branch 

Daniel Bucsa 

Deputy Director 

CT-0301-16 

I 

I I 

Data Data Standards and 

Policy Section Architecture Section 

Vacant Vacant 

Associate Director Associate Director 

CT-2210-15 CT-2210-15 

Meghan Tente 

Karen Marshall Kristin Liegel Lead Attorney Supv IT Spec. ~- SWAPS Data Analyst Advisor CT-22.10-14 CT-1101-14 (Team Lead) 

CT-0301-15 

Kate Dolan James Fay 

IT Spec. (Data Mgt) ~- IT Spec. (Data Mgt.) Elie Mishory David Aron 

CT-2210-14 CT-2210-14 Special Counsel Special Counsel 

CT-0905-14 CT-0905-14 

Kathleen Mitchel Rajendra Pradhan 

IT Spec. jData Mgt.) IT Spec. (Sys Analyst) Benjamin DeMaria Richard Mo 

CT-2210-14 CT-2210-13 Special Counsel Special Counsel 

CT--0905-14 CT-0905-14 

Janaki Naga Geetha Sr1nivasarao 

IT Spec. (Policy Plan) ~- Data Analyst 

Vacant Thomas Guerin CT-2210-14 CT-343-13 

Attorney Advisor Special Counsel 

CT-0905-14 

John Nowlin Robert Stow sky 

IT Spec. (Enterprise) IT Spec. (Data Mgt.) 

Vacant Vacant CT-2210-15 CT-2210-14 

Attorney Advisor Attorney Advisor 

11/25/2020 
Division of Enforcement 

Vincent McGonagle 

Principal Deputy Director 

DTL Acting Dir DOE 

CT-0905-16 

India Luckett 

Staff Assistant 

CT-303-10 

' ' ' 

Jordon Grimm Vincent McGonagle Neel Chopra Joan Manley Christopher Ehrman Gretchen Lowe 

Supv. Economist Principal Deputy Director Senior Advisor Deputy Director Director Chief Counsel 

Forensic Economist Unit DTL Acting Dir DOE To the Director Litigation, Intake and Triage Whistleblower Office Office of the Chief Counsel 

CT-0110-15 CT-0905-16 CT-905-15 CT-0905-16 CT-0905-16 CT-0905-16 

Richard Foelber 

Chief, Cooperative 

Enforcement 

CT-0905-15 

JonMarc Buffa 

Trial Attorney 

CT-0905-14 

' ' ' ' 

Richard Glaser 

Deputy Director 

DCR1 

CT--090S-16 

Paul Hayeck 

Deputy Director 

DCR2 

CT-090S-16 

Charles Marvine 

Deputy Director 

SWRO 

CT-090S-16 

Robert Howell 

Deputy Director 

CRO 

CT-090S-16 

Manal Sultan 

Deputy Director 

ERO 

CT-0905-16 

Matthew Hunter 

Deputy Director 

CT-1101-16 

11/25/2020 
Chief Counsel 

Gretchen Lowe 

Chief Counsel 

CT-0905-16 

William fanulis 

Asst. Chief Counsel 

CT-0905-14 

Edward Riccobene Elizabeth Padgett 

Associate Chief Counsel Associate Chief Counsel ~ Section One Section Two '"" 

CT-0905-15 CT-0905-15 

Harry Wedewer Mary Lutz 

Special Counsel Special Counsel ~ '"" CT-0905-14 CT-0905-14 

Margaret Aisenbrey Jennifer Diamond 

~ Special Counsel Special Cousel ~ 

CT-0905-14 CT-0905-14 

11/25/20 
Forensic Economist Unit 

Jordon Grimm 

Supv. Economist 

CT-0110-1S 

Patrick Marquardt YusafCapar 

Industrial Economist Industrial Economist 

CT-0110-14 CT-0110-14 

Brandon Wozniak John Buffington 

Industrial Economist Industrial Economist 

CT-0110-14 CT-0110-14 

Elizabeth May 

Industrial Economist - CT-0110-14 

11/25120 
Litigation, Intake and Triage Unit 

Joan Manley 

Deputy Director 

CT-0905-16 

I 

Charlie Ricci 

Futures Trading Inv. 

CT-1801-13 

11/25/20 
Whistleblower Office 

Christopher (Chris) Ehrman 

Whistleblower Officer 

CT-0905-16 

Amanda Siegfried Christina McGlosson-Wilson 

Data Analyst Associate Director 

CT-0301-11 CT-0905-15 

' I I I I I I I 

William Durbin Rasha Almahroos Tracy Gostyla Matthew Hefferan Andrew Burr Laurence Tai Melanie Devoe Nina Liao 

Special Counsel Special Counsel Special Counsel Special Counsel Special Counsel Attorney Advisor Special Counsel Special Counsel 

CT-0905-15 CT-0905-14 CT-0905-14 CT-0905-14 CT-0905-14 CT-0905-14 CT-0905-14 CT-0905-14 

I l/2.'i/20 
Deputy Director One DCRO One 

Richard Glaser 

Deputy Director 

CT-0905-16 

trica llOdln 

Paralegal 

specialist 

cr-n"c"-11 

-

I 

Alison Wilson 

ChiefTrial Attorney 

CT-0905-15 

~ 

' 

Kathleen Banar 

ChiefTrial Attorney 

CT-0905-15 

- Daniel Jordan 

Chief Trial Attorney 

CT-0905-15 

~ 

' 

James Holl 

Chief Trial Attorney 

CT-0905-15 

- Michael Solinsky 

Chief Trial Attorney 

CT-0905-15 

~ 

I 

Aimee LatimerZayets 

ChiefTrial Attorney 

c,. .,. 

- Maura Viehmeyer 

(PT) 

Futures Trading Inv. 

CT-1801-14 

,- Kim Bruno 

Trial Attorney 

CT-0905-15 

Ilana Waxman 

Trial Attorney 

CT-0905-14 

,- Steven Kim 

Trial Attorney 

CT-0905-14 

- James Garcia 

Trial Attorney 

CT--0905-14 

~ 

Glenn Chernigoff 

Trial Attorney 

CT-0905-14 

- Philip Tumminia 

Trial Attorney 

CT-0905-14 

,- James Deacon 

Trial Attorney 

CT-0905-14 

- Rishi Gupta 

Trial Attorney 

CT-0905-14 

,- Amanda Burks 

Trial Attorney 

CT-0905-14 

Alan Edelman 

Trial Attorney 

CT--0905-14 

~ 

Michael Loconte 

Futures Trading Inv. 

CT-1801-14 

- Brian Hunt 

Trial Attorney 

CT-0905-14 

Kevin Samuel 

,- Futures Trading Inv. 

CT-1801-13 

Michelle Bougas 

- Futures Trading Inv. 

CT-1801-14 

~ 

Kara Mucha 

Futures Trading Inv. 

CT-1801-14 

~ 

Eugenia Vroustour1s 

Trial Attorney 

CT-0905-14 

Wallace D. Dennise 

Trial Attorney 

CT-0905-14 

11/25/20 
Deputy Director Two DCRO Two 

Paul Hayeck 

Deputy Director 

CT-0905-16 

Hillary Van Tassel 

- Paralegal Specialist 

CT-0950-11 

' 

Christine Ryall 

ChiefTrial Attorney 

Luke Marsh 

- ChiefTrial Attorney 

Peter Haas 

Chief Trial Attorney 

Timothy Mulreany 

- Chief Trial Attorney - Daniel Ullman 

Chief Trial Attorney 

Traci Rodriguez 

ChiefTrial Attorney 

CT-0905-15 CT-0905-15 CT-0905-15 CT-0905-15 CT-0905-15 CT-0905-15 

Danielle Karst 

Trial Attorney 

CT-0905-14 - George Malas 

Futures Trading Inv. 

CT-1801-14 - Kyong Koh 

Futures Trading Inv. 

Jason G1z;:arelli 

- Trial Attorney 

CT-0905-15 

~ 

Kassra Goudarzi 

Trial Attorney 

CT-0905-14 

Patricia Gomersall 

Futures Trading Inv. 

CT-1801-14 

CT-1801-13 

Saadeh AI-Jurf 

Trial Attorney 

CT-0905-14 

~ 

Dmitriy Vilenskiy 

Futures Trading Inv. 

CT-1801-14 

Tobias Fischer 

- Trial Attorney 

CT-0905-14 - Jason Wright 

Trial Attorney 

CT-0905-14 

Jennifer Blakey 

Economist 

CT-0110-14 - Julia Colarusso 

Trial Attorney 

CT-0905-14 

Michael Amakor 

- Futures Trading Inv. 

CT-1801-13 - Jonah McCarthy 

Trial Attorney 

CT-0905-14 

11/25/20 
Deputy Director Three SWRO 

Charles Marvine 

Deputy Director 

CT--0905-16 

Christopher Reed 

Deputy Regional Counsel 

CT-0905-15 

VACANT 

Paralegal Specialist 

Brett Shanks 

Trial Attorney 

CT-0905-14 

- Jeff LeRiche 

Chief Trial Attorney 

CT-0905-15 - VACANT 

Chief Trial Attorney 

CT-0905-15 

VACANT 

Chief Trial Attorney 

CT-0905-15 

Thomas Simek 

Chief Trial Attorney 

CT--0905-15 

- Jennifer Chapin 

Trial Attorney 

CT-0905-14 

~ 

Vacant 

Trial Attorney 

-· ~ 

Stephen Tur ey 

Futures Trading 

Investigator 

CT-1801-14 

Vacant 

Trial Attorney 

cr. -·· 

~ 

,,,1son ~,iemore 

Futures Trading 

Investigator 

CT-1801-14 

~ 

Anthony Biagioli 

Trial Attorney 

CT-0905-14 ~ 

Nicholas Sloey 

Trial Attorney 

CT--0905-14 

~ 

Rachel Hayes 

Trial Attorney 

CT-0905-14 

Futures ""-··· Trading 

Investigator 

E1s1e Roo1nson 

Futures Trading 

Investigator 

n.·· -" 

Jane Auxter 

r Trial Attorney 

CT-0905-14 

Rebecca Jelinek 

Trial Attorney 

CT-0905-14 

~ 

Monique McElwee 

Trial Attorney 

CT-0905-14 ~ 

Ashley Clemon 

Trial Attorney 

CT--0905-14 

11125/20 

Lauren Fu1Ks 

Futures Trading 

Investigator 

n.·· -" 
I 

Deputy Director Four CRO 

Allison Passman 

Chief Trial Attorney 

CT-0905-15 

Benjamin Sedrish 

Trial Attorney 

CT-0905-14 

Je11rey uomuerg 

Futures Trading 

Investigator 

CT-1801-14 

Ansley Schrimpf 

Trial Attorney 

CT-0909-14 

Ashley Burden 

Trial Attorney 

CT-0905-14 

I 

David Terrell 

- Chief Trial Attorney 

CT--0905-15 

Venice Bickham 

Paralegal Specialist 

- CT-0950-11 

,osep., atr1c, 

Futures Trading 

- Investigator 

rT ,o"'-14 

Susan Padove 

- Trial Attorney 

CT-0905-14 

Candice Haan 

~ Trial Attorney 

CT--0905-14 

Robert Howell 

Deputy Director 

CT-0905-16 

Anne Smith Scott Williamson 

Secretary Deputy Regional Counsel 

CT-0318-07 CT-0905-15 

I I 

Elizabeth Streit Joseph Konizeski 

- Chief Trial Attorney Chief Trial Attorney 

CT-0905-15 CT-0905-15 

t;ryan Hsuen Joy McLormacK 

f- Futures Trading 

Investigator - Futures Trading Investigator 

rT-lRnl-n (T-1°nl-14 

Cristina Covarrubias Jon Kramer 

- Trial Attorney Trial Attorney 

CT-0905-14 CT-0905-14 

Carlin Metzger Joseph Platt 

- Trial Attorney Trial Attorney 

CT-090S-14 CT-0905-14 

R,wmond Lavko VACANT 

f- Paralegal Specialist - Trial Attorney 

CT-0905-11 ~ 

VACANT 

~ Trial Attorney 

CT-0905-14 

I 

Elizabeth Pendleton 

Chief Trial Attorney 

CT--0905-15 

I 

VACANT 

Chief Trial Attorney 

CT-0905-15 

Douglas Snodgrass 

Trial Attorney 

CT-0905-14 

Meatrier LJdSSO 

Futures Trading 

Investigator 

CT-1801-14 

11125/20 
Deputy Director Five ERO 

I 

David Acevedo 

Chief Trial Attorney 

CT-0905-15 

Michael Berlowitz 

- Trial Attorney 

CT-0905-14 

W. Derek Shakabpa 

Trial Attorney 

CT-0905-14 

James Wheaton 

Trial Attorney 

CT-0905-14 

David Oakland 

Trial Attorney 

CT-0905-14 

I 

David W. MacGregor 

- Chief Trial Attorney 

CT-0905-15 

Linda Peng 

Trial Attorney '"" CT-0905-14 

Peter Janowski 

~ Trial Attorney 

CT-0905-14 

Lenel Hickson 

Deputy Regional Counsel 

CT--0905-15 

' 

Steven Ringer 

ChiefTrial Attorney 

CT-0905-15 

Xavier Rorneu-Matta 

~ Trial Attorney ~ 

CT-0905-14 

Mark Picard 

~ Trial Attorney ~ 

CT-0905-14 

Katherine Rasor 

~ Trial Attorney ~ 

CT-0905-14 

Judith Slowly 

~ Futures Trading Inv. 

CT-1801-13 ~ 

Mana I Sultan 

Deputy Director 

CT-0905-16 

K. Brent Tomer 

Chief Trial Attorney 

CT-0905-15 

Gates Hurand 

Trial Attorney 

CT-0905-14 

Michael Geiser 

Trial Attorney 

CT-0905-14 

Gabriella Geanuleas 

Trial Attorney 

CT-0905-14 

Trevor Kokal 

Futures Trading Inv. 

CT-1801-14 

Shantel Ogbuagu 

Paralegal Specialist 

CT-0905-11 

Stephen Painter 

ChiefTrial Attorney ~ 

CT-0905-15 

Karin Roth 

Trial Attorney ~ 

CT-0905-14 

Elizabeth Brennan 

Trial Attorney ~ 

CT-0905-14 

David Newman 

Trial Attorney ~ 

CT-0905-14 

Christopher Giglio 

Futures Trading Inv. ~ 

CT-1801-14 

Devin Cain 

Trial Attorney ~ 

CT-0905-14 

Patryk Chudy 

Chief Trial Attorney 

CT-0905-15 

Janine M. Gargiulo 

Trial Attorney - CT--0905-14 

Patrick Daly 

Trial Attorney - CT-0905-14 

Lara Turcik 

Trial Attorney - CT--0905-14 

VACANT 

Trial Attorney - CT-0905-14 

Alben Weinstein 

Futures Trading Inv. 

CT-1801-13 

I 

Candice Aloisi 

Chief Trial Attorney 

CT-0905-15 

Samuel Wasserman 

Trial Attorney - CT-0905-14 

Alejandra de Urioste 

Trial Attorney - CT-0905-14 

Jack Murphy 

Trial Attorney 

CT-0905-14 

Michael Ca;:akoff 

Futures Trading Inv. 

CT-1801-13 

11/25/20 
Market Surveillance 

Matthew Hunter 

Deputy Director 

CT-1101-16 

Team 1 

Carrie Kennedy 

Sup Surveillance Analyst 

CT-1101-14 

Kenneth Danger 

Policy Advisor 

CT-1101-15 

Team 2 

Kelly Beck 

Sup Surveillance Analyst 

CT-1101-14 

Anthony Marozas 

Surveillance Analyst 

CT-1101-14 

Sharon Spagnuolo 

Surveillance Analyst 

CT-1101-14 

Janet Briner 

Surveillance Analyst 

CT-1101-14 

Andrew Nager 

Surveillance Analyst 

CT-1101-14 

Arkadiusz Nowak 

Surveillance Analyst 

CT-1101-14 

Stephen Surina 

Surveillance Analyst 

CT-1101-14 

Linda Chalet 

Surveillance Analyst 

CT-1101-14 

James Outen 

Surveillance Analyst 

CT-1101-14 

Sharon Roberts 

Surveillance Analyst 

CT-1101-14 

Kathryn Sandstrom 

Surveillance Analyst 

CT-1101-14 

Matthew Flagge 

Surveillance Analyst 

CT-1101-14 

Walter Sp1lka 

Surveillance Analyst 

CT-1101-14 

11/25/20 
Melissa Jurgens 

Deputy General Counsel 

Secretariat and Information 

Management Branch 

CT-0905-16 

Lynn Bulan 

Managing Counsel 

CT-0905-14 

John Einstman 

Deputy General Counsel 

General Law Branch 

CT-0905-16 

Legal Division 

Daniel (Dan) Davis 

General Counsel 

CT-0905-18 

Robert (Rob)Schwartz 

Deputy General Counsel 

Litigation and Adjudication 

Branch 

CT-0905-16 

Nicolya Jones 

Paralegal Specialist 

CT-0905-11 

I 

Natasha Coates 

Deputy General Counsel 

Intergovernmental Affairs 

Branch 

CT--0905-16 

I 

Carlene Kim 

Deputy General Counsel 

Regulatory Branch 

CT-905-16 

I l.'2:i/2020 
General Law Branch 

John Einstman 

Deputy General Counsel 

General Law 

CT-0905-16 

' I 

Ethics Section 

I 

Frank Walsh 

Associate General Counsel 

Joan Fina 

Assistant General Counsel 

Scott Sadler 

- Assistant General Counsel 

CT-0905-15 CT-0905-15 CT-0905-15 

William Proctor Heather L0Prest1 

Jackson McGrady 

Counsel - Michelle Ghim 

Counsel 

Paralegal Specialist - Counsel CT-0905-14 CT-0905-14 

CT--0905-11 CT-0905-14 

Rosemary Bajorek Jonathan Van Doren 

Jolanta Sterbenz 

Counsel -~ VACANT 

Counsel 

Attorney Advisor 

CT--0905-13 

Counsel 

CT-0905-14 

CT-0905-14 

11/25/2020 
Litigation and Adjudication Branch 

Robert (Rob) Schwartz 

Deputy Counsel 

Litigation and Adjudication 

CT--0905-16 

",ex ,._ase 

Assistant General Clara Maria Godel 

Counsel Assistant General 

(eDiscovery) Cou nselCT--0905-15 c,oooc_,c 

Leslie Randolph Anne Stukes 

Assistant General Assistant General 

Counsel Counsel 

CT-0905-15 CT-0905-15 

Martin White Patricia Williams Assistant General Legal Assistant -~ Counsel CT-0986-10 CT-0905-15 

Melissa Chiang Raagnee Ber1 

Assistant General Assistant General 

Counsel Counsel 

CT--0905-15 CT--0905-15 

Kyle Druding Shannon Kelley 

Counsel Specialist Assistant 

CT--0905-14 CT-0950-11 

11/25/2020 
Regulatory Branch 

Carlene Kim 

Deputy General Counsel 

Regulatory 

CT-0905-16 

Hermina Castro 

Senior Special Counsel 

CT-0905-15 

' 

Section 1 Section 2 

Paul Schlichting VACANT 

Associate General Counsel Associate General Counsel 

CT-0905-15 CT-0905-15 

Laura oau1an u1ana u1etricn 

Assistant General Assistant General 

Counsel Counsel 

CT-0905-14 CT-0905-15 

LeeAnn Duffy Thuy Dinh 

Assistant General ~ Counsel 

Counsel CT-0905-14 

CT-0905-15 

,e11ery cums Dhaval Patel Assistant General - Counsel Counsel 

CT-0905-14 CT-""nr -1" 

MarK FaJ ar Gail Scott 

Assistant General ~ Counsel 

Counsel CT-0905-14 ~~- ~nnr - '" 

Clark Oglivie 

Counsel 

CT--0905-14 11/25/2020 
Intergovernmental Affairs Branch 

Natasha Coates 

Deputy General Counsel 

Legislative and Intergovernmental Affairs 

CT-0905-16 

Nora Flood Matt Rowland 

Assistant General Counsel -~ Assistant General Counsel 

CT-0905-15 CT-0905-15 

Anthony Hays Mary Connelly 

Counsel Assistant General Counsel 

CT-0905-14 CT-0905-15 

11/25/2020 
Secretariat and Information Management Branch 

Melissa Jurgens 

Deputy General Counsel 

Secretariat and Information Management 

Branch 

CT-0905-16 

I 

' I I 

Secretariat Library Privacy & Information 

Section Mgmt Section 

I 

VACANT Daniel May Chris Kirkpatrick Chief, Privacy and Supervisory Librarian Secretary of the Commission Information Section 

CT-0905-15 CT-1410-14 CT--0301-15 

' 

Norma Ruiz 

~ I I 

Willie Charley 

Librarian 

CT-0301-13 Records Privacy 

Assistant Secretary 

CT-1410-13 

Section Section 

Natise Allen 

Secretariat Program -..rysta, .:.en CT-0303-09 Charles Cutshall Records Management Chief Privacy Officer Officer CT-0306-14 rT_n· ""-' Robert Sidman 

Deputy Secretary 

CT-0905-14 Kim Neutzling VACANT 

Records & Information VACANT 

CUI Program Manager -~ Privacy Specialist 

Management Specialist CT-0301-13 CT-0306-13/14 

CT-0308-13 Jonathan Wheeler Mildred Ford 

Paralegal Specialist Paralegal Specialist 

CT-0950-12 CT-0950-12 

11/25/20 
Market Participants Division 

Joshua Sterling 

Director, D510 

CT-0905-18 

Taloria Glaze 

Management and 

Program Assitant 

CT-0344-07 

I I I I 

Frank Fisanich 

Chief Counsel 

CT--0905-16 

Amanda Olear 

Deputy Director 

Registration & Compliance 

Branch 

CT-0905-16 

Thomas (Tom) Smith 

Deputy Director 

Managed Funds & Financial 

Requirements 

CT--0905-16 

Joseph (Joe) Sanguedolce 

Examinations Branch 

Deputy Director 

CT-1101-16 

VACANT 

Deputy Director 

Customer Education 

Outreach Branch 

11/25/2020 
Chief Counsel 

Frank Fisanich 

Chief Counsel 

CT--0905-16 

' 

Margo Bailey Andrew Chapin 

Associate Chief Counsel Associate Chief Counsel 

Section One Section Two 

CT--0905-15 CT-0905-15 

Lauren Bennett Helene Schroeder 

Special Counsel Special Counsel 

CT-0905-14 CT-0905-14 

Gregory Scopino 

Special Counsel 

CT-0905-14 

Andree Goldsmith 

Special Counsel 

CT-0905-14 

Jacob Chachkin 

Special Counsel Charles McCarty 

CT-0905-14 Special Counsel 

CT-905-14 

11/25/2020 
Registration and Compliance Branch 

Amanda O'Lear 

Deputy Director 

Registration and Compliance 

CT-0905-16 

I I ' Section Section Section Christopher Cummings Ooe I I I I ,wo Three Special Counsel 

CT-905-14 

Justin McPhee 

Rajal Patel Elise Bruntel Data Analyst 

Associate Director Special Counsel CT-1101-12 

CT--0905-15 CT-0905-14 

Fem Simmons Joo Hong 

Special Counsel ~ Data Analyst 

Cantrell Dumas CT-0905-14 CT-1101-13 

Special Counsel 

CT-0905-14 

Owen Kopon 

Special Counsel 

CT-0905-14 

11/25/2020 
Managed Funds & Financial Requirements Branch 

' 

Section I 

' 

Joshua Beale 

Associate Director 

CT-0905-15 

Jerrn1fer Bauer 

Special Counsel 

CT-0905-14 

Mark Bretscher (CH) 

Special Counsel 

CT-0905-14 

Lawrence Eckert (NY) 

Special Counsel 

CT-0905-14 

Thomas J. Smith 

Deputy Director 

CT-0905-16 

- Rafael Martinez 

Sc Financial Risk Analyst 

CT-1101-15 

Section II 

Warren Garlick 

Associate Director 

CT-0905-15 

Carmen Moncada-Terry 

Special Counsel 

CT-0905-14 

Liliya Bozhanova 

Special Counsel 

CT-0905-14 

Section Ill 

Pamela Geraghty 

Associate Director 

CT-0905-15 

Michael Ehrstein 

~ Special Counsel 

CT-0905-14 

Chang Jung 

~ Special Counsel 

CT-0905-14 

Elirnbeth Groover 

~ Special Counsel 

CT-0905-14 

Peter Sanchez 

Special Counsel 

CT-0905-14 

I l/2:i/2020 
Examinations Branch 

Joseph Sanguedolce 

Deputy Director 

CT-1101-16 

' ' ' 

New York Chicago Kansas City Major Review Section Managed Funds 

Examinations Section Examinations Section Examinations Section Section 

11/25/2020 
Examinations Branch 

Joseph Sanguedolce 

Deputy Director 

CT-1101-16 

I 

' ' ' Ralph White-KC VACANT Tom Bloom-KC Carne Coffin-CH 

Associate Associate Director Associate Director Associate Director Director CT-0511-15 CT-0S11-15 CT-0511-15 CT-0511-15 

I ' 

' ' Lulu Quitasol-NY Kurt Harms Justin Beebe 

Annette ' Vitale Robert Loeber Audit Manager Audit Manager l Auditor 

Audit Manager Audit Manager Unit One Unit Two CT-0511-15 

Unit One Unit Two CT-0511-14 CT-0511-14 

CT-0511-14 CT-0511-14 I I ' 

' Bob Laverty- NY L Joseph Ott 

Marcus Auditor Shobe Auditor 

Nancy CT-0511-15 Nicholas Chiacchere - Auditor CT-0511-14 

Cumberbatch >- Auditor CT-0511-14 

Auditor CT-0511-14 Walter CT-0511-14 

~ Maksymec 

Jeff Hughes CH, Auditor 

VACANT Ricardo Smalls Auditor CT-0511-14 

CT-0511-14 

CT-0511-14 CT-0511-14 

~ Auditor Auditor 

' 

Ali Heiman Lisa Marlow Margaret Gal Frances Gonzale 

Audit Manager Audit Manager Audit Manager Audit Manager Shoshana Feldman Kelly Venezia 

~ Unit One Unit Two Unit Three Unit Four Auditor - Auditor CT-0511-14 CT-0511-14 CT-0511-14 CT-0511-14 CT-0511-14 CT-0511-14 

Leslie Garcia Tamara Dervin Eboni Steward Michael Guritz 

- Auditor - Auditor Auditor - Auditor 

CT-0511-14 CT-0S11-14 CT-0511-14 CT-0511-14 

Eugene Teh Paula Ross James De Salvo Jason Gonzalez 

~ Auditor Auditor Auditor ~ Auditor 

CT-0511-14 CT-0511-14 CT-0511-14 CT-0511-14 

VACANT ~ Auditor 

CT-0511-14 

11/25/2020 
Customer Education and Outreach Branch 

Vacant 

Deputy Director of Customer 

Education & Outreach 

CT-0301-16 

Lynna ,1 .. 1ams 

VACANT Chief Customer Risk 

Data Analyst Officer 

CT-0301-1S 

Chanel Smith 

- Program Assistant 

CT-0303-9 

Temp Promotion to 

CHRMN 

NTE 12/20/20 

' ' 

Customer Outreach Customer Education 

I I 

VACANT Dan Rutherford 

Associate Director Associate Director 

customer Ediucation Customer Outreach 

CT--0301-16 ' 

' VACANT 

Customer Education 

VACANT ...liililliiill 

Customer Outreach 

Specialist VACANT 

~ Customer Education 

. iiilll. 

VACANT - Institutional Audience 

VACANT 

Customer Education 

Soeclallst Nlrtl 

VACANT 

Retail Audience 

coordinator 

11/25/2020 
Office of the Chief Economist 

Gloria Clement 

Attorney Advisor 

CT-0905-15 

Scott Mixon (acting) 

Chief Economist 

CT-0110-18 

DTL 

Lihong McPhail 

Research Economist 

CT-0110-15 

I ~cott ,v 1xon 

Deputy Chief 

Economist 

CT-0110-16 

DTL A~•in~ Dir ~-E 

I Section 1 I I Section 2 I ~sen vnur 

Supervisory Research 

Economist 

CT--0110-15 

Alexei Orlov 

Supv Research Analyst 

CT--0110-15 

' ' ' ' ' 

David Reiffen Amani Main John Roberts John Coughlan 

~ Financial Econ Research Econ Research Analyst Research Economist 

CT-0110-15 CT-0110-12 CT-0301-14 CT-0110-14 

~ 

Steven Kane 

Research Econ 

CT-0110-14 

Michael Penick 

Economist 

CT-0110-14 

Rajiv Sharma 

Research Analyst 

CT--0301-13 

Madison Lau 

Research Economist 

CT-0110-13 

Christopher Burns Eleni Gousgounis Michael Robe Lee Baker 

'" Research Economist Research Economist I- Consultant Research Economist 

CT-0110-13 CT-0110-13 CT-0301-00 CT-0110-13 

Alexander Ferko Avla Kayhan Raymond Fishe 

~ Research Economist Research Economist I- - Consultant 

CT-0110-12 CT-0301-14 EF-0301-00 

Daniel Prager 

Research Economist ICT-0110-13 

I 1/25/2020 
Office of International Affairs 

Suyash Paliwal 

Director 

CT-0905-17 

Deborah Franklin 

Staff Assistant 

CT-0303-09 

Kevin Piccoli 

Section One Section Two Deputy Director 

CT-1101-16 

I .. a,a 1e 

Tracy Wingate Mauricio Melara Radhakrishnan Supervisory Attorney Supervisory Attorney Senior Special Counsel and 

Advisor Advisor - Head of Supervisory CT-0905-15 CT-0905-15 

Cooperation _,. 

Kevin We.,.., Nancy Doyle Lily Chu Special Counsel 

Special Counsel f- Special Counsel CT-0905-15 

CT-0905-15 CT-0905-14 Detailed from Comm 

Quintenz 

Andrea Musalem Jason Mahoney 

Special Counsel f- Special Counsel 

CT-0905-14 CT-0905-14 

Chava Schwebel Andrew Stein 

Special Counsel f- Special Counsel 

CT--0905-14 CT-0905-14 

Daniel Burstein Camille Arnold 

Special Counsel f- Special Counsel 

CT--0905-14 CT-0905-14 

Dana Brown 

~ Attorney Advisor 

CT-0905-12 

11/25/2020 
Office of the Inspector General 

Judith Ringle 

Deputy Inspector General 

and Chief Counsel 

CT-0905-16 

Miguel Castillo 

Assistant IG for Audits 

CT-0511-15 

I 

' ' 

Branco Garcia Antonio Baptiste Timothy Peoples 

Senior Auditor Program Analyst Auditor 

CT-0511-14 CT-0343-15 CT-0511-13 

Roy Lavik 

Inspector General 

CT-0905-16 

Thomas Burnham 

Attorney Advisor 

CT-0905-9 

' 

VACANT VACANT 

Attorney Advisor Supv. Attorney Advisor 

CT-0905-15 CT-0905-15 

I 

VACANT 

consultant 

EF-0905-00 

11125/2020 
11/08/2020 

Chairman's Office 

Jaime Klima 

Norwood (Charlie) Thornton 

Thomas (Tom) Benison 

Matthew (Matt) Daigler 

Daniel Grimm 

Andrew Ridenour 

Karen Brown 

Chanel Smith 

Office of Commissioner Quintenz 

Brian Quintenz 

Kevin Webb 

Peter Kais 

Phyllis Campbell 

Office of Commissioner Behnam 

Rostin (Russ) Behnam 

David Gillers 

Laura Gardy 

John Dunfee 

Kyndra Burke 

Office of Commissioner Stump 

Dawn Stump 

pg. 1 Priviledged and Confidential 

COMMODITY FUTURES TRADING COMMISSION 

KEY PERSONNEL 

Title Type of Appointment 

Chief of Staff and COO, CT-17 Schedule A, Excepted Appointment NTE 07/15/2021 

Counselor to the Chairman, CT-14 Schedule A, Excepted Appointment NTE 07/15/2021 

Chief Negotiator for lnt'I Agreements, CT-15Schedule C 

Attorney Advisor, CT-15 

Attorney Advisor, CT-15 

Attorney Advisor, CT-15 

Executive Assistant, CT-12 

Staff Assistant, CT-10 

Commissioner, EX-4 

Attorney Advisor (Chief of Staff), CT-15 

Attorney Advisor, CT-15 

Executive Assistant 

Commissioner, EX-4 

Attorney Advisor (Chief of Staff), CT-15 

Attorney Advisor, CT-15 

Attorney Advisor, CT-15 

Executive Assistant 

Commissioner, EX-4 

Schedule A, Excepted Appointment NTE 07/10/2021 

Schedule A, Temporary Promotion NTE 07/21/2021 

Excepted Appointment Permanent at CT-14 

Schedule A, Excepted Appointment NTE 07/21/2021 

Detail NTE 3/17/2021, Competitive Appointment, Permanent 

Competitive Appointment, Temp Promotion NTE 12/30/2019 

Competitive Appointment Permanent at CT-09 

Presidential Appointee NTE 1/22/2022 

Schedule A, Excepted Appointment Permanent 

Schedule A, Temporary Promotion NTE 01/22/2022 

Contractor 

Presidential Appointee NTE 6/19/2021 

Schedule A, Excepted Appointment NTE 08/07/2021 

Schedule A, Excepted Appointment Permanent 

Schedule A, Excepted Appointment Permanent 

Contractor 

Presidential Appointee NTE 4/13/2022 
Vacant 

Terry Arbit 

Elizabeth Mastrogiacomo 

Charles Ladd 

Office of Commissioner Berkovitz 

Dan Berkovitz 

Erick Remmler 

Sebastian Pujol 

Lucy Hynes 

La Tonia Williams 

LabCFTC 

Melissa Netram 

Advisor (Chief of Staff), CT-16 

Attorney Advisor, CT-15 

Attorney Advisor, CT-15 

Program Assistant 

Commissioner, EX-4 

Attorney Advisor (Chief of Staff), CT-15 

Attorney Advisor, CT-15 

Attorney Advisor, CT-15 

Executive Assistant 

Director, CT-16 

Office of Legislative and Intergovernmental Affairs 

Summer Mersinger Director, CT-16 

Office of Public Affairs 

Michael Short Director, CT-17 

Office of Minority and Women Inclusion 

Sarah Summerville 

Division of Clearing and Risk 

Clark Hutchinson 

Division of Data 

Tamara Roust 

Division of Enforcement 

Vincent (Vince) McGonagle 

pg. 2 Priviledged and Confidential 

Director, CT-15 

Director, CT-18 

Director, CT-18 

Acting Director, CT-16 

Schedule A, Excepted Appointment NTE 4/13/2022 

Schedule A, Excepted Appointment Permanent 

Schedule R, Excepted Appointment NTE 1/31/2021 

Presidential Appointee NTE 4/13/2023 

Schedule A, Excepted Appointment Permanent 

Schedule A, Excepted Appointment Permanent 

Schedule A, Excepted Appointment Permanent 

Contractor 

Schedule A, Excepted Appointment 10/15/21 

Schedule C 

Schedule C 

Competitive Appointment Permanent 

Schedule C 

Competitive Appointment, Term NTE 11/25/2021 

Schedule A, Permanent Appointment 
Division of Market Oversight 

Dorothy DeWitt 

Division of Market Participants 

Joshua (Josh) Sterling 

Office of General Counsel 

Daniel (Dan) Davis 

Division of Administration 

Anthony (Tony) Thompson 

Office of the Chief Economist 

Scott Mixon 

Office of International Affairs 

Suyash Paliwal 

Office of the Inspector General 

Roy Lavik 

Director, CT-18 

Director, CT-18 

General Counsel and 

Director, CT-18 

Executive Director and 

Director, CT-18 

Acting Chief Economist and 

Director, CT-18 

Director, CT-17 

Inspector General 

Appointment Definitions 

Schedule A, Excepted Appointment NTE 9/29/2021 

Schedule A, Excepted Appointment NTE 08/07/2021 

Schedule A, Excepted Appointment Permanent 

Reports to the Commission and serves as its legal advisor 

Competitive Appointment Permanent 

Reports to the Commission and performs such functions and 

duties as the Commission may prescribe 

Detail NTE 2/22/2021 

Schedule A, Excepted Appointment NTE 08/18/2021 

Schedule A, Excepted Appointment Permanent 

Schedule C Appointment 

pg. 3 Priviledged and Confidential 

Individuals appointed under a Schedule C appointment serve in 

confidential or policy roles immediately subordinate to other 

political appointees. 
Schedule A Appointment Individuals appointed non-competitively under a Schedule A 

appointment in the competitive service (e.g., individuals with 

disabilities). 

Competitive Appointment Individuals appointed based on selection from a competitive 

examination or under a direct hire authority. 

Excepted Service Appointment Individuals appointed to positions which are not in the 

competitive service or the Senior Executive service (e.g., 

individuals appointed to Schedule A attorney positions). 

Term Appointment A term appointment is a non-status appointment to a position in 

the competitive service, made for a specified period of time 

exceeding 1 year and lasting not more than 4 years. Term 

appointments are used to fill positions that are expected to last 

longer than 1 year, but which are clearly not continuing in nature 

and will terminate upon completion of the work. 

Detail A detail is the temporary assignment of an employee to a 

different position or set of duties for a specified period when the 

employee is expected to return to his/her regular duties at the 

end of the assignment. An employee who is on detail is 

considered for pay and FTE purposes to be permanently 

occupying his or her regular position. Therefore, there is no 

change to the employee's grade or salary while serving on the 

detail (even though the duties associated with the detail 

opportunity may be classified at a higher or lower grade level 

than the employee's current position). 

Contractor The individual works for a company with a formal contract with 

CFTC to perform specific work. 

pg. 4 Priviledged and Confidential 
KEY STAFF BIOS 

Chairman 

Dr. Heath P. Tarbert is Chairman and Chief Executive of the Commodity Futures Trading 

Commission. He was nominated for a term expiring on April 13, 2024 and took office on July 

15, 2019. The mission of the CFTC is to promote the integrity, resilience. and vibrancy of the 

U.S. derivatives markets through sound regulation. The agency's approximately 700 personnel 

based in Chicago, Kansas City, New York, and Washington, DC also work to ensure U.S. 

commodities and derivatives markets are free of fraud and manipulation. Chairman Tarbert also 

serves as a voting member of the Financial Stability Oversight Council (FSOC). as a Vice Chair 

of the International Organization of Securities Commissions (IOSCO) Board, and as a member 

of the President's Working Group on Financial Markets. 

Chairman Tarbert has extensive experience in financial services law and has served in senior 

leadership roles in the public and private sector. Most recently, he served as Assistant Secretary 

for International Markets and subsequently as acting Under Secretary for International Affairs at 

the U.S. Department of the Treasury. In these roles, Chairman Tarbert served as the G-7/G-20 

Deputy Finance Minister, a member of the Financial Stability Board, and the co-chair of both the 

US-EU Financial Regulatory Forum and the US-UK Financial Regulatory Working Group. Prior 

to his service at the Treasury Department, Chairman Tarbert was head of the bank regulatory 

practice of Allen & Overy LLP, a leading global law firm. 

Other Public Service 

• Policy Chair. U.S. Committee on Foreign Investment in the United States (CFIUS) 

(2017-2019) 

• U.S. Executive Director, World Bank Group (2017-2018) 

• Special Counsel, U.S. Senate Committee on Banking, Housing, and Urban Affairs (2009-

2010) 

• Associate Counsel to the President of the United States, The White House (2008-2009) 

• Law Clerk, Chambers of Honorable Clarence Thomas, Associate Justice of the Supreme 

Court of the United States (2007-2008) 

• Attorney-Advisor. Office of Legal Counsel, U.S. Department of Justice (2006-2007) 
• Law Clerk, Chambers of Honorable Douglas H. Ginsburg, U.S. Court of Appeals for the 

District of Columbia Circuit (2005-2006) 

Public Service Awards 

• Alexander Hamilton Award, U.S. Department of the Treasury (2019) 

• Outstanding Public Service Award. U.S. Department of Defense (2019) 

• Select Professional Certifications 

• Chattered Financial Analyst (CFA) 

• Certified Public Accountant (CPA) 

• Select Professional Affiliations 

• Elected Member, American Law Institute (2017-Present) 

• Life Fellow. American Bar Foundation (2016-Present) 

• Board of Advisors. Review of Securities and Commodities Regulation (2015-2017) 

• Legal Advisor, Systemic Risk Council (2015-2017) 

• Chairman, Subcommittee on Systemically Important Financial Institutions, Banking Law 

Committee, American Bar Association (2014-2017) 

• Senior Fellow. Harvard Law School Program on International Financial Systems (2013-

2017) 

• Board of Editors, Banking Law Journal (2011-2017) 

• Life Member. National Eagle Scout Association (1991-Present) 

Education 

• DPhil. Comparative Law. Oxford University (2005) 

• SJD, Financial Regulation, University of Pennsylvania (2002) 

• JD, magna cum laude, University of Pennsylvania (2001) 

• BS. summa cum laude. Mount St. Mary's University (1998) 

2 
Commissioners 

Brian D. Quintenz was nominated by President Trump to serve as a Commissioner of the 

Commodity Futures Trading Commission on May, 12. 2017, was unanimously confirmed by the 

Senate on August 3, 2017, and was sworn into office on August 15. 2017 for the remainder of a 

five-year tenn expiring in April 2020. 

Prior to his appointment to the CFTC. Mr. Quintenz founded and served as the Managing 

Principal and Chief Investment Officer of Saeculum Capital Management, a registered 

Commodity Pool Operator that specialized in risk management and technical analysis investment 

strategies. 

Mr. Quintenz started his career in finance at Hill-Townsend Capital, a Registered Investment 

Advisor established to focus solely on U.S. bank and financial company investment 

opportunities. While there. Mr. Quintenz performed rigorous fundamental valuation analysis on 

regional and global banks. projected future earnings estimates, and implemented proprietary 

hedging strategies. 

Prior to working in the financial markets, Mr. Quintenz worked for Congresswoman Deborah 

Pryce (OH-15) for several years ultimately becoming her senior policy advisor. 

Mr. Quintenz graduated Magna Cum Laude from Duke University with a major in Public Policy 

Studies and received an MBA from Georgetown University McDonough School of Business, 

where he was inducted into the Phi Beta Gamma honors society. 

3 
Rostin Behnam was nominated by President Trump as a Commissioner of the Commodity 

Futures Trading Commission on July 13. 2017, was unanimously confirmed by the Unites States 

Senate on August 3, 2017, and was sworn in to serve as a Commissioner on September 6, 2017 

for a term expiring in June 2021. 

Commissioner Behnam arrived at the CFTC with extensive experience in financial and 

agricultural markets. After earning an A.B. in English literature and a minor in economics from 

Georgetown University, Commissioner Behnam worked as a proprietary equities trader in New 

York City. structuring and executing technical and fundamental trading strategies during a period 

of significant technological change. Seeking to improve and help shape the intersection between 

financial markets, public policy, and the law, Commissioner Behnam pursued a Juris Doctorate 

at Syracuse University. While a student, his experiences interning within the Division of 

Enforcement at the CFfC's New York Regional Office motivated Commissioner Behnam to 

direct his professional attention on protecting consumers and individual investors. 

Upon graduation. he returned to his home state of New Jersey and joined the Bureau of 

Securities within the state· s Office of the Attorney General. As an Investigator within the 

Bureau, Commissioner Behnam helped further the Bureau's mission of protecting investors from 

investment fraud and regulating the securities industry in New Jersey through various 

enforcement actions and regulatory and financial literacy efforts. Following his time with the 

Bureau of Securities, Commissioner Behnam practiced law in New York City, representing 

public and private companies on a range of corporate law and regulatory matters. 

In 20 t 1, Commissioner Behnam joined the staff of the U.S. Senate Committee of Agriculture, 

Nutrition, and Forestry. as senior counsel to Senator Debbie Stabenow of Michigan. the 

Committee's Ranking Member. As senior counsel to Senator Stabenow from 2011 through his 

2017 appointment, Commissioner Behnam primarily focused on policy and legislation matters 

related to the CFTC and the United States Department of Agriculture. agencies within the direct 

jurisdictional purview of the Committee. Within that role, Commissioner Behnam was also 

responsible for reviewing and vetting all executive branch nominations repo11ed out of the 

Agriculture Committee. 

Commissioner Behnam' s major responsibilities included advising Senator Stabenow on the 

implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In 

addition to the derivatives title, Commissioner Behnam also advised Senator Stabenow on all 

Dodd-Frank matters affecting the Treasury Department, the U.S. prudential regulators, and the 

4 
Securities and Exchange Commission. Commissioner Behnam served as lead advisor to Senator 

Stabenow during the investigation of MF Global, following its 2011 bankruptcy. Commissioner 

Behnam worked as legal counsel and led negotiations on the 2013 Pesticide Registration 

Improvement Act, several key provisions of the 2014 Farm Bill, the 2015 Cotton Futures Act, 

and the 2016 National Bioengineered Food Disclosure Standard. 

Since joining the CFTC, Commissioner Behnam has advocated that the CFTC utilize its 

authority and expertise to ensure the derivatives markets innovate responsibly within an 

appropriate oversight framework and promote coordination and engagement among the financial 

regulators and innovators. As sponsor of the CFTC' s Market Risk Advisory Committee, 

Commissioner Behnam convenes leading market experts and public consumer groups to engage 

in a public dialog on the timeliest issues relating to evolving market structures and movement of 

risk across clearinghouses, exchanges, intermediaries, market makers, and end-users. 

Commissioner Behnam lives in Baltimore with his wife and two daughters. He combines his 

love for travel with running, and enjoys discovering the places he visits with a pair of sneakers 

and a willingness to get a little lost if it means discovering a city by foot. 

5 
Dawn DeBerry Stump was nominated by President Trump to serve as a Commissioner of the 

Commodity Futures Trading Commission on June 12, 2017. She was unanimously confirmed by 

the Senate on August 28, 2018 and sworn into office on September 5, 2018 for the remainder of 

a five-year term expiring in April 2022. 

Prior to her appointment, Mrs. Stump was President of Stump Strategic, a consulting firm she 

founded in 2016. Before starting her firm, Mrs. Stump was Executive Director and Senior Vice 

President of U.S. Policy for the Futures Industry Association (FIA) and Vice President at the 

New York Stock Exchange. 

During much of her career she also served the public sector in staff positions in both the U.S. 

Senate and House of Representatives, including six years at the Senate Committee on 

Agriculture, Nutrition and Forestry where she focused on various farm policy, rural 

development, and renewable energy matters as well as oversight of the CFTC. While serving in 

both Congressional houses, she patticipated in negotiations of two farm bills, CFTC 

reauthorization, and the Dodd-Frank Act. Mrs. Stump is from Olton, Texas and grew up 

working in the agricultural sector. 

She holds a Bachelor of Science in Agricultural and Applied Economics degree from Texas Tech 

University. She is married and has two children. 

6 
Dan M. Berkovitz was nominated by President Trump to serve as a Commissioner of the 

Commodity Futures Trading Commission on April 24, 2018. He was unanimously confinned by 

the Senate on August 28. 2018 and sworn into office on September 7, 2018 for a five-year term 

expiring in April 2023. 

Prior to his appointment, Mr. Berkovitz was a partner and co-chair of the futures and derivatives 

practice at the law firm of WilmerHale. He also was an Adjunct Professor at Georgetown 

University Law School, and vice-chair of the American Bar Association Committee on Futures 

and Derivatives. 

Mr. Berkovitz served as General Counsel of the CFfC from 2009-2013. While serving in this 

role. he was the agency"s Deputy Representative to the Financial Stability Oversight Council 

(FSOC). Before the CFTC, Mr. Berkovitz was a senior staff lawyer for the U.S. Senate 

Permanent Subcommittee on Investigations. He also served as Deputy Assistant Secretary in the 

Department of Energy's Office of Environmental Management. 

Mr. Berkovitz obtained an A.B. in Physics from Princeton University and a J.D. from the 

University of California, Hastings College of the Law. He is married to Michelle and they have 

two children. Zoe and Eli. 

7 
Offices of the Chairman 

Jaime L. Klima is Chief of Staff and Chief Operating Officer of the Commodity Futures 

Trading Commission. In her role, she serves as Chairman Heath Tarbe11' s lead advisor on legal, 

policy, and administrative matters. Ms. Klima is responsible for managing the daily operations 

of the agency. overseeing a staff of approximately 700 located in four offices across the 

country. She is also the Chainnan's Deputy Representative to the Financial Stability Oversight 

Council. 

Ms. Klima brings over 15 years of experience in financial services to her role. Prior to joining 

the CFTC, she spent seven years serving in a variety of senior legal and policy roles at the U.S. 

Securities and Exchange Commission, most recently as Chief Counsel to SEC Chairman Jay 

Clayton. In that capacity, she was responsible for managing and executing the policy agenda of 

the agency, including all Commission and interagency rulemakings. From 2004 to 2012, Ms. 

Klima practiced law at Wilmer Cutler Pickering Hale and Dorr LLP, advising major financial 

market participants on compliance with federal laws and regulations and the rules of selfregulatory organizations. 

Other Public Service 

• Counsel to Commissioner Michael S. Piwowar, U.S. Securities and Exchange 

Commission (2013-2017) 

• Counsel to Commissioner Troy A. Paredes, U.S. Securities and Exchange Commission 

(2012-2013) 

• Law Clerk, Chambers of Honorable Richard L. Nygaard, U.S. Court of Appeals for the 

Third Circuit (2003-2004) 

Education 

• JD, cum laude, Duke University (2003) 

• MPP. Duke University (2003) 

• BS. Systems Engineering, with distinction, University of Virginia ( 1999) 

8 
Summer K. Mersinger is the Director of the Office of Legislative and Intergovernmental 

Affairs at the Commodity Futures Trading Commission. In her role, she is the agency's lead 

liaison with Members of Congress and serves as a key advisor to Chairman Tarbert on legislative 

matters. She is also in routine contact with representatives from other federal agencies and the 

Administration on a variety of CFTC related matters. 

Ms. Mersinger has 20 years of Capitol Hill and government relations experience. Prior to joining 

the CFfC, she was Senior Vice President at Smith-Free Group. a leading government affairs 

practice, where she worked on financial services and other issues. 

From 2004 to 2016, Ms. Mersinger was a top aide to cmTent Senate Majority Whip John Thune. 

who represents her home state of South Dakota. Most recently she served as his Chief of Staff. 

coordinating legislative activities for Sen. Thune's team and working regularly with Senate 

leadership and senior staff on both sides of the aisle. Ms. Mersinger was instrumental during 

policy debates involving banking. finance. telecommunications. surface transportation, 

agriculture, and trade issues. Ms. Mersinger was also directly involved in the communications 

efforts spearheaded by Sen. Thune through his leadership post on the Senate Republican 

Conference. 

Prior to joining Sen. Thune· s staff. Ms. Mersinger was a director of government relations at 

Arent Fox, and she also worked in Sen. Thune's office while he was a member of the U.S. House 

of Representatives from 1999 to 2002. 

Education 

• JD, The Catholic University of America, Columbus School of Law (2007) 

• BA, Political Science, University of Minnesota (1999) 

9 
Michael C. Short has served as the Director of the Otlice of Public Affairs and Chief 

Communications Officer of the Commodity Futures Trading Commission since July 2019. In 

his role, Mr. Short is responsible for managing the agency's media relations, digital, and 

customer education teams as well as shaping the Commission's overall communications 

strategy. He also serves as the top communications strategist to the Chairman. 

Mr. Short brings to the CFTC more than a decade of high-profile public relations experience in 

both the public and private sectors. Prior to joining the CFTC, he spent two years as head of 

media relations for the National Association of Manufacturers, the largest industrial trade 

association in the U.S. There. he led communications strategy on multi-million-dollar issue 

advocacy campaigns, advised Fortune 500 companies on public relations strategy, and served as 

the top spokesman for the group and its CEO. Mr. Short also established the NAM's first ever inhouse media monitoring team to provide real-time alerts and updates for staff. 

Mr. Short's prior government experience includes serving as press secretary to U.S. Rep. Adrian 

Smith and as a White House spokesman handling defense. foreign affairs. and homeland security 

matters. Mr. Short also spent four election cycles at the Republican National Committee serving 

in various communications positions including as a national spokesman and director of rapid 

response. 

Education 

• BA. Political Science and History, Texas Tech University (2008) 

10 
Sarah J. Summerville is the Director of the Office of Minority and Women Inclusion 

(OMWI) at the Commodity Futures Trading Commission. In her role, Ms. Summerville 

oversees the CFfCs civil rights. equal employment opportunity (EEO). diversity. and inclusion 

programs. 

Ms. Summerville is an expert in U.S. employment and labor law. with more than two decades of 

experience. Prior to joining the CFTC in 2013, Ms. Summerville was a Labor Relations and 

Litigation Officer for the U.S. Department of Agriculture's Food and Nutrition Service. In this 

role. she was the agency's representative on all employee relations and labor relations third party 

litigation. handling cases before the Equal Employment Opportunity Commission. Merit Systems 

Protection Board, Federal Labor Relations Authority, and Federal Service Impasses Panel. She 

was also the agency's chief negotiator for collective bargaining agreements. 

Prior to joining the Department of Agriculture, Ms. Summerville served as an EEO and 

Employment Law consultant to 13 federal agencies. In this role, she provided consulting services 

and training for federal supervisors and managers. 

Other Public Service 

• Acting Director, Office of Economic Impact and Diversity, U.S. Department of Energy 

(1998-2000) 

• Director, Small and Disadvantaged Business Utilization, U. S. Department of Energy 

(1998-2000) 

• Special Assistant. Office of Small & Disadvantaged Business Utilization. U.S. 

Department of Defense ( 1993-1998) 

Education 

• JD, Miles College School of Law (1981) 

• BS. Mississippi Industrial College ( 1978) 

11 
Melissa Netram is the Director of LabCFTC and Chief Innovation Officer at the 

Commodity Futures Trading Commission. In her role, she is responsible for coordinating closely 

with international and U.S. regulators, Capitol Hill, and other external stakeholders to facilitate 

market-enhancing innovation, inform public policy, and ensure the CFTC has the understanding 

to keep pace with the ever-changing financial services industry. 

Ms. Netram brings to her role more than 15 years of experience developing and executing policy 

strategy regarding technology and financial services issues. Prior to joining the CFfC, she was 

the Director of Global Public Policy and Regulatory Affairs for Silicon Valley-based Intuit, 

where she led the development of the company's government strategy and worked on the 

convergence of technology and global policy. As patt of her role, Ms. Netram led effo11s to 

position Intuit to successfully capitalize on fintech innovations, including serving as a founding 

member of the Financial Innovation Now Coalition, one of the first DC-area fin tech groups. 

Ms. Netram began her career in financial services at the U.S. Department of the Treasury, with a 

rotation through the Office of the Comptroller of the Currency. Following her government 

service, she joined The McGraw-Hill Companies and then the Financial Services Roundtable, 

where she worked extensively on the Dodd-Frank Act. 

Education 

• JD, The Catholic University of America, Columbus School of Law (2001) 

• BA, cum laude, Villanova University (1998) 

12 
Divisions and Offices 

11111 I-' /.I 111111;1 Ii 

CFTC 

Vince McGonagle is the Acting Director of the Division of Enforcement (DOE) at the 

Commodity Futures Trading Commission. In this role, he leads a team of attorneys, 

investigators. economists. surveillance analysts. and other professional staff who investigate and 

prosecute alleged violations of the Commodity Exchange Act and CFfC regulations that threaten 

market integrity, market participants, and the general public. Mr. McGonagle served as Principal 

Deputy Director in DOE from April 2017 to October 2020 with one exception noted below. As 

Principal Deputy. Mr. McGonagle has served as a primary advisor to the Director concerning the 

DOE' s most significant matters and as to implementation of the DOE' s mission to enforce the 

CEA and Regulations. Mr. McGonagle previously served as Acting Director for the DOE from 

February to April 2017 and from October to December 20 I 0. 

Mr. McGonagle served as the Director of the Division of Market Oversight (DMO) from 

October 2013 to January 2017 and, more recently, as the Acting Director and Chief Counsel of 

DMO from August to September 2019 as part of a detail in DMO from August 2019 to May 

2020. During this more recent time, Mr. McGonagle oversaw, among other things, the proposed 

and final rule promoting swaps trading anonymity, proposed rule for trading on swaps execution 

facilities, and a proposed rule for position limits. Mr. McGonagle also provided guidance and 

direction to DMO branches in the handling of time sensitive and complex market issues, 

participated in Hill briefings, and participated in evaluation and response to pandemic related 

market events. 

As Director of DMO between 2013 and 2017, Mr. McGonagle oversaw market surveillance, 

compliance examination, registration and rule review, and the contract market product review 

programs over trading facilities and swap data repositories. Mr. McGonagle oversaw several 

rulemakings (position limits, automated trading, systems safeguards, swaps reporting, among 

others) and the transition of swaps trading to a regulated market including the first ever 

permanent registration of SEFs. Mr. McGonagle testified twice before Senate panels, and led 

Commission staffroundtables and presentations before Commission Advisory Committees. 

Between March 2002 and October 2013, Mr. McGonagle served as the Senior Deputy Director 

of DOE. Mr. McGonagle opened the first regulatory investigation into LIBOR and other global 

benchmark interest rates and thereafter supervised the Agency's landmark enforcement cases for 

manipulative conduct and false repo11ing concerning those benchmarks. 

After leaving private practice in 1997, Mr. McGonagle joined DOE as a staff attorney eventually 

serving as Acting Associate Director and Counsel to the Director before serving as Senior 

Deputy. 

13 
Education 

• JD, Pepperdine University School of Law 

• BA. Economics, LaSalle University 

14 
Dorothy D. DeWitt is the Director of the Division of Market Oversight (DMO) at the 

Commodity Futures Trading Commission. In her role, she is responsible for the oversight of 

derivatives platforms and swap data repositories, and the CFTC's market intelligence initiatives. 

Ms. DeWitt joined the CFfC from Coinbase, a cryptocurrency company, where she served as 

Vice President and General Counsel for Business Lines and Markets. She previously served in 

senior legal and compliance roles for Citadel Securities, a broker-dealer and swaps dealer 

provisionally-registered with the CFTC, and S&P Global, and as an attorney at Davis Polk & 

Wardwell. 

Ms. DeWitt spent nearly a decade in an investment capacity as a portfolio manager of alternative 

investment funds that relied heavily on derivatives and swaps. At Cadogan Management, Ms. 

DeWitt served as a partner and portfolio manager who co-led the investment group, before 

transitioning to become general counsel. Prior to that, she served at GAM in London, a global 

fund of hedge funds, as the portfolio manager for the GAM Multi-Arbitrage Fund, managing 

arbitrage, credit, event-driven, and fixed income investments. Before that, she served as a 

research analyst at a merger arbitrage and event-driven hedge fund at ING Furman Selz. 

Other Public Service 

• Law Clerk, Chambers of Honorable John E. Sprizzo, U.S. District Court forthe Southern 

District of New York (1994-1995) 

Education 

• JD, cum laude, Harvard Law School (1994) 

• BA, summa cum laude, The University of Texas at Austin (1991) 

15 
Joshua B. Sterling has served as the Director of the Division of Swap Dealer and 

Intermediary Oversight (DSIO) at the Commodity Futures Trading Commission since July 

2019. In this role, he is in charge of overseeing the financial services finns that participate in our 

derivatives markets by applying DSIO"s extensive resources in a smart. effective. and practical 

manner. He is responsible for the performance ofDSIO's examination, reporting, guidance. 

referral, and rulemaking programs, which serve the goal of ensuring that those firms play by the 

CFTC's rules. Mr. Sterling is also responsible for coordinating the CFTC's relationship with the 

National Futures Association. with which DSIO shares frontline responsibility for regulating 

registered firms. and for liaising with the Chicago Mercantile Exchange in its oversight of 

clearing firms. He manages the daily operation of a 75-person staff that conducts these critical 

oversight activities from the CFTC's headquarters and regional offices. 

Mr. Sterling brings to the CFTC nearly 20 years of experience practicing law in the financial 

services sector. Before joining the Commission, he was a partner at Morgan, Lewis & Bockius 

LLP where he represented large-scale asset managers around the world that participated 

extensively in the derivatives markets. including the sponsors of exchange-traded commodity 

pools. registered investment companies, and hedge funds. He also worked with clients to 

structure their derivatives activities in compliance with the Dodd-Frank Act and related SEC and 

CFTC requirements. In addition, Mr. Sterling helped lead his firm's representation of significant 

asset management clients during the 2008-2009 financial crisis and in their implementation of 

Dodd-Frank reforms. 

Mr. Sterling began his legal career as an associate at Cleary Gottlieb Steen & Hamilton LLP. He 

is a member of the American Bar Association. Business Law Section; the District of Columbia 

Bar, Corporation. Finance and Securities Law Section; the Federal Bar Association; the Futures 

Industry Association, and the New York City Bar Association, Futures and Derivatives 

Committee. 

Education 

• JD, University of Pennsylvania Law School (2001) 

• BA. Vanderbilt University (1998) 

16 
Clark Hutchison III has served as the Director of the Division of Clearing and Risk (DCR) 

at the Commodity Futures Trading Commission since July 2019. In his role. Mr. Hutchison 

manages a team of roughly 80 employees at the CFfC's Washington, D.C. and Chicago offices 

that are responsible for the agency's supervision of derivatives clearinghouses and their 

members, including oversight of clearing processes through risk assessment and surveillance. 

Prior to joining the CFTC. Mr. Hutchison spent more than three decades in top positions in large 

global financial institutions, where he specialized in clearing and risk management. In addition to 

his private sector experience, Mr. Hutchison has served as a special advisor to the board of 

directors of the Futures Industry Association. as a member of the Chicago Mercantile 

Exchange· s Risk Committee, and as a member of the board of directors of NASDAQ Futures. 

Inc. 

Education 

• BA, Haverford College ( 1980) 

17 
Suyash G. Paliwal is Director of the Office of International Affairs (OIA) at the Commodity 

Futures Trading Commission. In his role, Mr. Paliwal advises Chairman Tarbert on cross-border 

issues and leads the CFTC's international regulatory initiatives. OIA represents the Commission 

in international fora such as the International Organization of Securities Commissions (IOSCO). 

OTC Derivatives Working Group (ODWG), and OTC Derivatives Regulators Group 

(ODRG). Mr. Paliwal's office also coordinates the agency's efforts related to policies and 

initiatives of foreign jurisdictions and provides technical assistance to regulatory authorities 

globally. 

Mr. Paliwal has spent the last decade handling international regulatory policy matters in both the 

public and private sectors. Prior to joining the CFTC, he served at the Federal Reserve Board, 

where he advised Vice Chair Randal Quarles on Financial Stability Board matters. represented 

the central bank in the International Association of Insurance Supervisors and bilateral forums. 

developed international and domestic policy for the supervision of systemically impmtant 

financial institutions and ce11ain financial conglomerates (insurance savings and loan holding 

companies), and oversaw the supervision of large financial institutions. He led a team of 

supervisors in Europe and Asia to develop international standards on governance and risk 

management, advised Federal Reserve Board leadership on strategic international engagement 

and market developments, and was lead author of a proposed capital rule. 

Prior to his government service. Mr. Paliwal spent more than five years working in private 

practice at White & Case and Allen & Overy, where he advised clients on complex international 

legal issues and derivatives regulations. Before entering law school, he worked for more than 

four years in the financial services industry at Ernst & Young and Verisk Analytics, Inc. 

Education 

• JD, Columbia Law School (2010) 

• MBA. University of Pennsylvania (2002) 

• BS, University of Pennsylvania (2002) 

18 
11:.fil 

CFTC 

Dr. Scott Mixon is the Acting Chief Economist and Acting Director of the Office of the 

Chief Economist (OCE) at the Commodity Futures Trading Commission. OCE conducts 

rigorous economic and econometric analysis of derivatives markets and partners with other 

CFTC divisions and offices to integrate economic reasoning and data analysis into Commission 

policy and cost-benefit considerations. In his role, Dr. Mixon supervises OCE's research 

activities and its economic analyses in connection with Commission rulemaking and policy. His 

personal research includes the integration of data on swaps and futures activity. with an emphasis 

on equity and commodity derivatives. 

Prior to joining the Commission in 2012. Dr. Mixon spent more than 15 years in the private 

sector. He served as an alternative investments strategist and fund of hedge funds portfolio 

manager for Lyxor Asset Management, a subsidiary of Soci6t6 Generate; as part of Bates White 

Economic Consulting's Antitrust practice, where his cases involved allegations of commodity 

price manipulation, allegations of anticompetitive behavior, and antitrust analysis for the 

CME/CBOT merger; and as a quantitative and derivatives strategist at UBS. His research has 

been published in leading academic journals such as Journal r~{Financial Economics, Journal r~l 

Derivatives, and Journal r~{Futures Markets. 

Education 

• PhD, Economics, Duke University (1997) 

• BS, summa cum laude, The Florida State University (1992) 

19 
11:.fil 

CFTC 

Dr. Tamara Roust has served as the Director of the Division of Data and Chief Data 

Officer since October 2020. In her role, she is responsible for overseeing the agency's enterprise 

data strategy and data governance approaches, including data collection and reporting obligations 

by registered entities and ensuring compliance with ce11ain data and repmting requirements 

under the Commodity Exchange Act and CFTC regulations. 

Prior to joining the CFTC. Ms. Roust served as Chief Data Officer for the State of Illinois where 

she developed the state's enterprise data strategy for statewide data practice and was a part of the 

state's COVID-19 taskforce. From 2011-2016, Ms. Roust served as a Risk Analyst in the 

CFfC"s Division of Clearing and Risk (DCR). and from 2016-2019, as an Associate Director 

within DCR 's Examinations Branch. She also has nearly a decade of experience in the financial 

services industry and worked as a senior engineer for NASA's Jet Propulsion Laboratory. 

In addition to her extensive academic background, Ms. Roust holds various industry 

certifications. has been published in the International Journal of e-Finance, and has presented her 

publications at various Information Technology conferences. 

Education 

• PhD, Management Information Systems, Claremont Graduate University (2008) 

• MS, Financial Engineering, Claremont Graduate University (2004) 

• MS. Management Information Systems, Claremont Graduate University (2003) 

• MBA. Finance. Claremont Graduate University (2002) 

• BA. Mathematics and Computer Science, University of California, Los Angeles (1998) 

20 
~ ' 

Daniel J. Davis has been the General Counsel of the Commodity Futures Trading Commission 

since March 2017. In his role overseeing the Office of General Counsel (OGC), Mr. Davis is 

responsible for providing legal advice and suppott for CFTC programs: managing the CFTC's 

legal representation in appellate. bankruptcy, and other litigation; assisting in the performance of 

adjudicatory functions; advising on CFfC regulations; and advising on legislative, regulatory, 

and operational issues. 

Prior to joining the CFTC. Mr. Davis did significant work in both the public and private sectors 

in which he worked extensively on administrative law. complex civil litigation. and labor and 

employment issues. 

Other Public Service 

• Counsel to the Assistant Attorney General, Civil Division, U.S. Department of Justice 

(2005-2007) 

• Law Clerk, Chambers of Honorable Douglas H. Ginsburg, U.S. Court of Appeals for the 

District of Columbia Circuit (2002-2003) 

Education 

• JD, University of Chicago Law School (2002) 

• BA, Brigham Young University (1998) 

21 
Anthony "Tony" C. Thompson is the Executive Director of the Commodity Futures Trading 

Commission, where he oversees the Office of the Executive Director (OED). In his role, Mr. 

Thompson manages the support functions of the agency, including directing the allocation of 

CFfC resources, developing and implementing management and administrative policy, and 

measuring and tracking program perfonnance Commission-wide. 

Before joining the CFfC in 2011. Mr. Thompson held senior positions at the U.S. Department of 

Agriculture where he was responsible for leading a workforce of more than 400 personnel and 

programs encompassing strategic planning, performance improvement, human capital, budget 

and financial management, civil rights, labor relations, procurement, and administrative services. 

Before entering civilian government service, Mr. Thompson served in the United States Air 

Force for 32 years reaching the rank of Colonel. Over the course of his service in uniform, Mr. 

Thompson served in a variety of leadership roles at the Pentagon, as an officer at both the base 

and headquarters levels-including at a major command (MAJCOM) headquarters-and as a 

defense manager and strategic planner on the Joint Chiefs of Staff. 

Other Public Service 

• Chief Financial Officer, Food Safety and Inspection Service, U.S. Department of 

Agriculture (2007-2009) 

• Director for Budget Programs (FMBP), U.S. Air Force (2005-2007) 

• Chief, Financial Analysis Division, Directorate of Financial Management 

and Comptroller, Headquarters, USAFE, U.S. Air Force (2003-2005) 

• Defense Resource Manager, Directorate for Force Structure. Resources. and Assessment. 

the Joint Staff. Pentagon (2000-2002) 

• Chief Financial Officer and Comptroller Squadron Commander, Charleston AFB, South 

Carolina, U.S. Air Force ( 1998-2000) 

• Chief Financial Officer, Combat Forces. USAF Headquarters. U.S. Air Force (1994-

1998) 

• Chief, Financial Management and Comptroller Division, Air Force Personnel Center, 

Randolph AFB, U.S. Air Force ( 1992-1994) 

22 
• Chief. Financial Management and Comptroller Officer Assignments, Directorate of 

Assignments, Air Force Personnel Center, Randolph AFB, U.S. Air Force ( 1991-1992) 

• Chief, Headquarters Budget Branch and Command Budget Analyst, Directorate of 

Budget, Headquarters. USAFE. U.S. Air Force (1989-1991) 

• Deputy Chief. Management Division. Directorate of Accounting and Finance, 

Headquarters, USAFE, U.S. Air Force (1987-1989) 

• Chief, Accounting and Finance, Carswell AFB, U.S. Air Force ( 1985-1987) 

• Chief. Accounting and Finance, Pease AFB. U.S. Air Force (1982-1985) 

• Deputy Accounting and Finance Officer, Offutt AFB. U.S. Air Force (1981-1982) 

Education 

• MS, Air War College (2003) 

• MBA, Golden Gate University ( 1988) 

• BS. Regis University (1980) 

23 
Inspector General Key Staff 

Inspector General, A. Roy Lavik 

Deputy Inspector General and Chief Counsel, Judy Ringle 

Assistant IG for Audits, Miguel Castillo 

24 
Section 1 Resumption of Operations 

Date Updated: November 25, 2020 

POCs: Tony Thompson, Tomeka Gilbert, Naeem Musa, Dwight Riley 

Division of Administration 

Since March 13, 2020, the Commission has been in a maximum telework posture due to the 

COVID-19 Pandemic. The Commission has pulled together a team that consists of security, IT, logistics 

and labor and employee relations professionals to create a Resumption of Operations Plan under the 

leadership of the Executive Operations Team (Chief of Staff, Chief Administrative Officer, General 

Counsel, Chief Planning Officer, Chief Human Capital Officer, and Chief of Information Security). The 

documents below outline the following: 

1. Complete Phase 1 Reoccupying Plan 

2. Phase 1 Highlights to be shared with staff communication 
CFTC Reoccupying Plan 

Phase One 

COVID-19 

For Official Use Only 

August 2020 

United States Commodity Futures Trading Commission 

FINAL 8 19 2020 
Commodity Futures Trading Commission 

COVID-19 Response 

Returning to the Office: Phase One 

1 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
Gating Period 

On March 16, 2020, the CFTC ("CFTC" or "agency") began encouraging all employees and 

contractors ("Staff") to telework to the maximum extent possible in all office locations. All of the 

buildings in each location have remained OPEN and mandatory telework was not activated during this 

time. Therefore, all offices of the CFTC have been in a "Gating Period" since March 16, 2020. Upon a 

determination by the Chairman that it is appropriate for an office location to exit the Gating Period such 

that a gradual, phased return to the office would begin, the agency would enter Phase I as detailed 

below. Senior leadership will determine when each CFTC location will transition to each Phase. 

Phase I 

Phase I is described in detail below. But, at a summary level, Phase I will involve a very limited number 

of Staff returning to in-office work, on a voluntary basis (with limited exceptions). Depending on local 

conditions, each CFTC office location could possibly enter Phase I at a different time. 

Phase 1 

Geographically Based Decisions 

• Social Distancing 

• Protective Equipment HQ • Self-Certification Questionnaire NYRO 

• Testing, Isolating and Contact Tracing CHRO 

Sanitation KCRO • 

• Disinfect common and high traffic areas 

I. Telework 

A. Employees are highly encouraged to telework whenever possible. The majority of employees 

will continue their current telework and work schedule arrangement. Temporary Change to 

the CFTC Work Schedule Policy, Applicable until Further Notice will still apply during this time. 

B. Contractors are expected to continue teleworking consistent with the terms of their contracts, 

until otherwise notified by their company. CFTC's telework and work schedule policies do not 

apply to contractors. 

II. Returning to the Office 

A. With the exception of the KCRO, no more than 10% of all Staff per location (employees and 

contractors) will be allowed in each of the buildings (HQ NYRO, CHRO) at the same time. 

Example: HQ currently has 759 Staff on board, therefore approximately 76 total Staff will be 

allowed in CFTC space per day. The KCRO will be allowed no more than 20% (6 Staff) at a time 

for Phase I. 

2 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
B. In its discretion, the Agency may further limit Staff on site at a time to less than the 10%/20% 

caps. Considerations will include the Staff member's office location and the number of 

personnel located on each floor. 

C. Staff may be prohibited from entry based on observation or self-certification that they have 

potential COVID 19 symptoms. 

D. The Executive Director will determine who will enter the office if on-site work requests exceed 

the daily cap, if occupancy of a particular floor or area does not allow for social distancing, or if 

there are concerns related to potential COVID-19 symptoms based on observation or selfcertification questionnaires. 

E. The Executive Director, in his sole discretion, will make the final decision on all requests. 

F. No interns or non-CFTC employee detailees will be allowed to return to the office during this 

time, unless directed for technology needs. 

Ill. Procedure for Entering the Office 

This procedure applies to all Staff (employees and contractors) who seek entry into any CFTC building 

location during Phase I. 

A. Voluntary Return 

Employees who would like to seek approval to return to the office must: 

1. Submit a written request to the covidl9@cftc.gov mailbox at least two full business 

days in advance ofthe employee's arrival into the building. For example, an employee 

voluntarily electing to work in the office on Monday must submit their request by no 

later than close of business on the preceding Wednesday. The request must include all 

information in Appendix A. 

2. The employee must also submit responses to the self-certification questions in 

Appendix B, to covidl9@cftc.gov. The self-certification must be received in 

the covidl9@cftc.gov in box at least one full business day in advance of the employee's 

arrival into the building. Employees approved for more than one day must complete the 

self-certification in Appendix Bone business day in advance of their arrival to the 

building for each day they are approved to enter. 

3. If the answers to the self-certification questions raise concerns, the Executive Director 

may deny approval to enter the building. 

4. While not recommended, high risk employees who voluntarily seek to return to the 

office and are known to be high risk will be allowed to return to the office if they have 

been approved to do so through the above procedure. Employees are not required to 

provide any medical or other documentation to be classified as high risk. This 

classification is self-certifying. 

5. Contractors may also seek approval to voluntarily return to the office. In those cases, 

they must work through the Project Manager (PM) of their employing firm, who will 

then submit the request to the Contracting Officer's Representative (COR). If approved, 

the COR must submit the request, on behalf of the contractor, as described in step (1) 

above. The remaining steps (2-4) will then be followed. Contractors approved for more 

than one day, must complete the self-certification in Appendix Bone business day in 

advance of their arrival to the building for each day they are approved to enter and send 

to the covidl9@cftc.gov in box. 

3 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
6. Staff who believe that they can no longer self-certify because of an on-set of symptoms 

or new information must withdraw their request by contacting covid19@cftc.gov and 

refrain from on-site work. 

7. Staff voluntarily reporting to the office may withdraw their request at any time, to 

include after receiving approval to report for on-site work. 

B. Management Directed Return to Office 

In the event of a mission-critical need for a task/project to be performed on-site, 

management will, where possible, seek volunteers to perform the task. If no volunteers are 

identified, then management may direct an individual to perform the on-site work pursuant 

to the below process. In all situations in which on-site work must occur, the CFTC will take 

efforts to reasonably mitigate potential risks to Staff with safety precautions, as more fully 

described below in Section IV. 

1. Employee Volunteers 

a. When a supervisor requires a specific task to be performed on-site during Phase I 

for mission-critical purposes, the supervisor will first submit the request to their 

Division or Office Director (or the Director's designee) for approval. Once approved, 

the supervisor will seek to obtain volunteers from a pool of employees whom the 

supervisor believes are qualified to perform the work required. In order to provide 

reasonable notice, the supervisor must, absent exigent circumstances, contact 

potential volunteers at least three full business days in advance of the time they 

need them in the office. For example, a supervisor who is seeking volunteers to 

work in the office on Thursday must contact potential volunteers by no later than 

start of business on Monday. 

b. The supervisor will work with the volunteer employee to find a mutually agreeable 

time and date, if possible, for the employee to go into the office and perform the 

work. 

c. The supervisor will submit a written request to the covid19@cftc.gov mailbox and 

CC the employee, at least two full business days in advance of the employee's 

arrival into the building. For example, a supervisor who sends a volunteer employee 

to work in the office on Monday must submit their request by no later than close of 

business on the preceding Wednesday. The request must include all information in 

Appendix A. 

d. The employee must also submit responses to the self-certification questions in 

Appendix B, to covid19@cftc.gov. The self-certification must be received in 

the covid19@cftc.gov inbox at least one full business day in advance of the 

employee's arrival into the building. Employees approved for more than one 

business day must complete the self-certification in Appendix Bone business day in 

advance of their arrival to the building for each day they are approved to enter. 

e. If the answers to the self-certification questions raise concerns, the Executive 

Director may deny entrance to the building. 

f. Staff who believe that they can no longer self-certify because of an on-set 

of symptoms or new information must notify covid19@cftc.gov and refrain from 

on-site work. 

2. No Volunteers or a Specific Employee is Needed 

4 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
a. If no one volunteers to go into the office or if the manager needs a specific 

individual to go into the office for the performance of mission-critical work, the 

supervisor will designate someone to go into the office. Absent exigent 

circumstances, the supervisor must contact the employee at least three (3) full 

business days in advance of the time the supervisor needs the employee in the 

office. 

b. If the employee is high risk, or provides dependent care for or resides with a .blgb_ 

risk individual, then the employee will not be required to go into the office, so long 

as the employee can articulate the applicable high risk category. The employee 

must raise the high risk category issue to their supervisor at the time they are 

contacted to return to the office. Supervisors must treat such self-identifications 

with the utmost confidentiality. Safeguards for employee privacy are discussed 

further in section Vll(C) below. 

c. The supervisor will coordinate with the employee, based on their individual 

circumstances (dependent care, transportation, etc.) to identify an agreeable time 

for the employee to report to the office and perform the work, if possible. This may 

include evenings and Saturdays. Please note that the buildings may not have heat 

or air conditioning during these times after hours. 

d. The supervisor will submit a written request to the covid19@cftc.gov mailbox and 

CC the employee, at least two full business days in advance of the employee's 

arrival into the building. For example, a supervisor who is sending an employee to 

work in the office on Monday must submit their request by no later than close of 

business on the preceding Wednesday. 

e. The employee must also submit responses to the self-certification questions in 

Appendix I, to covid19@cftc.gov. The self-certification must be received in 

the covid19@cftc.gov in box at least one full business day in advance of the 

employee's arrival into the building. Employees approved for more than one 

business day, must complete the self-certification in Appendix Bone business day in 

advance of their arrival to the building for each day they are approved to enter. 

f. If the answers to the self-certification questions raise concerns, the Executive 

Director may deny entrance to the building. 

g. Anyone who believes that they can no longer self-certify because of an on-set 

of symptoms or new information must notify covid19@cftc.gov and refrain from 

on-site work. 

3. New Staff (FTEs and Contractors) 

a. During Phase I, all new Staff will be required to come in to their assigned duty 

station on their assigned start date, which is usually the first Monday of the pay 

period for employees, to receive a PIV card and laptop in order to begin 

teleworking. 

b. DA will work with the new Staff to identify a mutually agreeable time,if 

possible, for them to report to the office. 

c. The new Staff member must also submit responses to the self-certification in 

Appendix B to covid19@cftc.gov one business day prior to picking up his/her 

equipment at his/her assigned CFTC location. 

5 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
d. If the answers to the self-certification questions raise concerns, the Executive 

Director may deny entrance to the building. 

e. Staff who believe that they can no longer self-certify because of an on-set 

of symptoms or new information must notify covidl9@cftc.gov and refrain from 

reporting to the office. 

f. In order to telework, all new employees must submit a telework agreement and 

safety certification checklist, and review the telework policies and training as soon 

as possible but no later than one week after receiving their laptop. The same 

applies to contractors, except there is no requirement for a telework agreement and 

safety certification checklist. Contractor telework will be per the terms of their 

contract with CFTC. 

4. Contractors 

a. When a COR determines that personnel under a contract they administer must go 

into the office during Phase I, they must notify the Contracting Officer, who will 

then work with the company to identify the appropriate individual. (Note: Typically, 

specific contractor personnel will not be ordered back to work. If there is more than 

one contractor employee that performs the function then the contractor company 

will need to determine who returns.) The COR then must submit the request to the 

relevant Division or Office Director at least two full business days in advance of the 

contractor's arrival into the building. The request must include all information in 

Appendix A. 

b. If approved, the Division or Office Director (or the Director's designee) will notify the 

COR and submit their approval and the request via e-mail to covidl9@cftc.gov at 

least one full business day in advance of the contractor's arrival into the building. 

c. The contractor must also submit responses to the self-certification questions in 

Appendix B to covidl9@cftc.gov. The request and the self-certification must be 

received in the covid19@cftc.gov inbox at least one full business day in advance of 

the contractor's arrival into the building. Contractors approved for more than one 

business day, must complete the self-certification in Appendix Bone business day in 

advance of their arrival to the building for each day they are approved to enter. 

d. If the answers to the self-certification questions raise concerns, contractors may not 

receive approval to enter the building. 

e. Anyone who believes that they can no longer self-certify because of an on-set of_ 

symptoms or new information must notify covidl9@cftc.gov and refrain from onsite work. 

IV. Required Safety Precautions while in the Office 

A. Masks 

1. Staff are required, when they arrive to the office, to be wearing a mask/face covering. 

2. While supplies are available at each duty station, the agency will strive to provide each 

employee who reports to the office with at least five (5) cloth face coverings that 

employees will be required to maintain for cleanliness. 

3. Employees may instead wear their own personal face mask/face covering. 

6 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
4. Contractors will be expected to provide their own face mask/face covering. However, 

CFTC may still offer them cloth face masks if needed, and as supply levels allow. 

5. Anyone, entering any of the CFTC locations who has not brought a mask/face covering 

with them will be provided a 3-ply disposable face covering. 

6. Staff must wear masks/face coverings in all common areas such as: 

a. Entrance areas 

b. Elevators (which are limited to two people at a time in CFTC-controlled space) 

c. Stairwells 

d. Hallways 

e. Bathrooms 

f. Kitchens 

g. Lounges 

7. Staff is not required to wear masks/face coverings in their offices if they keep their door 

closed when they are inside. 

8. Staff members in cubicles must wear masks at all times. 

B. Social Distancing 

1. Limit socializing in common areas. Tables and chairs have been removed from employee 

lounges. Oversized furniture (loveseats, sofas and coffee tables, etc.) will remain in 

place but will be spaced apart to meet the social distancing requirement of six feet; 

those that cannot be separated will be placed in storage. 

2. Social distancing is required for all Staff while in CFTC space (approximately 6feet 

apart). This includes all areas listed in IV(A)(6)(a)-(g).above. 

3. Elevators will be limited to two people at one time in CFTC controlled space. All other 

elevators will be subject to restrictions set by local property management. Social 

distancing is required while Staff is waiting for an elevator to arrive. 

4. Pantries will remain open, but chairs will be limited. After using the refrigerator, 

microwave or sink, staff should wipe down the handle with wipes provided. 

5. Only one Staff member will be allowed per office/cubicle, with no guests permitted 

unless one Staff member stands at doorway at least 6 feet away while both parties are 

wearing masks. 

6. Stairwells in each location may be designated as "up" or "down". Please follow building 

guidance. 

7. All conference rooms will remain open. However, no more than two Staff will be 

permitted per conference room. DDT service will not be provided and LO services will 

be limited to daily cleanings. 

C. Gloves 

The agency will provide gloves for Staff that require them for the performance of their 

duties. Examples include handling mail, handling IT equipment and fingerprinting. 

D. Hand Sanitizer 

1. The agency will provide hand sanitizer in common areas, including elevator banks, 

restrooms, conference rooms, pantries and lounges. 

2. If hand sanitizer running low or has run out, Staff should notify the LO helpdesk that a 

refill is required. 

E. Soap 

7 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
1. The agency will provide soap in all restrooms, pantries and lounges. 

2. If the soap is running low or has run out, Staff should notify the LO helpdesk that a refill 

is required. 

F. Disinfectant Wipes 

1. The agency will provide disinfectant wipes or the like in common areas where Staff 

handles equipment, e.g., conference rooms/copier/printer areas. Signs will be posted 

reminded staff to wipe down equipment they touch when completed. 

2. If disinfectant wipes are running low or have run out, Staff should notify the LO helpdesk 

that a refill is required. 

G. Building Cleaning 

1. Each location will have janitorial services per contract agreements. If additional cleaning 

is required, Staff will need to contact the LO Help Desk (!:ill, NYRO CHRO, and KCRO) to 

schedule additional cleaning. 

2. If COVID-19 cases are confirmed in any building, the agency will provide enhanced 

cleaning protocols in accordance with CDC Guidelines and building protocols, with 

possible supplemental cleaning of specific offices if necessary. 

H. HVAC Systems 

The CFTC does not control the HVAC systems in each of the buildings where it has Staff 

offices. Therefore, HVAC system maintenance will be subject to building specifications, and 

if possible will be enhanced as described to the agency by the respective building 

owners/operator as follows: 

• HQ: 

o The HVAC system will be operated 24/7 during the week with additional 

fresh air brought into the building on a continuous basis. Building air filters 

will be replaced with new high efficiency filters and there will be an increase 

in the amount of external air supplied to all building spaces. 

o All cleaning solutions and disinfectants will be EPA approved. 

• CHRO: 

o HVAC systems set to maximize outside air intake, as recommended by 

ASHRAE (The American Society of Heating, Refrigerating and AirConditioning Engineers). 

o Coils and air inlet chambers for all HVAC units cleaned and disinfected. 

o Air filters upgraded to the maximum allowable filtration specifications. 

• NYRO: 

o Air Handler Fans have been running daily to flush the building with 

maximum fresh air. The Air Handling Units have been cleaned and 

disinfected by: 

• Installing a fresh set of air filters. 

• Pressure washing the cooling coils and fresh air dampers. 

• Apply a disinfecting virucide to all coils. 

o Domestic Water is flushed daily and a Water Management Program will be 

implemented to prevent stagnant water from collecting in the pipes. 

• KCRO: 

Coils and air inlet chambers for all HVAC units cleaned and disinfected. 

8 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
I. Visitors 

No outside visitors (i.e., for employees or contractors of CFTC) will be allowed in any CFTC 

space, in any location, during Phase I. 

J. Travel 

No official travel, local or long distance, should be taken during Phase I unless it is requested 

and approved through the Chief of Staff. 

K. Training 

All training will be performed virtually during Phase I. There will be no classroom or inperson trainings allowed; this includes both on-site and off-site locations. 

V. Mandatory Reporting of Possible Infection 

A. Symptoms Experienced In Office 

1. An employee who is experiencing symptoms in the office must inform their supervisor 

and CFTC's Coronavirus Contact Tracing (CVCT) Group at covid19@cftc.gov (using the 

process outlined below in VII) immediately. Similarly, a contractor employee must 

inform their corporate PM and covid19@cftc.gov. 

2. Once the supervisor or PM is informed and CVCT group contacted, the staff member 

must leave the CFTC location. 

3. Staff may return to their telework location, if able, or take leave. 

4. If taken, an employee must notify the CVCT group at covid19@cftc.gov of the results of 

any COVID-19 testing within 24 hours of receiving notification. A contractor must 

inform covid19@cftc.gov, and should also notify their PM. 

5. Medical documentation may be required if Staff member would like to return to the 

office. 

B. Symptoms Experienced Outside of Office 

1. If Staff begins to feel symptoms outside the office, but they have either visited or 

worked in CFTC space and/or have interacted in person with other Staff outside the 

work environment within 14 days of beginning to feel symptoms, Staff must contact the 

CVCT Group at covid19@cftc.gov using the process outlined below in VII). 

2. lftaken, the employee must inform the CVCT group at covid19@cftc.gov of the results 

of any COVID-19 testing within 24 hours of receiving notification. A contractor 

employee must inform the covid19@cftc.gov mailbox and should also notify their PM. 

3. Medical documentation may be required if Staff would like to return to the office. 

VII. Contact Tracing 

The purpose of contact tracing at the CFTC during Phase I is solely to identify Staff who were 

potentially exposed to the COVID-19 virus in connection with either an in-person voluntary 

visit to the office or a visit with Staff outside of the office. Every attempt to protect staff 

privacy will be made. See also Section VII C, below. 

A. Contact Tracing Scope/Purpose 

9 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
1. Contact tracing activities will be performed by the Coronavirus Contact Tracing (CVCT) 

Group as an additional measure for maintaining a safe workspace and protecting Staff 

working on-site. The CVCT Group will be managed and operated by DA and consist of 

members from the Logistics Section and the Workforce Relations Section. The group 

will use the covidl9@cftc.gov mailbox. 

2. This program will serve as an important tool for quickly responding to Staff who meet 

the following criteria: 

a. experiencing onset of symptoms, tested positive for COVID-19 or exposed to 

someone who has tested positive for COVID-19; and have 

i. visited or worked on-site at a CFTC duty station within the past 14 

days; and/or 

ii. interacted in person with other Staff outside CFTC workspace within 

the past 14 days. 

3. All contact tracing for Staff meeting the criteria will be limited solely to identifying the 

other Staff who encountered the reporting Staff and alerting them, so affected Staff 

may take appropriate action to protect themselves and prevent potential spread to 

others. Information obtained will only be shared on a "need to know" basis. 

4. The reporting process and contact tracing process will be announced via an initial CFTC 

Communication and recurring reminder notifications. It will also be incorporated onto 

the Pandemic Illnesses resource page on CFTC.net. 

5. Contact tracing will not be conducted for Staff reporting COVID-19 issues who do not 

meet the above criteria because, based on currently available health information, we do 

not expect their condition to pose a threat to other Staff orto the safety of the CFTC 

work environment. 

B. Process for Staff Contact Tracing 

1. Employees who believe they meet the criteria for contact tracing are directed to send 

an email notification to their supervisor and to covidl9@cftc.gov. If a supervisor is 

notified that one of their employees meet the criteria for contact tracing, they are 

directed to send an email notification to covidl9@cftc.gov. Contractors who believe 

they meet the criteria for contact tracing are directed to send the email notification to 

their corporate PM and covidl9@cftc.gov. 

2. Since timeliness is vital to the contact tracing process, Staff who believe they meet the 

criteria for contact tracing is required to notify the CFTC as soon as possible (within 24 

hours of the onset of symptoms, notification of COVID-19 exposure, or receipt of 

positive test results). 

3. When contacting the CVCT Group at covidl9@cftc.gov, all reporting Staff should include 

the following information: 

a. Your CFTC duty station 

b. Name of Supervisor (for employees) or Corporate PM and COR (for 

contractors) 

c. Office/Division 

d. COVID-19 status (i.e., Onset of Symptoms, Exposed to a COVID-19 Positive 

individual or Tested Positive) 

e. Last date(s) in the office (counting back 14 days from onset of symptoms or 

exposure) 

f. Date of positive test notification (ifapplicable) 

g. Best contact phone number to reach you 

10 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
h. Confirm that eContact information including emergency contact is up-to-date 

or provide the name and best phone number for your designated Emergency 

Contact 

4. Within 24 hours of reporting, a member of the CVCT Group will contact the reporting 

Staff by phone to review/confirm the initial email information that was submitted and 

to work with the staff member to build a contact trace list. The scope of the trace list 

will be limited exclusively to identifying CFTC Staff who were in physical proximity (for 

example, working or socializing within six feet of each other for more than five minutes; 

or employees whose offices or cubicles are next to each other) to the reporting 

individual (either on or off premises) and locations in the building Staff visited (to 

include both individual offices and common areas). A trace list must be developed by 

date, so multiple lists may be required to capture all contacts. 

5. In the event that the reporting Staff does not respond within 24 hours of the CVCT 

Group's initial effort to make contact, the Emergency Contact will be called and asked to 

provide assistance. This assistance may include helping the CVCT Group reach the 

affected Staff for direct contact, understanding the Staff's health status (in the event 

that they have been incapacitated) and/or, where feasible, obtaining the Emergency 

Contact's personal aid in the CFTC's contact tracing process. 

6. Once the initial trace list is completed, the CVCT Group will email a copy ofthe 

document to the reporting Staff member and/or the Emergency Contact (if the contact 

provided trace information on the employee's behalf) for review and confirmation. 

Although Staff or Emergency Contact may provide their feedback and/or approval by 

phone (for expediency), an email response is preferable, particularly if significant 

changes are necessary. The CVCT Group will document any confirmations received by 

phone with an email to the reporting Staff or the Emergency Contact, as appropriate. 

7. In a similar timeframe, the reporting Staff's office and all immediate common areas will 

be closed off to Staff and thoroughly disinfected. 

8. Within no more than 2 days of completion of the contact trace interviews, the CVCT 

Group will contact all identified Staff. 

9. Identified Staff will be notified of their possible exposure and the date(s) it occurred and 

must refrain from entering the office. Employees who do not have telework 

agreements may request to take leave. If the notified Staff member 

develops symptoms, he/she will be required to report his/her status and medical 

documentation may be required to return to the office. If the Staff member remains 

symptom free for 14 days after the final day of contact exposure, he/she can request to 

be eligible for on-site work. 

C. Process for Building-Wide Contact Tracing 

If the CFTC learns from the owner, operator, or management company of any CFTC office 

that an individual working in such office has developed COVID-19 symptoms; tested positive 

for COVID-19; or been exposed to someone who has tested positive for COVID-19; and that 

such individual was in the building's shared spaces (such as lobbies, elevator banks, 

elevators, bathrooms or stairwells), then: 

1. The CVCT will conduct contact tracing with building management, to the fullest 

extent practicable, in accordance with Sections Vll(A)-(B) above. 

2. In particular, the CVCT will conduct contact tracing to identify CFTC Staff who 

encountered the affected individual by the building owner, operator, or 

management company, and the CVCT will alert the identified CFTC Staff so they 

11 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
may take appropriate action to protect themselves and prevent potential spread to 

others. 

3. Identified Staff will be notified of their possible exposure and the date(s) it occurred 

and must refrain from entering the office. Employees who do not have telework 

agreements may request to take leave. If the notified Staff member 

develops symptoms, he/she will be required to report his/her status and medical 

documentation may be required to return to the office. If the Staff member 

remains symptom free for 14 days after the final day of contact exposure, he/she 

can request to be eligible for on-site work. 

D. Privacy 

1. The CFTC is committed to protecting the privacy of its staff while responding to the 

threat posed by COVID-19, and will work closely with the Commission's Chief Privacy 

Officer to ensure that the Commission's reopening complies with applicable privacy laws 

and policies, including the Privacy Act of 1974 and the privacy provisions of the EGovernment Act of 2002. 

2. The CFTC will provide adequate notice to Staff prior to collecting personally identifiable 

information (PII) that informs them of the authority under which the information is 

being collected, how it will be used and protected, whether the collection is required or 

voluntary, and the consequences (if any) of not providing the information. 

3. The CFTC will apply administrative, technical, and physical safeguards to protect PII 

collected by the Commission, and will limit access to only those individuals who have a 

need to access the information in the performance of their official duties. 

4. Consistent with 0MB M-20-23, Aligning Federal Agency Operations with the National 

Guidelines for Opening Up America Again, the CFTC will take steps to protect the 

anonymity and privacy of Staff, to the extent possible, while disclosing only the 

information necessary for agencies to take appropriate actions of notifying potentially 

affected staff and cleaning the facility. 

5. Staff interested in better understanding what steps the Commission is taking to protect 

their privacy are encourage to contact the privacy program by e-mail 

at privacy@cftc.gov. The Chief Privacy Officer remains available to meet with Staff and 

answer privacy-related questions throughout the reopening. 

VIII. Confirmation of Exposure or Change in States Status 

A. If there is a confirmation of exposure, the staff member's office or cubicle will be cleaned as 

stated in IV(G)(2) above. 

B. The agency may revert back to the "gating period" with maximum telework and on-site 

work allowances below Phase One levels (defined in Section Ill) if there is a confirmed 

exposure in one of the offices or a change in status of one of the states or metropolitan 

areas listed below. 

C. This means that the four CFTC offices may be in different phases at any given time. 

D. The agency will monitor the following regions, cities and/or states. Note that the criteria for 

monitoring a state is that at least five (5) CFTC employees reside in that state. 

HQ (Washington, DC): 

• DC 

• VA 

12 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
• MD 

CHRO {Illinois) 

• City of Chicago 

• IL 

• IN 

NYRO (New York) 

• New York City 

• NY 

• NJ 

KCRO (Missouri) 

• Kansas City 

• MD 

• KS 

13 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
Appendix A - Request to Enter Space 

Employees and contractors must submit a written request to the covid19@cftc.gov mailbox at 

least two full business days in advance of the employee's arrival into the building. The request 

must include the following information: 

a. The date(s) of requested entry (approval is only effective for one week) 

b. Office or cubicle number 

c. Expected arrival time 

d. Expected duration spent in the office 

e. A description of the work that they will be completing in the office. 

e. Confirm that eContact information including emergency contact is up-todate or provide the name/contact number/email address of the staff 

member's preferred emergency contact 

14 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
Appendix B - Self Certification Questions 

Employees and contractors must submit the following self-certification responses at least 

one full business day in advance of the employee's arrival into the building, 

to covid19@cftc.gov: 

a. Have you tested positive for COVID-19? If so, when? 

b. Have you been notified by medical personnel that you are being assessed or 

monitored for the virus? 

c. Have you been tested for and are awaiting results forCOVID-19? 

d. Are you experiencing symptoms of the virus? 

e. To your knowledge, have you been exposed to the virus? If so, when and 

where did this exposure occur?) 

f. Have you been in contact with someone who has been infected by the 

virus? If so, when and where did this contact occur? 

g. Have you traveled (officially or personally) outside of your state or country 

within the last 14 days? If so, please list where and provide travel dates. 

15 

CFTC Reoccupying Plan: Phase One August 19, 2020 (FINAL) 
Phase I Highlights - Limitations 

Telework 

Status 

All employees 

are encouraged 

to telework; 

may volunteer 

to go into office 

or maybe 

required to for 

work purposes 

Masks 

Must be worn in 

all common 

areas; cubicles 

at all times 

Capacity 

Limits 

10 % of staff in 

each location 

(DC, Chicago, 

New York); 20% 

in Kansas City 

Social 

Distancing 

Required at all 

times 

Travel 

No travel 

unless 

approved by 

Chief of Staff 

Elevators 

Limit 2 people 

at a time in 

CFTC space 

Visitors/Interns/ Training Detailees 

Virtual Not allowed in 

Only buildings 

Pantries/ Office Visitors 

Lounges 

Open for 

kitchen use, Only 1 person must wipe down allowed at door, after using, while both wear limiting or masks removing tables 

and chairs 

Offices 

Door closed or 

open while 

wearing mask 

SelfCertification 

Questionnaire 

Required one 

business day in 

advance of 

arrival to 

building 

Conference 

Rooms 

Limit 2 people 

at a time; daily 

cleaning but no 

LO or ODT 

service will be 

provided 

Contact 

Tracing 

Outlined in Plan 

ll.1111CFTC 
Phase I Highlights - Agency Precautions 

Masks 

Five cloth reusable masks 

- washed up to 20 times 

each 

Hand Sanitizer 

Placed in common areas, 

exit and entry ways, 

restrooms, pantries and 

lounges 

Gloves 

Provided to staff that 

require them to perform the 

functions of their position 

(mail handling, 

fingerprinting) 

Antibacterial soap in 

restrooms, pantries, and 

lounges 

Wipes 

Disinfectant/alcohol wipes 

in common areas to include 

areas where staff handles 

equipment 

(copiers/conference rooms) 

Building Cleanings 

(suspected COVID 

Infection) 

Enhanced cleaning 

protocols in each location; 

with possible supplemental 

cleaning of specific offices if 

necessary. 

ll.1111CFTC 
CFTC Re-Opening Matrix 

WORKING MATRIX FOR REOPENING (No earlier than April 5, 2021) 

Phase 2 (TBD) 

Schedule Guidelines from OPM 

• Safety and health of the workforce remains our number one priority. 

• Phase 2 Activities will be continuously evaluated based on risk and demand. 

Adjustments will be made as necessary. 

• Maximum Telework Flexibilities. Encourage telework whenever possible. 

Needs to take into consideration employee needs such as dependent care and 

transportation. 

Vulnerable 

• Telework Populations 

Other Considerations for All Staff (includes FTE and Contractors) 

Percentage of Staff 

Returning to the Office 

Work schedules 

Travel 

Training 

Visitors 

30% of staff allowed into the office at one time (voluntary); Executives and 

supervisors return (20%) and Phase 1 (10%) for remaining staff; will have to revisit 

work schedules and telework to make sure one floor or office doesn't have too 

many staff coming in 

• Self-selected dates, as long as social distancing possible onfloor 

• Essential Travel - CoS (approves/denies) with Directors recommendation or 

Executive Director 

• Virtual Training 

• No visitors 

ll.,111CFTC 
CFTC Re-Opening Matrix 

WORKING MATRIX FOR REOPENING (No earlier than April 5, 2021) 

Masks 

Hand Sanitizer 

Gloves 

Soap 

Wipes 

Building Cleaning 

Medical Screening 

COVID Contact Tracing 

Phase 2 (TBD) 

Supplies/PPE Required/Screening 

Highly encourage employees to come in with masks and CFTC provides masks for staff that come 

in without masks 

Agency will provide hand sanitizer in common areas, restrooms and lounges 

Agency will provide gloves for staff that require them for functions such as (mail handling, 

fingerprinting) 

Agency will provide soap in restrooms, pantries and lounges 

Agency will provide wipes in common areas to include areas with where staff deals with equipment 

(Conference rooms, near MFDs) 

Cleaning protocols for each building will be enhanced; possible supplemental cleaning of offices; 

agency is looking into a film to put on all door handles called nanoseptic 

Landlords in each location are providing "enhanced" cleaning services that are essentially cleaning 

high touchpoint areas (i.e. door knobs, hand rails, etc .. ) on a more frequent basis along with normal 

services within our space as well as in common areas. The level of janitorial services vary at each 

location as per the lease. Any additional cleaning within CFTC space, including a deep or 

disinfecting cleaning would be at agency cost. 

Self-certification with temperature checks when arriving in building (need to figure out the 

administrative burden based on the number of people) 

Self-report if sick or has symptoms 

Utilize the Phase 1 plan contact tracing procedure 

ll.1111CFTC 
CFTC Re-Opening Matrix 

WORKING MATRIX FOR REOPENING (No earlier than April 5, 2021) 

Conference rooms 

Elevators/Elevator Bay 

Distancing 

Stairwells 

Private Office 

Hallways 

Phase 2 (TBD) 

Building Protocols and Social Distancing Guidelines 

Remain open for refrigerator and microwave/water use; remove chairs from 

pantries to discourage staff from sitting ; maintain social distancing standards of 6ft 

while using these rooms; vending machines remain open 

Limit meetings to no more than 4 staff (if staff doesn't feel comfortable they should 

join via conference call) 

Limit number of staff to no more than 2 in one elevator with masks 

Encourage staff to wear a mask when using all common areas to include stairwells 

Make Lobby stairwell the up stairwell 

Make Alley stairwell the down stairwell 

Meetings in supervisory offices only with no more than 2 people 

No mask required as long as staff is alone 

Social distancing still required 

ll.1111CFTC 
Reoccupying Phases 

Phase 1 

(union 

negotiations 

nearly 

complete) 

Phase 2 

Phase 3 

Phase 4 

Normal 

Operations 

Timeline 

Estimated 

April 2021 

Estimated 

Late Spring/ 

Summer 

2021 

TBD 

TBD 

TBD 

Attendance 

Requirements 

Entirely voluntary 

(i.e., with very 

limited exceptions, 

no one is required or 

even encouraged to 

report to the office) 

Voluntary; 

execs/supervisors 

encouraged in 

person if able based 

on personal 

circumstances 

Voluntary; all 

encouraged if able 

based on personal 

circumstances 

Mandatory for all but 

those who selfidentify as high-risk 

Mandatory 

Max Percentage 

of Employees in 

Office 

10% (20% KC) 

30% 

75% 

90% 

100% 

Telework 

Parameters 

Maximum 

telework 

flexibilities 

Maximum 

telework 

flexibilities 

Maximum 

telework 

flexibilities 

Telework 

pursuant to CBA 

terms for al I but 

self-identified 

high-risk 

employees 

Telework 

pursuant to CBA 

terms only 

Format/Days 

in Office 

Self-selected 

dates, as long 

as social 

distancing 

possible on 

floor 

Self-selected 

dates, as long 

as social 

distancing 

possible on 

floor 

TBD 

TBD 

All 
ll.1fil 

CFTC 

Commodity Futures Trading Commission 

Transition Briefing Book 

November 2020 

Section 2 - Division & Office Summaries 
OFFICE OF LEGISLATIVE ANO IKTERG0VERNMENTAL AFFAIRS 

Overview of Operations and Mission 

The Office of Legislative and Intergovernmental Affairs (OLIA) at the Commodity Futures 

Trading Commission (CFTC) is the chief advisor to the Chainnan of the CFTC on matters before 

the United States Congress and serves as the Commission's official liaison with Members of 

Congress, federal agencies, and the Administration. 

OLIA provides counsel and professional support to the Chainnan and Commission with the goal 

of building and maintaining relationships with Members of Congress and their staffs and in doing 

so, fmthering the goals and agenda of the Chairman and the Commission. OLIA develops and 

executes legislative strategy on behalf of the Chairman and Commission, manages congressional 

testimony, and works with the various divisions to provide technical assistance on legislation. In 

addition, OLIA represents the interests of the CFTC with other federal agencies and the 

Administration and also serves as a liaison to CFfC stakeholders on a variety of CFfC related 

matters. 

Congressional hearings 

 OLIA manages the hearing process for the Chairman and CFTC witnesses who are 

invited to testify before Congressional committees. Commissioners generally handle 

their own hearing preparation. 

Congressional correspondence 

 OLIA works with the Chairman's office and staff in the Divisions to draft appropriate 

responses to Congressional inquiries. This can include constituent requests. 

CFTC Staff technical assistance for Congressional offlces 

 OLIA is the point of contact for Congressional offices seeking technical assistance 

related to: 

o Legislation. 

 OLIA works closely with the Office of the General Counsel to provide 

legislative technical assistance. 

 Practice of OLIA has been to provide technical assistance regardless of 

whether the legislative effort is supported by the Commission. 

• Priority is accorded to the Agriculture and Appropriations Committees, 

then to other Committees, then to individual Congressional offices. 

o Responses to non-routine information requests regarding the agency - often 

related to Commission-related budget actions. 

2 
Annual Appropriations Process: 

• OLIA works closely with the Division of Administration·s Budget Office on fiscal year 

budget matters throughout the year, including transmission of the budget to 0MB and 

Congress and the congressional appropriations process. 

OLIA oversight responsibilities: 

• Commission nominations. 

o Practice has been for the White House to hand off nominees to OLIA for purposes 

of navigating the Senate full confirmation process. 

• OLIA is lead on managing interagency matters as they pertain to Congress. 

• OLIA Director has served as the Designated Federal Officer for the Agricultural 

Advisory Committee. 

• OLIA serves as the point of contact (along with the Office of General Counsel) for the 

General Accounting Office. 

• OLIA is the primary point of contact for the Congressional Budget Office. 

• OLIA transmits Congressionally mandated annual reports to Congress. 

Structure 

 Summer Mersinger is the Director of OLIA. Ann Wright is Deputy Director of OLIA. 

Darryl Blakey is Associate Director of OLIA. Natasha Coates. Deputy General Counsel 

and her team in the Office of General Counsel provide technical and legal suppott to 

OLA OLA reports directly to the "Office of the Chairman." 

 Summer Mersinger and Darryl Blakey are both Schedule C appointments. Ann Wright is 

career staff 

Priorities 

(b)(5) 

Key Risks 

(b)(5) 

Emerging/Significant Issues 

3 
(b)(5) 

Congressional Actors of note (subject to change based on election) 

Appropriations 1 

Subcommittee on Agriculture, Rural Development, FDA and Related Agencies of the House 

Committee on Appropriations 

Chainnan: Sanford Bishop Jr. (D - Georgia, 2nd Congressional District) 

Key Staff: Martha Foley 

Ranking Republican: Jeff Fortenberry (R -Nebraska, 1 '1 District) 

Key Stci[f.' Tom O'Brien 

Subcommittee on Financial Services and General Government of the Senate Committee on 

Appropriations 

Chainnan: John Kennedy (R - Louisiana) 

Key Staff: Andrew Newton 

Ranking Democrat: Christopher Coons (D - Delaware) 

Key Stci[f.' Ellen Murray, Reeves Hart 

Authorizers - Agriculture Committees 

House Committee on Agriculture 

Chainnan: Rep. Collin C. Peterson (D - Minnesota, 7th Congressional District) 

Key Staff: Ashley Smith, Carlton Bridgeforth, Emily German 

Ranking Member: Rep. Michael Conaway (R - Texas, 11 th Congressional District) 

Key Ste\[(.· Paul Balzano 

Subcommittee on Commodity Exchanges, Energy and Credit 

Chairman: Rep. David Scott (D - Georgia, 13111 Congressional District) 

Kev Staff-Ashley Smith 

1 Among the things that mak.: the CFTC unigue is that it is the only agency in government that falls under one 

subcommillee'~ jurisdiction in !Io use Appropriations (Agriculture) and a different subcummillec's jurisdiction in 

Senate Appropriatiom (Financial Services). Thus. it appears in the Financial Services and General Government 

Appropriations Bill in odd number years and in the Agricullurc. Rural Development. Food and Drug Administration 

and Related Agencies Appropriations Bill in even number years. It is abo the only federal financial regulator not 

self-funded or funded through fees. 

4 
Rankin!!: Rep. Austin Scott (R - Georgia 8111 Congressional District) 

Key Staff: Paul Bal:zano, Craig Anderson 

Senate Committee on Agriculture, Nutrition and Forestry 

Chainnan: Senator Pat Robe11s (R-Kansas) Retiring 

Key Staff: Darin Curies, Andrew Rezendes, General Counsel, James Glueck, COS 

Ranking: Senator Debbie Stabenow (D-Michigan) 

Key Staff: Joe Schultz, ShtffDirector; Mary Beth Schultz, General Counsel; 

Susan Keith, prrd"essimwl suiff 

Other Congressional Committees and Staff 

Though the Agriculture Committees have direct jurisdiction over the CFfC, the Commodity 

Exchange Act, and any related matter, the House Financial Services and Senate Banking 

Committees have become increasingly interested in CFTC policies over the years. 

House Committee on Financial Services 

Chainnan: Rep. Maxine Waters (D - California, 43rd Congressional District) 

Ke_...,- Staff: Katlynn Bradley, Kristofor Erickson, Lisa Peto 

Ranking: Rep. Patrick McHenry (R - North Carolina, 10th Congressional District) 

Key Stci[f: Stephen Cote 

Senate Committee on Bankin!! Housin!! and Urban Affairs 

Chairman: Senator Michael Crapo (R-ldaho) 

Ranking: Senator Sherrod Brown (D-Ohio) 

Ke_...,- Staff: Elisha Tuku 

House Committee on Oversight and Reform 

Chairman: Rep. Carolyn Maloney (D-NY IZ111 District) 

Key Staff: Christina Aizcorbe 

Ranking: Rep. James Comer ( R-KY 1 't District) 

Senate Committee on Homeland Security and Governmental Affairs 

Chainnan: Sen. Ron Johnson (R-Wisconsin) 

Key Staff: Michael Lueptow 

Ranking: Sen. Gary Peters (D-Michigan) 

Key Ste\[(: David Weinberg, Alan Kahn 

5 
Frequent Congressional Correspondents: 

Senate 

Debbie Stabenow (D-MI) Pat Roberts (R- KS)(retiring) 

Sherrod Brown (D-OH) John Boozman (R-AR) 

Tina Smith (D-MN) Chuck Grassley (R-IA) 

Dick Durbin (D-IL) Richard Shelby (R-AL) 

Amy Klobuchar (D-MN) Jerry Moran (R-KS) 

Christopher Coons (D-DE) John Kennedy (R-LA) 

Elizabeth Warren (D-MA) Mike Crapo (R-ID) 

Ron Wyden (D-OR) 

Jeff Merkley (D-OR) 

Jack Reed (D-RI) 

Sheldon Whitehouse (D-RI) 

House 

Collin Peterson (D-MN)(lost seat) Mike Conaway ( R-TX) retiring 

David Scott (D-GA) Austin Scott ( R-GA) 

Sanford Bishop (D-GA) 

Daren Soto (D-FL) 

Maxine Waters (D-CA) 

Issues of Interest to Hill 

 Funding 

 RINS Markets/EPA MOU 

 Aluminum 

 Cybersecurity 

 FinTech/LabCFfC/virtual currencies regulatory oversight 

 Automated/High-Frequency/Electronic Trading 

 Position Limits and Bona Fide Hedge Exemptions 

 End-User related concerns 

 International Engagements 

 Impact of Brexit 

 Enforcement Matters 

o "Bad Actor" Waivers 

 Data and Transparency-related matters 

 Harmonization - International and Domestic 

 Cost-Benefit Analysis 

 Whistleblower Office - general operations and use of resources 

 Live Cattle Futures 

6 
116th Congress Legislation: (Based on staff resource allocation) 

H.R. 4895 and House Report 116-313 

Reported to House (11/26/2019)( unanimous support)( No action taken in the Senate) 

CFTC Reauthorization Act of 2019 

This bill reauthorizes through FY2025 the Commodity Futures Trading Commission (CFTC) and 

generally revises provisions related to the CFTC. Among other things, the bill 

• exempts certain companies from the mandatory swaps clearing requirements if they have 

less than $10 million in assets, 

• provides for the regulation of digital commodities, 

• exempts certain charitable organizations from commodity trading advisor and commodity 

pool operator registration requirements, 

• provides that the CFfC's authority to enforce prohibitions regarding fraud and other 

disruptive trading practices applies to foreign activities, 

• eliminates the double-sided confirmation requirement for swap data repositories, and 

• expands whistleblower protections. 

H.J. Res. 31-152. Making consolidated appropriations for the fiscal year ending September 30, 

2019. Title V, Independent Agencies, Commodity Futures Trading Commission: For necessary 

expenses to carry out the provisions of the Commodity Exchange Act (7 U.S.C. I et seq.), 

including the purchase and hire of passenger motor vehicles, and the rental of space (to 

include multiple year leases). in the District of Columbia and elsewhere. $268,000,000, including 

not to exceed $3,000 for official reception and representation expenses, and not to exceed 

$25,000 for the expenses for consultations and meetings hosted by the Commission with foreign 

governmental and other regulatory officials, of which not less than $50,000,000, to remain 

available until September 30, 2020. shall be for the purchase of information technology 

and of which not less than $3,000.000 shall be for expenses of the Office of the Inspector 

General. 

H.R. 1406. Aluminum Pricing Examination Act or APEX Act: Introduced by Rep. Al Lawson 

(D-FL) and Rep. Buck (R-CO). A bill to extend the jurisdiction of the Commodity Futures 

Trading Commission to include the setting of reference prices for aluminum premiums, and for 

other purposes. Referred to the Ag Committee's, subcommittee on Commodity Exchanges, 

Energy and Credit. 

H.R. 8373, The Digital Commodity Exchange Act: Introduced by Ranking Member of the 

Agriculture Committee, Michael Conaway. A bill to fill in the regulatory gaps that exist between 

the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange 

Commission (SEC) in digital asset markets. It creates a framework to regulate trading venues which 

list emerging digital commodities, such as Bitcoin, Ether, their forks, and other similar digital assets, 

for public trading. Additionally, it provides a regulated process for presold digital commodities to 

become publicly available for trading, without enhancing protections for retail consumers of digital 

commodities. CFTC provided review and Technical Assistance on this bill. 

7 
Senate Agriculture Committee 

Republicans Denwcrats 

1. Pat Roberts, KS(retiring) 1. Debbie Stabenow, MI * 

2. Mitch McConnell, KY 2. Patrick Leahy, VT 

3. John Boozman, AR* 3. Sherrod Brown, OH* 

4. John Hoeven, ND 4. Amy Klobuchar, MN 

5. Joni Ernst, IA 5. Michael Bennet, CO 

6. Cindy Hyde-Smith, MS 6. Kirsten Gillibrand, NY 

7. Mike Braun, IN 7. Robert P. Casey, Jr, PA 

8. David Perdue, GA 8. Tina Smith, MN * 

9. Charles Grassley, IA * 9. Richard Durbin, IL* 

10. John Thune, SD * 

1 t. Deb Fischer, NB* 

*Most Active 

Senate Appropriations Committee 

Chair: Senator Richard Shelby, AL 

Ranking Member: Senator Patrick Leahy 

Financial Services and General Government Appropriations Subcommittee 

Appropriations Subcommittee 

Republicans Denwcrats 

1. John Kennedy, LA t. Christopher Coons, DE 

2. Jerry Moran, KS 2. Richard Durbin, IL 

3. John Boozman, AR 3. Joe Manchin, WV 

4. Steve Daines, MT 4. Chris Van Hollen, MD 

5. James Lankford, OK 

House Committee on Agriculture 

Denwcrats 

Collin C. Peterson, MN, Chairman Jahana Hayes, CN 

David Scott, GA Antonio Delgado, NY 

Jim Costa, CA TJ Cox. CA 

Marcia Fmke, OH Angie Craig, MN 

Jim McGovern, MA Anthony Brindisi, NY 

Filemon Vela, TX Josh Harder, CA 

Stacey Plaskett, V.I. Kim Schrier, WA 

Alma Adams, NC, Vice Chair Chellie Pin~ree, ME 

Abigail Spanberger, VA Cheri Bustos, IL 

8 
Sean Patrick Maloney, NY 

Salud Carbajal, CA 

Al Lawson, FL 

Tom O'Halleran, AZ 

J irnrny Panetta, CA 

Ann Kirkpatrick, AZ 

Cindy Axne, IA 

Rep. Xochitl To1Tes Small. NM 

Republicans 

K. Michael Conaway, TX, Ranking Member 

Glenn 'GT' Thompson, PA, 

Austin Scott, GA 

Rick Crawford, AR 

Scott DesJarlais, TN 

Vicky Hartzler, MO 

Dou~ LaMalfa, CA 

Rodney Davis, IL 

Ted Yoho. FL 

Rick Allen, GA 

Mike Bost, IL 

David Rouzer, NC 

Ralph Abraham, LA 

Trent Kelly. MS 

James Comer, KY 

Roger Marshall, KS 

Don Bacon, NB 

Neal Dunn, FL 

Dusty Johnson, SD 

J irn Baird, IN 

Jim Hagedorn, MN 

Chris Jacobs, NY 

Troy Balderson, OH 

9 
Subcommittee on Commodity Exchanges, Energy, and Credit 

Democrats 

Chainnan David Scott, GA 

Filemon Vela, TX 

Stacey Plaskett, U.S. Virgin Islands 

Abigail Spanberger, VA 

Antonio Delgado, NY 

Angie Craig, MN 

Sean Patrick Maloney. NY 

Ann Kirkpatrick, AZ 

Cindy Axne, IA 

Republicans 

Ranking Member Austin Scott, GA 

Rick Crawford, AR 

Mike Bost. IL 

David Rouzer. NC 

Roger Marshall, KS 

Neal Dunn, FL 

Dusty Johnson, SD 

Jim Baird. IN 

House Committee on Appropriations 

Chairwoman, Nita Lowey ( D-NY) 

Ranking Member. Kay Granger ( R-TX) 

Agriculture, Rural Development, Food and Drug Administration, 

Democrats 

Sanford Bishop Jr., Chairman 

Clerk: Martha Foley 

Rosa DeLauro, CT 

Chellie Pingree. ME 

Mark Pocan. WI 

Barbara Lee, TX 

Betty McCollum, MN 

Henry Cuellar, TX 

and Related Agencies 

Republicans 

Jeff Fortenberry, Ranking Member, NE 

Clerk: Tom O'Brien 

Robert Aderholt, AL 

Andy Harris, MD 

John Moolenaar. MI 

10 
Committees at a Glance 

House Committee on Agriculture 

Collin C. Peterson 

Chairman 

D-1\11\-7 

David Scott Jim Costa \tarcia L. Fudge 

GA-13 CA-H, OH-11 

Alma Adams Ahigail Spanherger Jahana Hayes 

l\C-12 

Anthon~' Brindisi 

NY-22 

Sean Patrick Malone)' 

l\Y-18 

.. 

II'• 

Cindy Axne 

IA-3 

VA-7 

Jeff' Van Drew 

NJ-2 

Salud Carbajal 

CA-24 

l'T-5 

.Josh Harder 

CA-10 

Al Law~on 

FL-5 

K . .\'lichael Conaway 

Ranking Member 

R-TX-11 

Jim \fr(;overn Filemon Vela 

MA-2 TX-34 

Antonio Delgado T.J Cm, 

NY-19 CA- 21 

Kim Schrier Chellie Pingree 

\VA-8 ME-1 

Tom O'Halleran Jimmy Panetta 

AZ-1 CA-20 

Stacey Plaskett 

VI- Al Large 

Angie Craig 

Ml\-2 

Cheri Bustos 

IL-17 

Ann Kirkpatrick 

AZ-2 

11 
Glenn Thompson 

PA-15 

Rodne) Da,·is 

IL-13 

Trent Kell); 

:\IS-I 

Jim Baird 

IN-4 

Austin Scott 

GA-8 

Ted Yoho 

FL-3 

.James Comer 

KY-I 

Jim Hagedorn 

:\.l:'11- I 

Rick Crawford 

AK-I 

Rick W. Allen 

GA-12 

Roger Marshall 

KS-I 

Scott Des.Jarlais 

T!'.-4 

Mike Bost 

IL-12 

Don Bacon 

!'.E-2 

Vick)' Hartzler 

M0-4 

David Rouzer 

NC-7 

!'.eal Dunn 

FL-2 

Doug LaMalfa 

CA-I 

Ralph 

It.. 

Abraham 

LA-5 

Dust)' Johnson 

SD- At Large 

12 
Senate Committee on Agriculture, Nutrition, & Forestry 

Ma.ioritv 

• Mitch :\lcConncll 

R-KY 

.\'like Braun 

R-11\ 

Minority 

Patrick Leahy 

D-VT 

Rohert Ca,ey, .Jr. 

D-l'A 

Pat Roberts, R-KS 

Chairman 

.John BooLman 

R-AR 

El A 

David Perdue 

R-C;A 

Sherrod ~ Brown 

D-OH 

Tina Smith 

D-MN 

Debbie Stabenow, D-MI 

Ranking-Member 

.John Hoeven Joni Ernst 

R-1\D R-IA 

Charles Grassle); .John Thune 

R-IA R-SD 

Amy Klobuchar Michael Bennet 

D-MN D-CO 

Richard Durbin 

D-IL 

Cindy HydeSmith R-MS 

Deb Fischer 

R-'.'IIE 

Kirsten Gillihrand 

D-'.'IIY 

13 
•• 

Senate Appropriations - Financial Services and General Government 

Subcommittee 

.John Kennedy, R-LA 

Chairman 

Majority 

.Jerry .\foran .John Boozman 

R-KS R-AR 

Minority 

..• ,.,.,,., 

... .. ' itt ' 

•· l .. ' 

I , \ '1. 

Richard Durbin .Joe \lanchin 

D-IL D-WV 

Christopher Coons, D-DE 

Ranking Member 

Steve Daines .James Lankford 

R-MT R-OK 

Chris Van Hollen 

D-:\.ID 

14 
House Appropriations - Agriculture, Rural Development, Food and Drug Administration, 

and Related Agencies Subcommittee 

Majority 

Sanford Bishop, Jr.,D-GA 

Chairman 

Jeff Fortenberry, R-NE 

Rankin~ Member 

Rosa DeLauro 

D-CT 

Chellie Pingree 

D-ME 

Mark Pocan 

D-\.VI 

Barbara Lee 

D-CA 

Betl)' McCollum 

D-MN 

Henry Cuellar 

D-TX 

Andy Harri~ 

Robert Aderholt R-MD .John Moolenaar 

R-AL R-MI 

15 
OFFICE OF PUBLIC AFFAIRS 

Mission and Operations 

As the primary public-facing office of the CFTC. the Office of Public Affairs (OPA) provides 

honest, timely and useful information across all communication platforms in order to serve 

internal and external stakeholders in all sectors to accomplish and facilitate the Commission's 

mission. OPA proactively conducts outreach and creates messages designed to raise awareness 

of the CFTC brand in order to promote public trust and to support the agency's customer 

education mandate. 0PA is a component office of the Office of the Chairman. 

Structure 

OPA consists of two branches. Public Affairs Branch and Digital Engagement Branch. which are 

both overseen by the Director and Deputy Director. The Deputy Director is primarily responsible 

for overseeing the day-to-day execution of the Office's responsibilities and serving as a senior 

spokesperson, while the Director serves as the agency"s top communications and brand strategist 

as well as a counselor to the Chairman. 

As a whole, 0PA promotes public and media awareness of the CFTC and its principal activities 

as well as public and media awareness of CFfC' s customer education and outreach initiatives. 

Public Affairs Branch is responsible for planning, coordinating, and directing media relations 

and programmatic strategies that promote the understanding of the mission and contributions of 

the CFfC. Digital Engagement Branch ensures the CFTC's digital presence continues to suppott 

the agency's mission. including support for the agency's customer education mandate. 

The current 0PA structure is outlined in the following chart, however, it is in the process of 

being fmther refined to provide a more optimal structure to support the Commission's mission. 

16 
Otiice of Public ,-\ffairs 

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11 25 :-:-:--:, 

Public Affairs Branch 

Public Affairs Branch consists of two public affairs specialists. a press assistant. and a fourth 

vacant position overseen by an incumbent Associate Director. Public Affairs Branch is primarily 

responsible for the agency's media relations functions, coordination with other internal and 

external stakeholders. as well as marketing and event planning/support. 

Digital Engagement Branch 

The digital engagement branch consists of two primary workstreams overseen by an Associate 

Director: I) web content management; and 2) digital content development. Web content 

management is primarily responsible for the operational, organizational, and developer 

requirements of cftc.gov and the agency's other web properties (whistleblower.gov, and 

potentially a co-branded investor.gov partnership with the SEC). The digital content 

development branch is primarily responsible for the production of graphics. videos. and other 

digital content resources. It is the most under-resourced/staffed area of the organization. 

Changes to Customer Education and Outreach 

17 
The Office of Customer Education and Outreach (OCEO) was relocated from OPA to MPD 

pursuant to the November 8, 2020 agency reorganization. Neve11heless, because customer 

education and outreach is inherently public-facing, OPA will necessarily remain involved in 

many of these activities. The primary focal point for coordination between OPA and MPD on 

customer education and outreach initiatives is through OP A's Public Affairs Strategist and 

Advisor to the Director. 

Due to the overlap between OP A's responsibilities and the CFTCs customer education mandate, 

the agency is in the process of developing an interagency agreement (IA) to ensure the CPF 

covers expenses incurred by OPA staff in support of the mandate. This IA will cover three 

positions: 1) the aforementioned incumbent Public Affairs Strategist and Advisor to the Director; 

2) a vacant public affairs specialist position with primary responsibilities for OCEO, 

Whistleblower Office (WBO), and enforcement matters; and 3) an incumbent digital consumer 

content specialist. 

Priorities 

(b)(5) 

Emerging/Critical Issues 

See key risks #2 below. 

Key Risks 

(b)(5) 

18 
OFFICE OF MINORITY AND WOMEN INCLUSION 

Overview of Division Operations and Mission 

The Office of Minority and Women Inclusion (OMWI) prevents unlawful employment 

discrimination, adjudicates complaints of discrimination fairly and efficiently, and advances 

diversity and inclusion efforts at the Commodities Futures Trading Commission (CFTC) 

workplace through the administration of three programs. 

• The Equal Employment Opportunity Program, as defined in 29 C.F.R. § 1614, 

covers all CFTC employees and applicants for employment. Through this program, 

OMWI ensures the fair. efficient and accurate adjudication of EEO complaints, 

applies alternative dispute resolution (ADR) techniques to support resolution of issues 

at the earliest stage possible, and meets the EEO reporting requirements defined by 

the Equal Employment Opportunity Commission (EEOC) and the Notification and 

Federal Employee Antidiscrimination and Retaliation (No FEAR) Act. 

• The Diversity Program analyzes workforce data to identify and eliminate any 

potential barriers to equal opportunity, provides civil rights training. and evaluates the 

CFfC EEO Program against the "Model EEO Program," which is defined in the 

EEOC's Management Directive 715 (MD-715). 

• The Special Emphasis Program assists the CFfC in promoting and fostering a 

diverse and inclusive workplace that celebrates diversity. By chartering and engaging 

six Affinity Groups, OMWI helps to raise employee awareness of the importance of 

diversity and inclusion and demonstrate the agency's commitment to a model EEO 

workplace and supports the CFTC's mission to promote workplace diversity. The 

CFfC' s affinity groups are: 

o The Association of African Americans 

o Latino/Hispanic Employee Association 

o Veterans Affinity Group 

o Women at Work 

o CFfC Pride 

o Association of Asian Americans and Pacific Islanders 

OMWI advances the mission of the CFfC by: 

• Sustaining confidence in EEO and diversity programs that are accessible to everyone; 

• Being a proactive resource that is neutral and transparent: and 

• Having a visible presence throughout the CFTC and the community. 

Civil Rights Responsibility of the Agency Head. In compliance with 29 C.F.R. S 1614 and 

EEOC regulations, the CFfC Chair. as the Agency Head. has the following EEO 

responsibilities: 

• Issue an EEO policy and anti-harassment statement within 6-months of appointment 

and annually thereafter. 

• Appoint Resolving Officials to settle EEO matters, as needed. 

19 
• Sign, or appoint designee to sign, the annual EEOC MD-715 Repott. 

It is also recommended that the Agency Head visibly engage with promoting agency-wide 

diversity, equity, and inclusion initiatives as this issue is of importance to internal and 

external stakeholders. The Agency Head should make sure to attend observance events, 

provide introductory remarks for observance events whenever possible, and encourage other 

staff to attend them. The Agency Head should also make themselves available to listen to 

concerns raised by employees regarding the agency's approach to diversity, equity and 

inclusion, and to respond to those concerns with strategic, visible, high-level action and clear 

communications. 

The Agency Head should also make sure to consider the diversity of their staff when making 

hiring decisions and appointments, particularly in regards to racial, ethnic, and gender 

diversity in the highest-graded, mission critical, visible leadership positions. This includes 

the diversity of the Agency's head's own staff and of the staff of other political appointees at 

the agency. 

EEO Complaint Trends. OMWI receives 5-6 inquiries per month regarding EEO-related 

matters and potential workplace conflicts. OMWI meets with employees with EEO and 

workplace conflict concerns and engages the EEO complaint process when appropriate. In 

Fiscal Year 2020 (FY20), OMWI managed a total of9 cases at various stages in the EEO 

complaint process. 

Conw!aint Activity: 

• Issues. The top issues raised in FY20 were performance evaluation appraisal (20°/41), 

non-sexual harassment (40%), promotion/non-selection (20%), and reassignment 

(20%). 

• Bases. The top bases alleged (as measured by the percentage of complaints including 

the basis) were Reprisal (22.2%), Race (22.2%), Age (33.3%), and Sex (22.2%). 

• Complaint Processing. OMWI continues to meet 100% of EEOC processing times 

established by 29 CFR 1614 for counseling, alternate dispute resolution, investigation 

and complaint closure. 

• Cost of Complaint Processing. The average cost for counseling was $2,000, and the 

average cost for investigations was $3,500, for a total of $5,500 per case. Counseling, 

investigation and mediation services are provided on a contract basis as needed. 

Diversity Trends. A review of the CFTC' s FY 19 employment data indicates that the CFTC's 

workforce reflects the diversity of the relevant civilian labor force (RCLF) in some respects. For 

example: 

• 42.16% of the total CFTC workforce are female compared to 40.6% of the RCLF; 

• 5.18% of the total CFTC workforce are Black males compared to 4.5% of the RCLF; 

• 10.94% of the total CFTC workforce are Black females compared to 6.8% of the RCLF; 

• 5.4 7% of the total CFTC workforce are Asian males compared to 4.8% of the RCLF; 

• 4.89% of the total CFTC workforce are Asian females compared to 3.6% of the RCLF. 

20 
Neve11heless, analysis revealed three "triggers,'' which are defined as categories in which the 

workforce demographics do not meet what would be expected when compared to the RCLF: 

Trigger 1 - Participation of Hispanic or Latino male and female employees. Hispanic or 

Latino males patticipate at 1.49% in the permanent workforce as compared to a RCLF of 3.4°/41. 

Hispanic or Latina females participate at 1.19% in the permanent workforce as compared to a 

RCLF of 3.1 %. 

Trigger 2 - Lower than expected representation of females overall as well as racial and 

ethnic minorities overall in senior-level permanent positions. The participation rate for 

females in CT16+ permanent positions is 35% which is below the RCLF of 41 %. Furthermore. 

only 19% of individuals in CT 16+ permanent positions are racial and ethnic minorities compared 

to their representation in the RCLF at 27%. In contrast, there is a higher than expected 

representation of White males in permanent senior level positions: 54% of individuals in 16+ 

positions are White males compared to their representation in the RCLF of 46%. The largest gap 

between representation in CT16+ permanent positions and the RCLF exists for Hispanic 

employees: 0% ofCT16+ permanent positions are filled by Hispanic employees, despite their 

representation in the RCLF at 6.5%. 

Trigger 3 - Participation Below Goal for People with Disabilities (PWD) and People with 

Targeted Disabilities (PWTD). In FYI 9, the 12% participation rate goal for PWD was not met 

for grades CTIO and below nor for grades CTI land above; instead, the participation rates were 

5.26% and 4.76% respectively. The 2% participation rate goal for PWTD was not met for grades 

CTI 1 and above and was instead .46%. Positively, the 2% participation rate goal for PWTD was 

met for grades CT-10 and below and the patticipation rate of PWD increased in FY 19 for both 

grade level clusters. 

Inclusion Trends: Perception of Fairness Remains a Challenge. The New Inclusion Quotient 

is a factor analysis of22 Employee Viewpoint Survey (EVS) questions grouped into five 

behaviors (fair, open, cooperative, supportive, and empowering environment) with a high degree 

of correlation with inclusion in the workplace. Consistent with the Federal Government, the 

CFfC scored lowest in the fairness category in FY14 (34%). FY15 (37%). FY16 (42%) FY17 

( 42%), FY 18 ( 40%), and FY 19 (40%). While these scores do not necessarily mean Federal or 

CFfC managers are unfair, the scores suggest employees perceive the organizational 

environment of some Federal agencies has an opportunity to improve in this category. 

FY2019 New Inclusion Quotient {New IQ) 

New IQ Fair Open Cooperative Supportive Empowering 

CFTC 56 40 55 48 82 53 

Small Agencies 63 52 61 57 82 61 

21 
Structure 

OMWI has three full-time permanent positions. OMWI hopes to fill a Senior EEO specialist 

position in FY2 l. 

• Sarah Summerville, OMWI Director (CT-0260/15), serves as the CFTC's Principal EEO 

Officer and leading authority on EEO matters. The duties of the EEO officer. the 

independent/neutral nature of the position, the authorities vested in the position, and the 

agency EEO program requirements are described in 29 C.F.R. § 1614.102. The OMWI 

Director reports directly to the CFTC Chair, as required by this provision. 

• Sarah Pauly, EEO Specialist (Diversity Manager) (CT-0260/14), serves as the CFTC's 

diversity manager and EEO expert responsible for EEOC Management Directive 715 (MD715). Responsibilities include annual analysis of the CFfCs workforce demographic data 

by age, race, sex. ethnicity, disability and other EEO protected bases for triggers, 

identification of potential barriers to equal employment opportunity at the CFTC, EEO 

compliance reviews, diversity and inclusion-related trainings, and general suppott on 

EEO/diversity matters. 

• Derrick Wilson, Diversity and Inclusion Specialist (CT-0260/12), serves as special emphasis 

program manager and implements proactive diversity and inclusion programs. 

• Darlene Thompson, EEO Complaints Manager (Contractor). serves as the EEO Program 

Manager for EEO requirements as described in 29 C.F.R. § 1614.102. 

Priorities 

(b)(5) 

22 
b)(5) 

Key Risks 

(b)(5) 

Emerging/Significant Issnes 

(b)(5) 

23 
Division of Clearing and Risk 

Mission and Operations 

DCR"s mission is to enable the Commodity Futures Trading Commission (Commission or 

CFTC) to meet its statutory responsibility to ensure the financial integrity of all transactions 

subject to the Commodity Exchange Act (CEA) and the avoidance of systemic risk in the 

derivatives markets. To that end, DCR oversees ( 1) derivatives clearing organizations (DCOs). 

DCO clearing members, other market participants that may pose risk to the clearing process, and 

(2) the clearing of swaps, futures, and options on futures, in compliance with the CEA and 

Commission regulations. 

DCR is responsible for the supervision and financial and risk surveillance of DCOs. DCR is also 

responsible for the risk surveillance of futures commission merchants (FCMs) that are clearing 

members, non-FCM clearing members, and other market participants that may pose risk to the 

clearing process including swap dealers and large traders. Finally, DCR is responsible for the 

oversight of positions in futures, options on futures, and swaps that are cleared by DCOs. 

For recent budget cycles. DCR has been an area of focus for increasing resources. In addition, as 

a result of a recent agency reorganization, DCR is getting more headcount for its examination 

function. 

Industry Background 

The CEA requires a DCO to register with the Commission if it wants to clear futures or 

swaps. There are currently 16 registered DCOs. Of these, two have been designated as 

systemically important financial market utilities (DFMUs) by the Financial Stability Oversight 

Council (FSOC). pursuant to Title VIII of the Dodd-Frank Act. They are Chicago Mercantile 

Exchange Inc. (CME) and ICE Clear Credit LLC (ICE Clear Credit). Commission regulations 

define these entities as SIDCOs (Systemically Important Designated Clearing Organizations). 

DCR staff also considers two U.K.-based registered DCOs to be systemically important even 

though they have not been designated as such by FSOC. They are LCH Ltd and ICE Clear 

Europe. 

Structure 

DCR is composed of four program branches-Clearing Policy, Examinations, Risk Surveillance, 

and International and Domestic Clearing Initiatives, along with a chief counsel. They are 

responsible for: 

• Preparing regulations. orders. guidelines. and other regulatory work product on issues 

pertaining to DCOs, including the protection of customers in the bankruptcy or 

insolvency of an FCM or DCO: 

24 
• Reviewing DCO applications for registration, petitions for regulatory relief or exemption, 

and rule submissions, and making recommendations to the Commission regarding such 

matters; 

• Reviewing DCO recovery plans and wind-down plans for consistency with Commission 

regulations and engaging with the FDIC and other financial regulators, both domestically 

and internationally, regarding planning for the potential resolution of a DCO: 

• Conducting risk assessments on an annual basis to determine which DCOs to examine 

and the topics that should be included in the risk-based examination; 

• Examination of DCOs for compliance with all relevant requirements of the CEA and 

Commission regulations, including examining each systemically impmtant DCO 

(SIDCO) at least once a year; 

• Coordination of meetings with DCOs to discuss changes in business lines, changes in 

technology, and other key performance metrics that feed into the risk assessment 

perfonned by the Examinations Branch. These meetings are often attended by other 

regulators such as the Board of Governors of the Federal Reserve (Federal Reserve) or 

the Securities and Exchange Commission (SEC); 

• Reviewing DCO reporting to ensure compliance with CFTC regulations: 

• Analyzing notifications regarding hardware or software malfunctions, cyber-security 

intrusions, or threats that have or may have a material impact on clearing; 

• Reviewing market data and making recommendations to the Commission regarding 

which types of swaps might be considered for required clearing; 

• Making recommendations to the Commission regarding the initial eligibility or 

continuing qualification of a DCO to clear swaps; 

• Responding to requests from market participants for relief from the clearing requirement; 

• Analyzing margin models of DCOs to assess any proposed changes as well as on an 

ongoing basis. In the case of SIDCOs, the Federal Reserve pa11icipates in the review of 

changes to margin models. 

• Conducting daily risk surveillance by identifying, quantifying, and monitoring the risks 

posed by and to DCOs, clearing members, and their clients. 

• Conducting supervisory stress tests of CCPs to assess their ability to absorb large shocks. 

In addition to CFfC-specific exercises, staff also collaborates with the Federal Reserve, 

SEC, and the Bank of England. 

In addition, DCR staff participates in, and in some cases leads, several domestic and 

international regulatory initiatives to establish standards affecting clearinghouses and their 

participants and to coordinate and harmonize regulatory activities. 

Key Risks Facing DCOs and Priorities for DCR 

(b)(5) 

25 
(b)(5) 

Key Regulatory Rulemakings 

The following rulemaking projects are in various stages of development. These rulemaking 

projects reflect coordination by and input from multiple branches within DCR. 

• Clearing Exemption for International Financial Inslilulions, Central Banks, Sovereign 

Entities, Smail Bank Holding Companies, Smail Savings and Loan Holding Companies, 

and Community Development Financial Institutions - Final Rule 

In May 2020, the Commission unanimously adopted a proposed rulemaking to codify existing 

Commission policy and staff no-action relief from compliance with the Commission's Part 50 

clearing requirement for swaps entered into by certain entities. Under existing practice, these 

entities may elect not to clear swaps subject to the clearing requirement and this rulemaking 

would make the relief permanent. DCR staff is preparing an adopting release for consideration 

by the Commission. 

• Revisions lo Part 190 of the Commission's Regulations - Proposed Rule 

The Commission proposed to revise Part 190, the Commission's bankruptcy regulations. The 

proposed revisions would update Part 190 in a comprehensive manner, in light of the dramatic 

market changes that have occurred since Part 190 was developed, and in light of lessons learned 

from FCM bankruptcies over the past 20+ years. 

29 
MARKET PARTICIPANTS DIVISION 

Overview of Operations and Mission 

Mission Statement 

In the Market Participants Division, we conduct smart, effective, and practical oversight of CFfC 

registrants. We also educate the public about the derivatives markets that the CFfC regulates. 

1. We oversee CFfC registrants that conduct dealing, trading, investment, and advisory 

businesses in our markets, and work closely with self-regulatory organizations in doing so. 

2. We support the CFfC s mission through our world-class Examination. Reporting. 

Guidance. and Rulemaking Programs. 

3. We deliver thoughtful, timely, and accessible educational materials about our markets to a 

worldwide audience through our world-class Education Program. 

4. We are a strong partner with the Division of Enforcement in supporting each other's 

m1ss1on. 

5. Above all else, we serve the American public by regulating the registrants in which clients, 

customers, counterpaities, and investors place their trust and confidence. 

By taking these steps, we help the CFfC promote the integrity, resilience and vibrancy of our 

markets, further the interests of all Americans. encourage innovation. enhance the regulatory 

experience for our registrants, and be tough on those who break the rules. 

Our Values 

Motivated. We always pursue our mission vigorously, with passion. focus and intensity. 

What we do is important, and we take it seriously. 

Prepared. We always deliver, no matter what challenges face us. We hit our marks on time, 

and we always get it right. 

Dependable. We are always faithful to our mission of overseeing market participants and 

educating the public through our world-class programs. 

Our Motto 

"Get Action." 

- Theodore Roosevelt 

MPD Overview 

There are a significant number of registered intermediaries and swap dealers ("SDs") subject to 

CFTC Regulations. As of September 2020 there are 109 SDs, 63futures commission merchants 

(''FCMs"), 1,093introducing brokers (''IBs"), 1.308 commodity pool operators ("CPOs"), 1.834 

31 
commodity trading advisors ("CT As"), and four retail foreign exchange dealers ("RFEDs"). Each 

of these registrants is subject to primary oversight by MPD, as well as the two designated selfregulatory organizations ("DSROs''), the National Futures Association and the Chicago Mercantile 

Exchange. 

Structure 

The Division has 69 FfEs in each of the Commission's four offices and is comprised of four 

branches: (i) Chief Counsel Branch. (ii) Registration and Compliance (''R&C") Branch. 

(iii) Managed Funds and Financial Requirements ("MFFR'') Branch, and (iv) Examinations 

Branch. 

The following pages describe the Division's organization, each Branch's responsibilities, recent 

achievements and future agenda as developed by senior Division leadership. 

MPD Chief Counsel Branch 

The Chief Counsel Branch provides legal counsel, performs legal research, and participates in 

legal policy development in connection with the regulatory oversight of swap and futures market 

intennediaries. 

The Chief Counsel Branch staff develops regulations, orders, and interpretative statements; 

reviews requests for no-action: reviews the work product of other Commission Divisions and 

Offices that pertain to the oversight of swap and futures intermediaries: provides advice to other 

Divisions and Offices regarding issues involving swap and futures intermediaries: and participates 

in cross-divisional working groups to develop regulatory policy with respect to the derivatives 

markets. 

The Chief Counsel Branch prepares draft legislation, regulations, policies, guidelines and other 

regulatory approaches for specific aspects of the Division's oversight programs in coordination 

with the Division senior staff. The Chief Counsel Branch also provides technical guidance 

regarding the regulatory programs of other domestic and foreign financial regulators. conducts 

comparability analysis of foreign regulatory regimes. and participates in the development of 

international standards for swap and futures intermediaries in conjunction with the Office of 

International Affairs. 

Chief Counsel Branch's particular accomplishments over the last 12 months include: 

1. Final rulemaking specifying the cross-border treatment of swap dealer registration 

thresholds and business conduct standards, codifying long-standing cross-border guidance. 

11. Issued 5 orders as part of its longstanding Part 30 exemptive program of international 

cooperation and regulatory deference to the Bombay Stock Exchange. the National Stock 

Exchange International Financial Service Centre Limited, the Montreal Exchange, NZX 

Limited, and UBS AG. 

HI. Extension of Brexit-related no-action relief that permits UK swap dealers to continue to 

rely on previously issued staff no-action relief, Commission comparability determinations 

for the EU, and to transfer swaps entered prior to the compliance dates for the CFTC 

32 
uncleared margin rules and affected by the end of the Brexit transition period to margin 

affiliates without losing their legacy swap status. 

MPD Registration and Compliance Branch 

The Registration and Compliance Branch provides legal and technical counsel and guidance on 

registration and compliance requirements applicable to intermediaries with a particular focus on 

swap dealers, FCMs. introducing brokers, commodity pool operators. commodity trading advisors. 

associated persons. and the Volcker Rule. 2 

R&C provides both day-to-day guidance and strategic counsel in these areas to a variety of 

stakeholders including the Commission, the Division Director. other Commission Divisions and 

Offices. the NF A, registrants, other market participants, and other federal. state and foreign 

agencies. R&C responds to market participants with registration and compliance questions, drafts 

new regulations, assists the Examinations Branch with legal questions, leads the review of CCO 

annual repmts filed by swap dealers and FCMs in coordination with the Examinations Branch, and 

participates in the Vokker Rule working group with the other four financial regulatory agencies. 

R&C also works closely with the data analysis team in the Managed Funds and Financial 

Requirements Branch with respect to the integration of the various data streams received by the 

Commission, including Form CPO-PQR, as they relate to the operations of commodity pool 

operators and their operated commodity pools. 

R&C Branch's particular accomplishments over the last 12 months include: 

1. Proposal and adoption of the Final Rule addressing the cross-border application of swap 

dealer registration and compliance requirements 

11. Proposal and adoption of the Final Rule amending Form CPO-PQR 

Ill. Proposal and adoption of the Final Rule amending Regulation 3.10, which applies to certain 

foreign located persons participating in the U.S. commodity interest markets (with the 

Chief Counsel Branch) 

1v. Adoption of the Final Rule amending Regulation 4.13 to include a prohibition on statutory 

disqualifications 

1v. Implementation of program for review of CCO annual reports for swap dealers and 

FCMs (with the Examinations Branch) 

v. Adoption of Final Rules amending Forms 7-R and 8-R 

v1. Proposal and adoption of Final Rules amending the Vokker Rule in coordination 

with the other Volcker agencies 

R&C Branch's upcoming items for fiscal year 2021 include: 

The staff working on commodity pool operator and commodity trading advisor issu.::s currently r.::side in :\1anag.::d 

Funds and Financial R.::quir.::menb, but th.: day-lo-day ~up.::rvision of their work is com.lucted by R&C. Formal 

reorganiLation of thes.:: staff m.::mbers is pending. 

33 
1. Amendments to Commission regulation 23.600, et seq. 

IL Amendments to Commission regulation 23.400, et seq. (with Chief Counsel staff) 

Ill. Amendments to the floor trader exemption under the swap dealer definition in 

Regulation 1.3 

IV. Annual review of swap dealer and FCM CCO annual reports in coordination with 

the Examinations Branch 

v. Amendments to Regulations 145.5 and 147.7 to reflect recent amendments to 

Form CPO-PQR 

v1. Amendments to Regulation 4.5 to reflect recent Position Limits Final Rule 

MPD Managed Funds and Financial Requirements Branch 

The Managed Funds and Financial Requirements Branch provides legal counsel and policy 

development and implements the Division's legal interpretation of existing financial regulatory 

requirements in connection with registered intermediaries. These intermediaries have various and 

complex financial reporting and disclosure requirements (CPOs/CTAs) and various and complex 

financial reporting and capital adequacy requirements (FCMs. SDs, IBs, RFEDs, and MSPs). 

There are also highly technical and comprehensive customer funds segregation and protection 

regimes applicable to FCMs with regard to domestic and foreign futures and cleared swaps 

customer funds. 

MPD staff in this branch fall under two groups. those primarily working with CPO/CT A issues 

(''Managed Funds staff"), or those primarily working with SD. FCM. IB. and RFED capital margin 

and segregation issues ("CMS staff'). Managed Funds staff and CMS staff are both responsible 

for developing the regulations, orders. and interpretative statements on the financial reporting. 

capital adequacy, customer protection, and participant disclosure requirements applicable to these 

various entities. 

Managed Funds Staff3 

Since the passage of Dodd-Frank. a large number of pool operators and advisors that were 

previously outside of the regulatory reach of the CFfC came within the registration requirements. 

As a result, there has been a significant increase in the number and variety of novel, unique, and 

complex issues related to CPOs and CT As. The Managed Funds staff regularly provides informal 

and formal advice to other Commission divisions and offices, other federal regulatory agencies, 

such as the Securities and Exchange Commission, and the National Futures Association regarding 

the statutory definition of CPO, CTA, and commodity pool, and the applicability of various 

exemptions and exclusions available to CPOs and CT As under the Commission's regulations and 

staff letters. 

As noted above. a pending r.::organiLation would r.::assign the Manag.::d Funds staff to th.: R&C Branch. 

34 
CMS Staff 

CMS staff is responsible for the completion and overseeing the implementation ofthe Dodd-Frank 

provisions directing the Commission to adopt rules imposing margin for uncleared swap 

transactions and capital requirements for SDs and MSPs that are not subject to regulation by a U.S. 

prudential regulator. CMS staff coordinates the development of its regulations with various other 

national and international financial regulators to develop consistent margin and capital 

requirements where appropriate. CMS staff is also primarily responsible for interpretation of the 

applicable FCM. RFED. and 1B capital adequacy. customer funds segregation. and financial 

reporting regulations. CMS staff is also responsible for assessing the margin requirements for retail 

off-exchange forex transactions engaged in by RFEDs and retail market participants. and the 

general capital requirements for RFEDs. CMS staff also review contract market applications for 

compliance with core principles concerning the oversight of customer funds and capital adequacy. 

MFFR Branch's particular accomplishments over the last 12 months include: 

1. Adoption of final capital and financial reporting rules for SDs and MSPs that are not subject 

to a U.S. prudential regulator 

11. Adoption of joint CFTC-SEC Request for Comment on the p011folio margining by FCMs, 

BDs, SDs, and security-based swap dealers of customer securities, futures, swap, and 

security-based swap positions 

HI. Continued coordination efforts with the U.S. banking regulators and foreign regulatory 

authorities regarding implementation of margin requirements for uncleared swap 

transactions. CMS staff has represented the Commission during conference calls and 

meetings of the BCBS/IOSCO Working Group on Margin Requirements (''WGMR") and 

in meetings with the U.S. prudential regulators. 

1v. Proposal and adoption of rules extending the phase-in schedule for margin for uncleared 

swap transactions for phase 5 and phase 6 finns to September 1, 2021 and September 1, 

2022, respectively. These amendments maintain consistency of the CFfCs requirements 

with the WGMR international framework 

v. Proposal and adoption of rule amendments to permit SDs and MSPs to forego exchanging 

margin with the European Stability Mechanism for uncleared swap transactions 

v1. Proposal of amendments to revise the calculation method for determining whether an entity 

comes within the scope of the uncleared margin rules, and to permit SDs to use the initial 

margin calculation of a SD counterparty for determining the amount of initial margin to 

exchange and for purposes of determining of the initial margin threshold has been exceeded 

v11. Proposal of amendments to the uncleared swaps margin rules to revise the initial margin 

and variation margin minimum transfer amount calculations for separately managed 

accounts. 

vu1. Issuance of a staff advisory on the capital and segregation requirements for FCMs holding 

digital assets as margin for customers trading on contract markets 

1x. Issuance of no-action letters to FCMs and IBs to provide relief as a result of the Covid-19 

pandemic, including permitting FCMs and IBs in computing their regulatory capital to 

offset any Payroll Protection Loan obligations by qualifying forgivable expenses, and 

providing additional time to file financial reports 

35 
(b)(5) 

MPD Examinations Branch 

The Examinations Branch provides the necessary oversight of swap and futures market 

intermediaries to help ensure customer funds are protected and that these firms remain in 

compliance with CFTC Regulations. The Examinations Branch focuses on monitoring the risks 

and controls at the intermediaries. principally focusing on FCMs that hold customer funds. 

Through its Major Review Unit. the Branch also oversees the financial surveillance and 

examination functions at the DSROs - NFA and CME. 

As of September 30.2020, the Examinations Branch had oversight responsibility for 63 FCMs; of 

which 55 caITy customer funds. These firms had aggregate capital of $173 billion and aggregate 

obligations to customers of $439 billion (includes four firms with retail forex obligations). 

The primary activities of the Examinations Branch include: 

1. Monitoring FCMs to identify "red flags" that could jeopardize customer funds; 

11. Reviewing high risk notices and forward looking filings with the Commission: 

HI. Reviewing key firm reports - Chief Compliance Officer Annual Report. Annual Risk 

Management and Quarterly Risk Exposure reports, public filings (10-Ks, 10-Qs. 8-Ks, etc.). 

daily segregation computations, and monthly financial reports; 

1v. Performing focused examinations: 

v. Performing oversight reviews of the DSROs regarding their delegated duties. 

Examinations Branch's particular accomplishments over the last 12 months include: 

36 
1. 898 monthly and annual FCM financial statements processed 

11. 14,457 daily FCM Segregated, Secured and Cleared Swap computations processed 

Ill. 10 Risk Management Reports reviewed 

1v. 814 Risk Exposure Reports reviewed 

v. 211 Chief Compliance Officer Reports reviewed 

v1. 130 Risk Assessment Reports reviewed 

v11. Horizontal Review Completed: Regulation l.22/1.23 - 10 firms 

vu 1. In connection with the COVID-19 outbreak and related market volatility, the Examinations 

Team contacted all active Futures Commission Merchants and all bank affiliated and 

energy focused Swap Dealers on a routine basis to obtain information concerning the 

implementation of firms· business continuity programs and impacts sustained from 

significant market volatility (debit/deficits, margin deficiencies. segregation and capital). 

1x. Annual Review of NF A's Financial Surveillance Program (2019) 

x. Interim Review of NF A's Registration Program 

x1. Interim Review of NFA ·s OTC Derivatives Department (Swaps) 

x11. Annual Review ofCME's Financial Surveillance Program 

xu1. Annual Review of NF A's Financial Surveillance Program (2020 - In progress) 

(b)(5) 

Newest Branch: Office of Customer Education and Outreach 

The Office of Customer Education and Outreach (OCEO) develops and executes education 

initiatives as authorized by Section 23 of the CEA. This section was added to the CEA by Section 

748 of the Dodd-Frank Act. Among other things, Section 23 established the CFfC Customer 

Protection Fund (CPF) for the payment of awards to whistleblowers, through the Whistleblower 

Program, and the funding of customer education initiatives designed to help customers protect 

themselves against fraud or other violations of the CEA or the rules or regulations thereunder. 

OCEO staff and activities are primarily funded by this separate revolving appropriation. The office 

was launched in 2012, and has since undergone two reorganizations, merging with the Office of 

Public Affairs in FY 2018 4 before moving to the Market Pa11icipants Division in November 2021. 

The functions of the office are divided into two sections: 

Customer Outreach Section 

The CPF continue~ lo partially fund ~taff m.::mb.::rs in lhe Office or Public Affairs who supporl OCEO's digital 

pr.::senc.::, earned- and paid-media efforb, and lhe produclion of educational materiab. 

37 
The Customer Outreach Section works to build recognition of the CFfC as a trusted resource for 

customers on how to protect themselves from fraud and other violations of the CEA or its 

implementing regulations. This section will use evidence-based approaches to develop strategies 

and messaging designed to reach customers through all available channels. This section will 

organize public events and communicate directly with customers at those events. The Customer 

Outreach Section will also coordinate with the CFTC Office of Public Affairs and Digital 

Engagement to leverage media exposure to achieve its CPF goals. It will also develop strategic 

networks to introduce CFfC developed research and content to a variety of audiences. Separate 

functions have been created within the office to focus on the two distinct audiences that comprise 

the agency's "customers": retail-market participants and institutional market participants. 

Customer Education Section 

The Customer Education Section will produce content for customer education initiatives in 

conjunction with the Outreach Section that will help customers protect themselves against fraud 

or violations of the CEA. The section will develop information that customers can use to help them 

spot fraud or other violations of rules and regulations. Staff in this section may also speak publicly, 

including at events organized by the Outreach Section, as subject-matter expe11s on ways in which 

customers can educate and protect themselves against fraud. 

OCEO's particular accomplishments over the last 12 months include: 

1. CFfC's customer education response to the coronavirus pandemic, including publishing 

four customer advisories and three articles on cjlc.gov that focused on coronavirus-related 

fraud. These warnings and messages were further amplified through press releases, media 

stories including the Wall Street Journal, and social media posts. 

11. Retiring the Smar/Check.gov website and migrating relevant content to a newly redesigned 

the Learn & Protect section of cjle.gov. The SmartCheck campaign was discontinued as 

part ofOCEO's FY 2018 reorganization. The fraud protection website contained a number 

of aiticles and tools that were updated and moved to c:ffc.gov. The redesign of the Learn 

and Protect section was necessary to accommodate the additional content, which included 

a page encouraging checking registration of market intermediaries, the Registration 

Deficient (RED) List, an Advisories and Articles page, as well as pages for educational 

videos and publications. 

HI. OCEO also serves as the CFfC's representative on national and international financial 

education bodies, including the Financial Literacy Education Commission and the 

International Organization of Securities Commissions' Committee on Retail Investors 

(CS) 

(b)(5) 

38 
(b)(5) 

MPD Priorities 

(b)(5) 

MPD Key Risks 

(b)(5) 

MPD Emerging/Significant Issnes 

(b)(5) 

39 
b)(5) 

40 
DIVJSIO!\' OF MARKET OVERSIGHT 

Overview of Division Operations and Mission 

The Division of Market Oversight ("DMO") is responsible for regulating and overseeing the 

marketplaces for commodity futures, options on futures, and swaps ("Derivatives Products"). 

DMO' s mission is to foster open, transparent, fair, competitive, and secure markets through clear 

rules and effective oversight of derivatives markets and market participants. DMo·s remit 

includes: 

• Oversee the Markets Regulated by the CFTC; Oversee and Examine the Exchanges 

and Platforms on which Derivatives Products Trade; Recommend and Implement 

Commission and Staff Policy Relating to the Above through Rulemaking and Other 

Actions. The Office of the Director of DMO includes the Division Director and staff. 

The Division Director directs and delivers DMO's remit and the Chairperson's priorities 

through rulemaking, repmting, making recommendations for Commission action or 

decision, among other things. The Division Director regularly briefs the Commission as 

a whole and Commissioners individually. In addition, Division Director makes 

determinations or important ad hoc issues, including referrals to the Division of 

Enforcement, strategy and tactics for matters addressed by the Commission: briefing 

with regularity the Administration, Congress, foreign, state and federal agencies and 

regulators, and the press on market oversight and structure and policy issues. 

• Policy-Making through Rulemaking, Interpretations, Guidance, No-Action Letters 

and Legal Advice. The DMO Office of the Chief Counsel advises the OMO 

Director, senior management, and staff on all legal and policy issues affecting OMO. 

In addition, the OCC supports all DMO rulemaking and staff action documents. 5 OCC 

develops and drafts complex, innovative rulemakings and staff actions on a ,vide 

range nftnpiu, affecting OMO. OCC analyzes the development of prospective 

products, market structures and market rules for safety, soundness and potential 

CFTC jurisdictional impacts; works closely with the SEC to address products 

that may implicate both CFTC and SEC jurisdiction; serves as the DMO point 

of contact on numerous international initiatives, supporting the Office of 

International Affairs and other divisions, considers and signs off on legal 

documents originating in other divisions. 

• Regulate Derivatives Products: DMO's Product Review Division regulates new and 

existing Derivatives Products. This includes initial certification or approval, and review 

of Derivative Products over time. Some products or the structure of the markets in which 

they are traded change or evolve over time, and the team addresses those. Three areas of 

focus have occupied much of this team·s time include: 

'The Divi~ion Director recommend~ policy to the Chairper~on, and implements the Chairper~on'~ prioritie~, a major 

element of which i~ rulemaking. OCC i~ involved in every rule. and leads many. However. the Division Director 

assign~ all division~ except the :Vtarket Intelligence Branch, to lead various rulemaking effort~. 

41 
a. Sampling several thousand extant futures and options contracts for formal review 

(based on open interest, volume traded, and other factors): 

b. Monitoring futures and options contracts in the event of changes in contract terms 

or market structure. Examples are futures and options on ''broad-based" foreign 

securities indices. If the structure of the indices evolves, for example, to become 

more concentrated, the index may become a "narrow-based" foreign securities 

index. Ifso. the oversight jurisdiction of these derivatives morphs from exclusive 

CFfC oversight to joint CFfC-SEC oversight the governing status and 

implementing rules. There are between 50 and 100 of these broad-based foreign 

securities indices for which futures or option contracts have been listed, and the 

Product Review has spent considerable time working with the SEC as about four 

morphed from broad-based to narrow-based during the past year. 

c. Cryptocurrency, event contracts, binary options. The team spends considerable 

time, working with the DMO Division Director and DMO Office of the Chief 

Counsel ("OCC") on these three types of contracts. In March 2020, the 

Commission approved DMO's proposed interpretive guidance on margined retail 

crypto products (see below). During the past several years, Product Review has 

approved approximately a dozen crypto futures and options. These reference 

Bitcoin. and more recently Ether. Open interest and trading volume in these 

crypto derivatives low. Much of the crypto industry with currently-offered retail 

margined crypto lending products (exchanges lend to customers to buy/sell) has 

recently been in active discussions with the Product Review and CCU team, plus 

the DMO Division Director who has significant expertise in crypto. This intradivisional team has also focused on Libra· s emerging product and other stablecoins, working with Treasury Department, the Federal Reserve, the Securities 

and Exchange Commission ("SEC''), and Office of the Comptroller of the 

Currency. Separately, the Product Review team frequently reviews event 

contracts binary options (for example. will or won't rainfall be greater than X). 

Much of this work is in coordination with the SEC. 

• Derivatives Exchanges and Platforms: DMO's Market Review Branch reviews 

registration (aka designation") applications and new and revised trading rules of (i) 

exchanges and other platforms on which CFTC-regulated products are traded: and (ii) 

the repositories to which swap data is repo11ed. Exchanges and other platforms include: 

a. Designated Contract Markets ("DCMs"), exchanges on which futures. options 

and some swaps trade; 

b. Swap Execution Facilities ("SEFs''), exchanges on which swaps trade: 6 

c. Foreign Boards of Trade ("FBOTs''): 

1

' DCMs have operated for decades. Example~ are CBOE and CME. By contrast, SEF~ and ~wap data repositories, 

derive from the Dodd-Frank Wall Street Reform and Con~umer Protection Act of2UIU (""Dodd-.Frank""J, and 

emerged beginning in or about 2012 as that statute wa~ implemented by CFTC regulations. 

42 
d. Swap Data Repositories (''SDRs"), to which market participants and SEFs report 

certain swap data. SDRs report certain data to the CFTC. [Note: many of the 

responsibilities regarding SD Rs are now housed in the Division of Data pursuant 

to the reorganization effective November 8, 2020.l 

• Compliance and Examinations of Trading Platforms: DMO's Compliance Branch 

examines CFTC-registered DCMs, SEFs. and (Market Review examines FBOTs) to 

ensure compliance with the applicable core principles and other regulatory 

requirements, including system safeguards (cybersecurity safeguards). 

• Market Oversight - DMO's Market Intelligence Branch monitors. analyzes, tracks 

current and emerging derivatives and spot market dynamics and risks. The Market 

Intelligence Branch monitors developments and trends, and highlights potential systemic 

or specific market structure risks, reporting to the DMO Division and other Directors 

and the Commission to assist the Commission in developing sound policy. The team of 

economists and trading and markets specialists utilizes its deep understanding of the 

markets and products to suppott DMO in developing rules and policies to promote fair, 

efficient, and vibrant markets and a sound market structure. During the Covid-19 

pandemic, the team worked round the clock for months to provide the Commission daily 

briefings in light of markets stresses observed. 

Structure 

DMO maintains a staff of 80 full-time equivalent employees ("FfEs") in Washington, D.C., 

NewYork,Chicago, and Kansas City. 

I. Office of the Director - Dorothy D. DeWitt, 7 Division Director 

7 Dorothy joined the CFTC from Coinha~e, a cryptocurrency company, where ~he ~erved as General Counsel. She 

previously served in senior legal and compliance roles for Citadel Securities, JP Morgan. and S&P Global. and as 

General Counsel at Cadogan :\1anagement. Dorothy spent nearly a decade serving a~ a portfolio manager and 

analyst in the hedge fund and fund of funds industry. at GAM in London and Cadogan Management and l::-,./G 

Furman Selz in :-.Jew York, re~ponsihle for inve~ting several billion in asseb under management through ~trategie~ 

relying heavily on derivatives. Dorothy also advised investment and corporate clients at Davis Polk. where she was 

a litigation and a corporate a~~ociate in the l\ew York office after clerking for the Honorable John. E. Sprizzo in the 

Southern District of New York. Dorothy has a rich agriculture and .::nergy backgruum.l, having grown up in Texas 

and Georgia working on family fanm that produced corn, maize, and beef cattle. ~erving as president of her local 4-

11 club. and working for a family pclrochemical bu~in.::ss in her youth. befur.:: working in lhe poultry processing 

indu~try in college. Dorothy graduated summa cum /aude, phi beta kappa from the Univer~ity of Tex a~ at Au~tin 

(Plan II) and cum laude from Harvard Law School. 

43 
2. Office of the Chief Counsel - Chief Counsel: Rachel Kaplan Reicher 

3. Market Review Branch - Nancy Markowitz, Deputy Director 

4. Product Review Branch - Meghan Tente, Deputy Director 

5. Compliance Branch - Rachel Berdansky, Deputy Director 

6. Market Intelligence Branch - Mel Gunewardena. Chief Market Intelligence Office 

Priorities/ Emerging/Significant Issues 

1. Recently Completed 

a. Position Limits Rule 

b. Swap Data Rules (Parts 43, 45. 49) 

c. ''Actual Delivery" Final Interpretation for crypto retail margined products 

d. Post-Trade Name Give-Up Rule 

e. Market Oversight During Covid-19 Pandemic and Briefing to Commission, 

Administration. Agencies 

f. FSOC. FBIIC contributions relating market oversight 

g. Interim Staff Repmt: Trading in NYMEX WTI Crude Oil Futures Contract 

Leading up to, on, and around April 20, 2020. 

2. Upcoming 

(b)(5) 

44 
DIVISION OF ENFORCEMENT 

i. Mission and Overview of Division of Enforcement Operations 

The Commission, through its DOE of Enforcement (''DOE"), is responsible for protecting 

market patticipants and other members of the public from fraud, manipulation and other abusive 

practices primarily in the futures, options. and swaps markets. The DOE conducts surveillance, 

initiates investigations and, upon Commission authorization, litigates enforcement matters 

broadly categorized into four areas: (1) manipulation: (2) trade practice: (3) fraud; and (4) 

supervision and control. The enforcement function is a critical component of the Commission's 

mandate to protect both customers and the integrity of the markets. 

The primary pillars of a robust enforcement program are the ability to identify and 

rigorously and thoroughly investigate potential violations of the Commodity Exchange Act and 

Commission regulations and the effective prosecution of such alleged violations. including 

obtaining the imposition of remedial sanctions for the greatest deterrent effect including 

monetary relief to redress wrongs to victims. The Commission, through the DOE, utilizes its 

authority to, among other things: I) shut down fraudulent schemes and seek to immediately 

preserve customer assets through asset freezes and receivership orders; 2) uncover and stop 

manipulative and disruptive trading; 3) ensure that Commission registrants, markets, finns, and 

participants subject to the Commission's oversight meet their obligations, including their financial 

integrity and reporting obligations, as applicable; 4) ban certain defendants from trading in its 

markets and bar them from being registered: and 5) obtain orders requiring defendants to pay 

restitution, disgorgement, civil monetary penalties, and where appropriate to undertake 

remediation to ensure the unlawful conduct does not reoccur. 

Overall. the DOE has approximately 575 open matters including preliminary inquiries, 

investigations, and litigations. Over the past several years, the DOE has continued to pursue a 

number of market based investigations, such as manipulation and spoofing, and other matters 

that involve increasingly complex subject matters. 

The enforcement program focuses on the following areas: 

• Addressing fraud and manipulative conduct. false reporting of market information, and 

disruptive trading practices, including spoofing. trade practice violations and other misconduct 

on registered entities: 

• Protecting retail customers who are victims of fraud and illegal off-exchange transactions, such 

as fraud by intermediaries (e.g .. pool fraud), and fraud and illegal transactions relating to foreign 

currency (forex). precious metals and digital assets; 

• Effectively enforcing regulatory requirements to ensure that registrants maintain diligent 

supervision of their operations, adhere to their regulatory obligations, and maintain their 

financial integrity by meeting standards for capitalization, segregation and handling of funds; 

• Effectively protecting data integrity of information by enforcing requirements for recordkeeping 

and repmting; 

• Addressing and keeping pace with the rapid growth and increasing sophistication of financial 

markets, instruments, means of trading, such as algorithmic and high- frequency trading, and 

46 
evolving markets and commodities, such as the development of digital assets and block-chain 

technology; 

• Increasing effectiveness and efficiency of enforcement through cooperative enforcement with 

Self-Regulatory Organizations (SROs). state. Federal, and international authorities. including 

achieving efficiencies through referrals; and 

• Encouraging, through recognition and credit, self-reporting and extraordinary cooperation to 

increase accountability of market participants and effectiveness and efficiencies of investigations 

and prosecutions. 

The DOE also holds responsibility for the Commission's surveillance function, which is housed 

in the Market Surveillance Unit ("Surveillance"). With approximately sixteen staff, Surveillance 

monitors trading and positions of market patticipants on a daily and ongoing basis. Through 

analysis, aggregation and monitoring of diverse market data sources, Surveillance evaluates 

whether markets are operating in an orderly manner and whether market pai·ticipants' activities 

within the Commission's jurisdictional markets appropriately inform the price discovery process 

and comply with trading and other legal requirements. If Surveillance identifies conduct that 

may reflect market trading abuses and non-compliance with Commission rules and regulations. 

such identified conduct is subject to fmther inquiry and investigation by DOE. 

The DOE litigates enforcement actions primarily in federal court. although it has authority to 

litigate administrative actions before the Commission. Since approximately 2002, the DOE has 

almost exclusively used the administrative process for enforcement actions that are filed and 

simultaneously settled. In those instances. the Commission issues an order typically setting out 

findings, conclusions of law, and imposing sanctions. The DOE also brings administratively 

statutory disqualification actions at times when the Commission seeks to revoke, restrict or 

condition an existing registration for certain statutory reasons. Such authority only resides with 

the Commission and thus those actions must be brought administratively. 8 

8 The Commission no long.::r employ~ ib own Admini~lraliv.:: Law Judges (ALJs) and th.: Commission ha~ to 

"burrow" an ALJ. through lh.:: Office of Personnel Management, each lime il n.::eds on.:. 

47 
11. Structure 

Vincent (Vince) McGonagle leads the operation and management of the DOE as Acting 

Director. As of September 30, 2020. DOE has 166 staff, not counting contractors. comprised of 

attorneys, investigators, forensic economists, paralegals, and administrative and support staff. 

DOE has staff located in Headquarters and each of the regional offices of the Commission. DOE 

also has oversight of the Whistleblower Office, which has its own budget and eleven staff. 

The Office of the Director includes the following substantive positions/functions: 

• Principal Deputy Director. The Principal Deputy Director (Vincent (Vince) McGonagle) is 

a primary advisor to the Director concerning the DOE's most significant matters and as to 

implementation of the DOE's mission to enforce the CEA and Regulations. The Principal 

Deputy is consulted on DOE cases from lead generation through investigation, on charging 

and settlement decisions, and on all phases of litigation. The Principal Deputy also directly 

supervises key DOE operations and functions. The Principal Deputy is a primary DOE point 

of contact with the Commission and its staff, other CFTC Divisions, federal. state and 

foreign authorities, task forces and other organizations, DSROs, and the public. 

• Office of Chief Counsel. The Office of Chief Counsel (OCC) is led by the Chief Counsel 

(Gretchen Lowe). The Chief Counsel acts as a primary advisor to the Director on legal and 

policy issues affecting the enforcement program and significant enforcement matters. OCC 

provides several distinct functions: 1) Legal and Policy Review (OCC reviews complaints, 

orders, recommendation memoranda and substantive briefs for legal sufficiency and 

evaluation of litigation risks, and liaises with the Office of General Counsel (OGC) in the 

CFTC's enforcement-related appellate work): 2) Procedures (OCC develops and maintains 

DOE staff investigation and litigation guidance and procedures); 3) Regulatory and 

Legislative Review (OCC works with OGC on enforcement-related regulatory and statutory 

proposals: OCC also works with the other Divisions to assess the enforcement-related aspects 

of their work); and 4) International Cooperation (OCC's International Operations Unit 

obtains cooperative assistance from foreign authorities, and also negotiates international 

enforcement memoranda of understanding). 

• Special Counsel to the Director. The Special Counsel to the Director (Neel Chopra) works 

on a variety of matters, as may be assigned by the Director. Such matters may include 

working with litigation teams on specific enforcement matters. liaising with other CFfC 

operating DOEs and other agencies on particular matters, and other special projects. 

• Deputy Directors (Investigation and Litigation). The vast majority of the DOE's resources 

are dedicated to investigation and litigation functions. The DOE has five Deputy Directorstwo located in D.C. (Richard (Rick) Glaser and Paul Hayeck), and one each in the regional 

offices. Chicago (Robert (Rob) Howell). Kansas City (Charles (Chuck) Marvine), and New 

York (Mana] Sultan). The Deputy Directors directly supervise teams consisting of attorneys. 

investigators and paralegals who conduct the investigations and litigations of possible 

violations of the CEA and Regulations. Within each Deputy Director group, Chief Trial 

Attorneys lead the particular investigations and litigations. 

• Litigation, Intake, and Triage. The DOE's Litigation, Intake, and Triage Unit is led by a 

Deputy Director (Joan Manley) and performs an initial review of the thousands of tips, 

48 
complaints. and leads received by the DOE, to identify those with potential merit. which it 

then forwards on to the investigative teams for preliminary investigation. This unit also 

keeps apprised of recent legal and industry developments to develop potential new leads. 

• Market Surveillance Unit. The DOE's Market Surveillance Unit is led by a Deputy Director 

(Matthew Hunter) and develops and utilizes sophisticated systems to analyze trade data. 

responds to outlying events. and helps identify trading or positions that warrant further 

enforcement inquiry. In general, the market surveillance program: 

a. Conducts surveillance in all traded commodity classes on a prioritized basis, and performs 

discrete forensic analysis involving data reported to the Commission to confirm orderly 

operation of the markets and to identify conduct that may give rise to a potential violation of 

the CEA and Regulations; 

b. Evaluates compliance with Federally-imposed position limits, and conducts a forensic review 

of market activity to identify potential market and trading abuses; 

c. Coordinates with other Federal regulators, such as U.S. Department of Agriculture, U.S. 

Department of Energy. FERC, SEC and the U.S. Environmental Protection Agency. on 

market events involving their respective jurisdictions; and 

d. Communicates with market patticipants and the exchanges, about market participant trading 

activities based upon aggregate data across markets. 

• Whistleblower Office. The Whistleblower Office (WBO) is led by its Director (Christopher 

(Chris) Ehrman). The essential functions of the WBO include: 

a. Processing Whistleblower Submissions. WBO receives, tracks, and handles whistleblower 

submissions and inquiries, often communicating with whistleblowers or their counsel to 

address questions or concerns. 

b. Coordination with Commission DOEs and Outside Agencies. WBO answers questions from 

Commission staff and others regarding the Whistleblower Program, and guides the handling 

of whistleblower matters as needed during examination, investigation and litigation. WBO 

also advises on productions of whistleblower-identifying infonnation to outside agencies and 

on grants of access to whistleblower-identifying information by outside agencies. 

c. Administration of Claims Process. WBO receives and tracks whistleblower award claims, 

gathers and prepares the adjudicatory records for the Whistleblower Claims Review Staff 

(CRS). advises the CRS as needed on the whistleblower provisions and rules. and 

memorializes the CRS · s decisions. Those determinations lead to Final Orders of the 

Commission through a review process that WBO also coordinates. Under the Whistleblower 

Rules, all award claims must be processed, but the WBO addresses any award claims that do 

not meet minimum requirements through a summary process. 

• Forensic Economists Unit. The DOE's Forensic Economist Unit is led by the Principal 

Forensic Economist (Jordon Grimm). The DOE's forensic economists and analysts perform 

complex data analysis to develop evidence for investigations into potential market 

manipulation, disruptive trading practices (including spoofing), and other unlawful trade49 
based conduct. This analytical evidence is used to determine the nature and scope of the 

trading or activity at issue and informs the DOE's determination of whether to recommend an 

enforcement action. 

• Office of Cooperative Enforcement. The Office of Cooperative Enforcement is led by its 

Chief (Richard Foelber) and works routinely with other civil and criminal authorities at both 

the state and federal levels to enhance its effectiveness in pursuing violations of the CEA and 

Regulations. This cooperation takes many forms, including infonnation sharing, referrals, 

and providing subject matter expertise. 

111. Priorities 

(b)(5) 

50 
b)(5) 

iv. Key Risks 

(b)(5) 

v. Emerging/Significant Issues 

51 
b)(5) 

Attachment A: Number of Enforcement Actions Filed and Penalties Imposed By Fiscal 

Year 

Attachment B: Overview of Enforcement Cases Filed During Fiscal Year 2020 and 

Whistleblower Awards 

52 
Attachment A 

Number of Enforcement Actions Files and Penalties Imposed hv Fiscal Year 

This total covers all monetary relief ordered in CFTC actions. including in the form of 

civil monetary penalties, disgorgement. and restitution. 

Monetary Relief Ordered in CFTC 

Enforcement Actions 

Fiscal Year 

FY09 

FYI0 

FYI I 

FYl2 

FYl3 

FYl4 

FYl5 

FYl6 

FYl7 

FYl8 

FYl9 

FY20 

Total Monetary 

Relief Ordered 9 

$275,674,718 

$201,563,915 

$498,527,486 

$931,942,825 

$1,772,109,976 

$3,272,978,947 

$3,202,940,849 

$1,292,310,528 

$412,816,307 

$947,278,038 

$1,321,046,7IO 

$1,327,869,760 

'! Consistent with the Commission's hi~torieal practic.::, this calculation include~ only monetary rdicf in court or 

Commission orders issu.::d during the relevant fiscal year, regardless of when the money wa~ collected or disbursed 

to victims. or the particular cas.:: wa~ filed. 

53 
Attachment B 

Overview of Enforcement Cases Filed During Fiscal Year 2020 and Whistleblower Awards 

Enforcement Actions Filed. During FY 2020, the CFfC filed t 13 

enforcement actions. 10 The actions filed break down into the following categories: 

CFTC Enforcement Actions Filed - FY 2020 

Case Category Number 

Manipulative Conduct. Spoofing 16 

Retail Fraud 5611 

Misappropriation of Confidential Information. Trade Allocation I 

Schemes, Mismarking 

Protection of Customer Funds, Supervision, and Financial Integrity 2412 

Illegal Off-Exchange Contracts, Failure To Register 9 

Other Trade Practice, Including Wash Trades, Fictitious Trades, 2 

Position Limits 

Reconlkeeping, Other Reporting 3 

False Information to CFTC or SRO, Violation of Prior Orders I 

Statutory Disqualification I 

Total 113 

111 Th.: Commi~~ion's previous high (102) was achieved in FY 2012. See 

hllps://www .dtc.2:ov/Pre~~Room/Pr.::ssRd.::a~c~/63 78-12. App.::ndix B includes a full list of lhe FY 2020 cas.::s, 

calegorized by the primary violation charged. 

11 This included a fourteen-ca~e sweep agaimt entities who falsely claimed Cl-TC Registration or !\"FA :\1emher~hip. 

Ill re Hitfx24optio11.m111, CFl'C Docket :-.Jo. 20-30 (Sept. 1, 2020): /11 re Fidelitvf'xtrade.rm11, Cl-TC Docket No. 20-

31 (Sept. I, 2020): Ill re Grmlffradefr:.m111, CFTC Docket l\"o. 20-32 (Sept. I, 2020); In re iMarket.HervireJ-X.mm, 

CFl'C Docket No. 20-33 (Sept. 1, 2020); /11 re Westterhtrade.mm, CFl'C Docket No. 20-35 (Sept. 1, 2020); /11 re 

H"estillfrade.mm, CFl'C Docket l\"o. 20-36 (Sept. I, 2020); In re Ze11ithoptim11·trade.net, CFTC Docket l\"o. 20-38 

(Sept. I. 2020); In re Zenithtradernwrkets.com. CFfC Docket No. 20-39 (Sept. I. 2020); In re Gofdman Global 

lnrestmellf Funds Ltd.. CFfC Duckcl Ko. 20-41 (Sept. 1. 2020); In re Mern'f Morgan, CFTC Docket No. 20-42 

(Sept. I. 2020); In re U/trarnpita/.1·. CFfC Docket No. 20-44 (Sept. I. 2020); In re Vertex Holdings limited, CFTC 

Dock.::t :'.'Jo. 20-45 (Sepl. I. 2020); In re DST C/011ds lnternatimwl limited. CFTC Dockcl Nu. 20-47 (S.::pl. I, 2020); 

In re Buflet Capiwl & Contract Occurrence Management Mercfwllfs, CFfC Dockd :'.'Jo. 20-48 (Sepl. I, 2020); 

ht tps :/ /w w w. c fie. 20 v /Pre~ ~Room/Pr.::ssR.:: ka~c~/82 2 9-20. 

12 This included a ten-ca~e sweep charging Commodity Trading Advisors with either failing to maintain membership 

with the l\"ational Future~ A~~ociation ("'NFA"J or assert a valid exemption from NFA memher~hip. See /11 re Ada!e 

LLC, Cl-TC Docket No. 20-50 (Sept. 3, 2020); Ill re Amgad Gayed Attia, CFl'C Docket No. 20-51 (Sept. 3, 2020): 

Ill re Ohie Lee Cote, CFl'C Docket No. 20-52 (Sept. 3, 2020): In re CWJ: USA LLC, CFTC Docket l\"o. 20-53 (Sept. 

3, 2020); In re Suanne Fay Goldman, CFl'C Docket No. 20-54 (Sept. 3, 2020): Ill re Griggs Research & Consulting 

fllr., Cl-TC Docket No. 20-55 (Sept. 3, 2020); In re JPR Inc., Cl-TC Docket :-.Jo. 20-56 (Sept. 3, 2020); Ill re Lewis 

Futures Mwwgement LLC. CFfC Dockd :'.'Jo. 20-57 (Sepl. 3. 2020); In re McCfefland Capita{ Management Inc.. 

CFTC Dockcl Nu. 20-58 (S.::pl. 3, 2020): In re Weifiang Shao. CFTC Dockcl Nu. 20-59 (Sepl. 3, 2020); 

ht tps :/ /w w w. c fie. 20 v /Pre~ ~Room/Prc~~Rc ka ~c~/82 J 2-20. 

54 
This breakdown of cases shows that the enforcement program has targeted some of the most 

pernicious forms of market misconduct-i.e., manipulative conduct, commodity fraud, and 

fraudulent misappropriation of confidential information. In fact, approximately 65% of the 

matters filed in FY 2020 involved commodity fraud, manipulative conduct, false reporting, or 

spoofing. 13 

Whistle blower Program. The Division's whistleblower program continued to experience 

significant advancement and growth during FY 2020. 14 

During FY 2020, the Commission granted 16 applications for whistleblower awards, totaling 

approximately $20 million, to be paid to individuals who voluntarily provided original 

information or analyses that led to successful enforcement actions. The 11 Final Orders granting 

those awards include three orders involving multiple whistleblower awardees, two orders 

granting awards to whistleblowers located outside the United States, and one award based in part 

on related actions brought by another regulator. 

is This percentage includes cases involving manipulative conduct and spoofing (the first row in the chart above) as 

well as commodity fraud (the second row) and fraud perpetrated through misappropriation of confidential 

information, trade allocation schemes. and mismarking (the third row). 

14 The CI-TC's Whi~tlehlower Program was estahli~hed in 201 1 under the Dodd Frank Act. See /Jodd-Frank Walt 

Street Refor111 & Crm.1w11er Protection Act. Pub L. l\"o. 111-20\ tit. VII, * 748. 124 Stat. n76, 1739 (July 21.201 OJ 

(codified at 7 U.S.C. * 26): Whistlehlower Award~ Proce~~, 82 Fed. Reg. 24.487 (May 30, 2017); Whistlehlower 

Incentiv.::s & Prot.::clion, 76 F.::d. R.::g. 53.171 (Aug. 25, 201 I). See also Fi~cal year 2020 report to Congre~~ on the 

Commission's whi~tlcblower program and customer education initiativ.::s. 

ht tps :/ /w hi~ tlcb lower. gov/~ i le~/w histk b lowcr/ri lc~/2020- I I /FY 20%20 Report %20to%20Con gre~~. pd L 

55 
OFFICE OF INTERNATIONAL AFFAIRS 

Overview of Division Operations and Mission 

The OIA advises the Commission regarding international regulatory initiatives and policies: 

provides guidance regarding international issues raised in Commission matters: represents the 

Commission in bilateral negotiations and engagements with foreign regulatory authorities; 

represents the Commission in international fora, such as the International Organization of 

Securities Commission (IOSCO) and Financial Stability Board (FSB); coordinates Commission 

policy as it relates to policies and initiatives of major foreign jurisdictions and the G20; 

coordinates with the U.S. Department of the Treasury (Treasury) and U.S. financial regulatory 

authorities on international matters; negotiates supervisory cooperation arrangements and 

responds to inquiries related to supervisory cooperation or information sharing; and provides 

technical assistance to foreign market authorities, including advice and organization of 

international training programs and regulatory symposia. 

Structure 

The Office of International Affairs (OIA) currently consists of 14 full-time staff. Suyash Paliwal 

has served as its Director since August 2019. Prior to that time, Mr. Paliwal advised Federal 

Reserve Board leadership on financial stability and international standard setting and oversaw 

supervision of banking/insurance financial conglomerates. OIA senior staff includes Mauricio 

Melara and Tracey Wingate (Associate Directors, Regulatory Policy), Kevin Piccoli (Deputy 

Director, Technical Assistance), and Natalie Markman-Radhakrishnan (Senior Special Counsel 

and Head of Supervisory Cooperation). In addition, OIA has nine attorney-advisors (Camille 

Arnold. Dana Brown, Daniel Burstein, Lily Chu. Nancy Doyle, Jason Mahoney, Andrea 

Musalem, Chava Schwebel. and Andrew Stein), one staff assistant (Debbie Franklin), and two 

detailees (Alicia Lewis, detailed from the Division of Clearing and Risk, and Kevin Webb, 

detailed from Commissioner Quintenz's office after have been in the Division of 

Enforcement). l.'i Several OIA staff previously worked in CFfC divisions or offices and/or served 

as advisors to CFfC Commissioners. 

Priorities 

b)(5) 

·' One full-time ~taffposition i~ in the process of being filled, with anticipated completion by January 14. 2021. 1 

56 
(b)(5) 

Key Risks 

(b)(5) 

Emerging/Significant Issues 

(b)(5) 

57 
OFFICE OF THE CHIEF ECONOMIST 

Mission Statement 

The mission of the Office of the Chief Economist (OCE) of the Commodity Futures Trading 

Commission (CFTC) is to conduct rigorous economic and econometric analysis of derivatives 

markets; to foster market transparency by disseminating its research to market patticipants and 

the general public; and to partner with other CFfC divisions and offices to integrate economic 

reasoning and data analysis into Commission policy and cost-benefit considerations. 

Structure: Staff and Organization 

OCE cmTently has l 9 full-time professionals (20 FfE allocated in FY2 l President's Budget). All 

staff have post-graduate degrees: 12 Ph.D.'s in Economics or Finance; l Ph.D. in Mathematics; 5 

Master's degrees in Economics or Finance: and one J.D. OCE staff includes a Deputy Chief 

Economist, two supervisory economists, a Head of Academic Outreach, and a Senior Special 

Counsel. 

OCE has l administrative assistant, l full-time contract programmer, and 2 paid, part-time 

academic consultants. In addition, OCE has partnered with 2 staffers on a part-time detail from 

the Federal Reserve Board, in order to collaborate effectively on research projects of mutual 

interest. OCE also engages approximately a dozen unpaid consultants (university professors who 

collaborate with staff on projects of interest to the Commission). 

Biographical information on the staff and paid consultants can be found here: 

https://www.cftc.gov/About/EconomicAnalysis/CFTCEconomists/index.htm 

Academic Outreach 

In addition to research conducted solely by CFTC staff, OCE leverages the common interests of 

the Commission and various researchers who study financial markets by partnering with a small 

number of academics on well-defined projects of interest to the Commission. These long-term 

projects are designed to result in one or more publications in a peer-reviewed academic journal. 

Benefits of the program include increased credibility of the Commission as a rigorous thought 

leader, enhanced vetting and comment on staff analytical work, and improved analysis due to the 

engagement of recognized experts in various fields of economic research. Projects and 

pattnerships are anticipated to last 3-5 years from project inception to final publication. 

Partnerships with academics are structured such that staff engagement is integral to the execution 

and outcome. Projects generally require a commitment of time and effort by both the academic 

and OCE staff in order to maximize value to the Commission. Execution of the program is led by 

the Head of Academic Outreach (Lihong McPhail). 

Following identification of potential research partners and collaborating OCE staff, the following 

must occur: the consultant undergoes a background check managed by OED: the consultant is 

60 
cleared of ethical conflicts by OGC; OCE Senior Special Counsel (Gloria Clement) trains the 

consultant on OCE protocols, including the handling of confidential data and the paper review 

process: the Head of Academic Outreach works to set up a computing/data environment 

appropriate for that consultant's work. 

Priorities 

• Research 

Working papers produced by OCE staff memorialize long term research projects conducted by 

OCE staff. The projects reflect extensive analytical work and often incorporate state of the ait 

econometric techniques to produce rigorous, defensible analyses of derivatives markets. The 

research provides a rigorous framework for OCE staff in providing advice to other staff and in 

the consideration of costs and benefits of rulemaking by the Commission. Projects potentially 

cover all aspects of derivatives markets of interest to the Commission and typically culminate in 

publications in a peer-reviewed academic journal. The publications therefore provide highly 

credible. publicly available research informing the public about derivatives markets. 

OCE's Senior Special Counsel has established a paper review process and is responsible for its 

implementation. Before a paper is cleared for public dissemination, the following must occur: the 

author(s) must present the paper to OCE staff in a seminar; the paper must be reviewed by an 

independent committee of OCE staffers to ensure that no confidential data is inadvertently 

revealed: and the paper must be officially cleared by Ms. Clement. 

OCE research papers, each summarized with brief highlights, can be found here: 

l1ttps://www.cftc.gov/About/EconomicAnalysis/ResearchPapers/index.htm 

Recent Examples 

I. "Systemic Risk and Firm Size: Is Notional Amount a Good Metric?" D. Reift'en and B. 

Tuckman, forthcoming, Journal (l Financial Economic Policy(Sep. 2020) 

Contemplates Entity-Netted Notionals (ENNs), a risk-based metric of size, in the context 

of literature modeling a firm's contribution to systemic risk. 

2. "Swap Trading After Dodd-Frank: Evidence From Index CDS," L. Riggs, E. Onur, D. 

Reiffen. and Haoxiang Zhu (Massachusetts Institute of Technology), Journal of Financial 

Economics (June 2020) 

Relates customer choice of trading mechanism and dealer responses to requests for 

quotes to various characteristics of the customer· s trade, including size, how many other 

dealers are asked for a quote, and past trading relationships. 

61 
3. "The Liquidity Hierarchy in the U.S. Treasury Market: Summary Statistics from CBOT 

Futures and TRACE Bond Data," L Baker. L McPhail, and B. Tuckman, Journal of Fixed 

Income (Summer 2020) 

Combines newly available transaction data on cash market transactions on Treasury 

securities with futures transactions data to present an overview of liquidity in the broader 

Treasury complex. 

4. "The End of an Era: Who Pays the Price When the Livestock Futures Pits Close?". E. 

Gousgounis and E. Onur 

Examines changes in execution costs for customers who previously transacted using pit 

traders, comparing execution costs to those of non-pit user customers. 

5. "Risk Appetite and Intermediation by Swap Dealers," E. Onur and S. Mixon (April 2020) 

Combines futures and swap position data for dealers to examine dealer hedging activity 

and swap positions in WTI crude oil. with emphasis on dealer willingness to hold basis 

risk at a portfolio level. 

6. "Price Pressure and Price Discovery in the Tenn Structure of Interest Rates,'' S. Mixon and 

T. Tuzun (Board of Governors of the Federal Reserve) (March 2019) 

Evaluates Primary Dealer positions in Treasury cash and futures markets, relating dealer 

inventory levels and order flow to movements across the term structure of Treasury 

yields. 

• Data-Oriented Reporting 

Reports produced by OCE generally rely on tabulation of multiple, large datasets (e.g., 

regulatory swap data and regulatory futures data, often combined with publicly available data 

from commercial vendors). Report production relies heavily on both data infrastructure (i.e., 

Commission-level hardware and databases) and OCE-specific analytical expertise (i.e., extensive 

coding and data tabulation combined with market expertise). In many cases, the report 

memorializes analytical infrastructure developed by OCE that is later used to support ongoing 

quantification in Commission rulemaking. Many OCE reports can be viewed as intermediate, 

data-oriented introductions to a long-term (3-5 year) research project culminating in a 

publication in a peer-reviewed academic journal. 

Recent Examples: 

I. "Weekly Swaps Report" 

This report provides the public with a summary of swap market activity across swap data 

repositories (SDRs). Data are presented in multiple break-outs, including asset class, 

62 
counterparty type. and tenor. The processed. cleaned. and enriched data is stored for use 

in OCE research projects and for use by other Commission staff. (Periodical) 

2. "Risk Transfer with Interest Rate Swaps," L Baker. R. Haynes. J. Roberts, R. Sharma, B. 

Tuckman 

Quantifies the size of interest rate swap positions held by various market participants. 

when measured on a risk-adjusted basis (i.e., in 5-year swap equivalents), netted at the 

individual entity level. The processed. cleaned, and enriched data is stored for use in 

OCE research projects and for use by other Commission staff. (Periodical) 

3. "Legacy Swaps under the CFfC's Uncleared Margin and Clearing Rules," J. Coughlan, R. 

Haynes. M. Lau, and B. Tuckman (Nov. 2019) 

Quantifies a small but non-negligible amount of legacy swaps under the uncleared margin 

rule, with a large percentage projected to fall into Phase V of the rule implementation. In 

contrast, legacy swaps under the clearing requirement is estimated to be minimal. (Oneoff report) 

4. "Recent Trends in CDS Markets," J. Coughlan. R. Haynes, M. Lau, and B. Tuckman (Nov. 

2019) 

Five year retrospective of index and single name credit default swap activity, including 

breakdowns by counterparty and product type. (One-off report) 

Key Risks/Emerging/Significant Issues 

(b)(5) 

63 
LEGAL DIVISION 

Mission and Overview of Operations 

By statute, 7 U.S.C. § 2(a)(4), the Legal Division (LD) (formerly known as the Office of General 

Counsel) is the Commission's legal advisor. 17 The head of the LD is the General Counsel, "who 

shall be appointed by the Commission and serve at the pleasure of the Commission." Id. The 

Commission appointed Dan Davis as General Counsel in March 2017. Under the General 

Counsel, LD attorneys. among other important responsibilities, "represent the Commission in 

courts of law." Id. Given this statutory provision and 7 U.S.C. S 13a-1, which authorizes the 

Commission to initiate enforcement actions in federal court, the Commission has independent 

litigation authority and thus may generally represent itself in federal court litigation. 

LD attorneys also "perform such other legal duties and functions as the Commission may direct." 

7 U.S.C. § 2(a)(4). Another principal function of the LD attorneys is to support the operating 

divisions in writing rules, and the LD must review rules before they are circulated for 

Commission consideration. 

In 2017, the LD developed the following Mission Statement: 

The Legal Division at the Commodity Futures Trading Commission (CFfC) 

serves as the chief legal advisor to the Commission. The Legal Division provides 

comprehensive, high quality legal services and resources to the Commission and 

its staff to enable the CFfC to fulfill its mission. In doing so, the Legal Division 

works collaboratively both internally and externally to create synergies that 

facilitate sound and effective policymaking, while promoting the highest 

professional and ethical standards. 

Structure 

To most efficiently and effectively carry out the Mission Statement, the LD is comprised 

of five groups: Litigation, Enforcement & Adjudication; Regulatory; General Law; 

Legislation and Intergovernmental Affairs; and Secretariat and Information Management. 

Their functions are described below. 

17 The Office of General Coun~el became the Legal Divi~ion on November 8. 2020 a~ a result of a Commis~ionwide reorganization. 

64 
Litigation, Enforcement & Adjudication (Robert Schwartz, Deputy) 

The Litigation. Enforcement & Adjudication Group represents the Commission in a range of 

matters before federal courts and administrative bodies. These include challenges to regulations, 

derivatives-industry bankruptcies, labor and employment suits, appeals in enforcement actions 

and from CFTC adjudications, and as amicus curiae on issues of interest to the Commission. 

This group also advises the Commission and drafts opinions in adjudications, which primarily 

involve appeals arising from the reparations program and from certain decisions by selfregulatory organizations. LD litigators also respond to third-party subpoenas, advise the 

Division of Enforcement (DoE) in their law-enforcement activities, and advise the Commission 

and operating divisions on legal risks of proposed actions. 

Regulatory Group (Carlene Kim, Deputy) 

The Regulatory Group advises the Commission and the Division of Market Oversight (DMO). 

the Division of Clearing and Risk (DCR) and the Division of Swap Dealer and Intermediary 

Oversight (DSIO) in connection with the drafting of rules and orders. The Group works closely 

with Division and Commission staff. providing direction and counsel in analyzing legal, policy 

and procedural issues in connection with developing rulemakings and orders applicable to the 

entities regulated by the Commission. The Group offers guidance to the Commission and 

Divisions in assessing compliance by these entities with applicable statutory and regulatory 

provisions and advises as to the legal sufficiency, substantive accuracy and completeness of 

Division-generated rulemakings, and no-action and interpretive letters. 

General Law (,John Einstman, Deputy) 

The General Law (GL) Group helps to ensure Commission compliance with such statutes and 

regulations as the Government in the Sunshine Act, the Freedom oflnformation Act (FOIA). the 

Civil Service Reform Act. the Ethics in Government Act, the Federal Advisory Committee Act. 

and the Commission's supplemental rules and regulations. 

The GL Group advises the Commission, individual Commissioners. and Commission Offices 

and Divisions on legal, programmatic, and policy issues related to Commission funding and use 

of appropriated funds, procurement, labor relations, equal employment opportunity law, 

employment, information governance, facilities, intellectual property, physical and data security, 

advisory councils and groups, interagency agreements, memoranda of understanding, and all 

other areas of general and administrative law. The GL Group also oversees the Commission's 

ethics and FOIA programs and provides guidance regarding information governance initiatives. 

65 
Legislative and Intergovernmental Affairs (Natasha Coates, Deputy) 

The Legislative and Intergovernmental Affairs Group serves as the principal advisor for 

monitoring, reviewing. and evaluating proposed legislation. particularly with regard to the 

agency's reauthorization. but also for all other legislative issues involving the CEA and financial 

regulation. The Group works with the CFTC's Office of Legislative Affairs to respond to 

Congressional inquiries, brief Congressional representatives, and provide technical assistance to 

Congress, the Chainnan, and Commissioners with regard to proposed legislation. 

The Group coordinates program initiatives involving other domestic governmental agencies, 

including the Board of Governors of the Federal Reserve System, the Department of the 

Treasury, the Securities and Exchange Commission, the Financial Stability Oversight Council, 

the Financial Crimes Enforcement Network, the General Accounting Office. and the 

Congressional Budget Office. 

The Group advises the Commission·s Office of International Affairs regarding the Commission's 

international activities. including cooperative efforts with foreign regulatory and enforcement 

authorities through Memoranda of Understanding. 

The Group provides advice to the Whistleblower Office on the Commission's whistleblower 

program. The Group also handles administrative appeals of FOIA decisions. 

Secretariat and Information Management (Melissa .Jurgens, Deputy) 

The Secretariat and Information Management Group contains the Commission· s Secretariat. the 

Privacy and Records programs. and the Commission·s library. 

The Secretariat is responsible for the orderly and expeditious flow of staff recommendations 

to the Commission for official action and for the creation and maintenance of the records of 

Commission business. Commission action may occur in a variety of ways, including at 

public or non-public meetings or through the Commission's seriatim or absent objection 

processes. The Secretariat is responsible for ensuring that Commission deliberations and 

actions and any resulting official documents comply with applicable laws and regulations, 

including the Government in the Sunshine Act, Freedom oflnfonnation Act, Privacy Act, 

the Records Act, and the Administrative Procedure Act. 

The Privacy Office is responsible within the agency for ensuring the consideration and protection 

of privacy in the collection, maintenance, use, sharing, and disposal of personal information 

about individuals across all programs and activities. The Privacy Office has the dual role of 

ensuring agency compliance with privacy-related laws and also advising other agency Offices 

and Divisions on privacy-related matters that impact the Commission's mission activities and the 

industry the agency regulates. 

66 
The Records Program is responsible for planning, developing. implementing, and managing the 

Commission· s records management program for both core mission and administrative records, 

regardless of medium or format. 

Priorities/Key Risks/Emerging/Significant Issnes 

b)(5) 

67 
DIVISION OF ADMINISTRATION 

Mission and Overview of Operations 

The Division of Administration (DA) leads the innovative and strategic management of 

employees, financial, and operational resources in support of the CFTC mission. 

DA supports and promotes the Commission's continued success, continuity of operations, 

and adaptation to the ever-changing markets it is charged with regulating by serving as 

catalyst for major initiatives. The DA also serves as a "force multiplier" to the Chairman, 

Commissioners and staff by administering the agency's strategic planning process; leading, 

developing and managing key workforce initiatives; leading and managing the budget 

process and other financial services; procuring goods and services for the Commission, 

administering the Commission's internal operations and decision processes; managing the 

Commission's information technology environment, administering all physical security and 

cybersecurity controls; and providing logistical support for the Commission operations. 

The Division is responsible for developing and implementing management and administrative 

policy, and ensuring program performance is measured and tracked Commission-wide, focusing 

on ensuring CFTC operational effectiveness 

Structure 

Anthony (Tony) Thompson is the Chief Administrative Officer (CAO) and Executive 

Director (ED) and leads and oversees the programs within DA. The ED is a statutory 

position, 18 with duties and responsibilities as defined by the Commission. A copy of the ED 

position description is provided as an attachment to this document. By statute, the ED 

reports to the Commission and advises the Chairman and Executive Leadership on agency 

management, planning, operations, and support. DA is comprised of the following branches: 

Business Operations. Responsible for lease and GSA space assignment administration, 

facilities management, transit subsidy administration, the acquisition of goods and services, 

travel operations, and operational support for CFTC headquarters and the three regional 

offices. This Branch also provides business management support for all CFTC divisions and 

offices, develops and distributes agency-wide internal communications and maintains 

CFTCnet, CFTC's internal website. Tomeka Gilbert currently serves as the Chief Planning 

Officer. 

Financial Management: Responsible for the conduct of all financial management activities 

of the Commission, including formulation of the President's Budget, execution of the 

enacted budget, financial accounting operations, strategic and operational planning, and 

1 ~ 7 U.S.§ 2(a)(5) establishes the position of Executive Director for the Commission. 

The Commi.1.1io11 yfl(l/1 have tm Erecutive Director, who slur/I he appointed by the Commission and \"et-ve of the 

pleasure 1'.lthe Commission. The Ererntive Director slur/I report directly to the Commi.1.1io111111d slur/I perlorm 

suchfw1ctio11s and duties as the Commission may preYcribe. 

68 
enterprise risk management. This Branch oversees development of the commission's 

Strategic Plan and Annual Performance Report. This Branch also annually develops the 

Agency Financial Report and Customer Protection Fund Report to Congress . .Joel 

Mattingley currently serves as the Chief Financial Officer. 

Human Resources: Provides effective human resource management services to CFTC and 

facilitates the attainment of the CFTC's strategic goals and program objectives. This is 

achieved by ensuring the agency attracts, retains, and continuously develops an 

exceptionally qualified, diverse, dedicated, capable, and productive staff. This Branch is 

responsible for labor relations, performance management and compensation, and health and 

wellness programs. This Branch also manages the agency's talent management operations 

and learning management system. KerriLaine Prunella currently serves as the Chief 

Human Capital Officer. 

Administrative Proceedings: Adjudicates customer complaints against persons or firms 

registered under the CEA and administering enforcement actions. This Office also manages 

the CFTC' s reparations program. Gene Smith currently serves as Director of the Office of 

Proceedings. 

Information Technology: Provides implementation and oversight of the information 

technology program for the Commission, including managing the desktop operations, 

software deployment, cloud computing, and infrastructure management. This Branch also 

provides network operations, telecommunications services, systems implementation, project 

management, and end user support services . .Janaka Perera currently serves as the Chief 

Information Officer. 

Security Operations: Provides implementation and oversight of the Commission's physical 

security and cybersecurity programs. This Branch performs security monitoring, incident 

response, data loss prevention, digital rights management policy. procedure and standards 

development, and guidance necessary to enhance protection of CFTC's data and net\vorks. This 

Branch also support physical access management, physical security. and oversight of the Insider 

Threat and Continuity of Operations programs. Naeem Musa currently serves as the Chief 

Information Security Officer. 

Priorities 

(b)(5) 

69 
(b)(5) 

Key Risks 

b)(5) 

72 
(b)(5) 

Emerging Issues 

(b)(5) 

73 
Attachment 

Executive Director and Chief Administrative Officer Position Description 

Commodity Futures Trading Commission 

Division of Administration 

Executive Director and Chief Administrative Officer 

CT-0301-18 

INTRODUCTION 

As an executive at the Commodity Futures Trading Commission (CFfC or Commission). the 

incumbent serves as a key member of the agency's leadership team. In this role, the executive is 

responsible for directing one or more key programs, advising the agency on policy-making, and 

collaborating across organizational lines on agency-wide issues. 

The Executive Director and Chief Administrative Officer of the Commission provides key 

managerial direction to an agency responsible for the economic utility, consumer protection, and 

integrity of financial markets with a national and international impact. Under the general 

direction of the Chairman, the Executive Director and Chief Administrative Officer has broad 

discretion and authority to develop and execute the agency's management policies for all 

divisions and offices. The Executive Director and Chief Administrative Officer leads the 

administrative functions of the CFfC to achieve maximum efficiency and effectiveness in its 

programs and operations. As a key member of the Chairman's leadership team, he/she plays a 

critical role in ensuring proper organizational design, developing strategic and operating plans, 

ensuring the effective management of CFTC resources, and directing the mission support 

program that delivers services to varied programs. The Executive Director and Chief 

Administrative Officer works with all CFfC Divisions and Offices and through the planning and 

budget formulation process, integrates the sum of these parts into a logical, coordinated and 

synergistic whole. 

MA.TOR DUTIES AND RESPONSIBILITIES 

The Executive Director and Chief Administrative Officer has overall Commission-wide 

responsibility for implementing. through its operating organizations, the management and 

administrative policies and decisions of the Chairman and Commissioners. The incumbent 

further ensures that CFfC administrative activities comply with governing statutes and 

regulations and supports the effective and efficient accomplishment of CFfC's mission. 

The Executive Director and Chief Administrative Officer, as a key management advisor to the 

Chainnan and the Commissioners, is responsible for the periodic assessment of the 

administrative efficiency and managerial effectiveness of the CFfC through program reviews, 

reviews of programmatic goals and outcomes. and resource utilization in achieving results. The 

Executive Director and Chief Administrative Officer consults with and advises Divisions and 

Offices on general management and operating practices affecting their substantive program 

areas. He/she works with managers to develop solutions to potential and existing baITiers that 

may limit or impede goal achievement. 

74 
The incumbent has frequent contact with key officials throughout the CFTC, and high level 

contacts with officials of other government agencies, members of the Congress, and external 

organizations. These contacts often involve controversial and complex questions of agency 

direction and resources, as well as matters of policy, and require an extraordinary degree of tact 

and persuasiveness. 

MANAGERIAL RESPONSIBILITIES 

• Supervises and manages major CFTC programs; the work is accomplished through 

subordinate managers and supervisors. These programs include the Human Resources 

Branch, the Financial Management Branch, the Business Management and Planning 

Branch, the Information Security Branch and the Information Technology Branch. 

• Establishes and evaluates the goals of the office, and the progress made toward achieving 

them, and institutes policies and procedures directed toward improving the efficiency and 

effectiveness of the organization. 

• Determines the amount of resources to devote to particular projects, and the timing of 

initiating or concluding such projects. 

• Evaluates the need for changes in organizational structure, and institutes changes as 

necessary to improve operations. 

• Builds coalitions with other CFTC Division/Office Directors and maintains effective 

relationships with regulated industry market participants other agencies, members of 

Congress and other interested parties. 

• Develops performance standards and prepares performance ratings for subordinate 

supervisors, managers and employees under his/her direct supervision and communicates 

them to employees in a timely manner. Assures that subordinate supervisors prepare and 

communicate standards to their employees. Serves as reviewing official for position 

under the immediate supervision of subordinate supervisors. 

• Hears grievances and serious employee complaints not resolved at lower levels and 

makes decisions on these matters. 

SUPERVISION AND GUIDANCE RECEIVED 

The incumbent serves under the general direction of the Chairman and functions with broad 

latitude in the direction, coordination and evaluation of the Office of the Executive Director and 

Chief Administrative Officer. The incumbent must apply a broad knowledge of business 

management and operational principles, as well as knowledge of CFTC s policies and the role of 

75 
regulatory agencies in government. Work is reviewed in terms of accomplishment of overall 

program objectives and goals. 

Qualification Standard for 

Chief Administrative Officer, CT-0301-18 

QUALIFICATION REQUIREMENTS: As a basic requirement, applicants must demonstrate 

competence in tenns of the mandatory Professional and Technical Qualifications listed below, 

and executive leadership capabilities in terms of the Executive Core Qualifications (ECQs) of the 

Senior Executive Service. Typically, the applicant will have gained experiences of this nature at 

or above the CT (GS)-15 grade level or its equivalent in federal service or with state or local 

government, private industry, or nongovernmental organizations. 

Mandatory Competencies: 

Professional/Technical Qualifications 

1. Extensive management experience in planning, leading. and directing a broad range of 

operational programs and functions. 

2. Senior level management experience and skill in enabling the effective delivery of an 

organization's mission while adhering to the laws and regulations governing 

administrative programs. internal operations, and services. This experience must reflect a 

record of successful customer communication, outreach and collaboration, accountability 

and continuous program improvement of internal business processes and systems. 

3. Expert level experience in overseeing operational budgets and financial management 

functions for a complex organization including management controls related to financial 

stewardship responsibilities. 

Executive Core Qualifications (ECQs) 

ECQ I: Leading Change 

This involves the ability to bring about strategic change. both within and outside the 

organization, to meet organizational goals. Inherent to this ECQ is the ability to establish an 

organizational vision and to implement it in a continuously changing environment. (Creativity 

and Innovation, External Awareness, Flexibility, Resilience, Strategic Thinking, and Vision) 

ECQ 2: Leading People 

This involves the ability to lead people toward meeting the organization's vision, mission. and 

goals. Inherent to this ECQ is the ability to provide an inclusive workplace that fosters the 

development of others, facilitates cooperation and teamwork, and suppo11s constructive 

resolution of conflicts. (Conflict Management, Leveraging Diversity, Developing Others, and 

Team Building) 

76 
ECQ 3: Results Driven 

This core qualification involves the ability to meet organizational goals and customer 

expectations. Inherent to this ECQ is the ability to make decisions that produce high-quality 

results by applying technical knowledge. analyzing problems. and calculating risks. 

(Accountability, Customer Service, Decisiveness, Entrepreneurship, Problem Solving, and 

Technical Credibility) 

ECQ 4: Business Acumen 

This involves the ability to manage human, financial, and information resources strategically. 

(Financial Management, Human Capital Management. and Technology Management) 

ECQ 5: Building Coalitions 

This core qualification involves the ability to build coalitions internally and with other Federal 

agencies. State and local governments, nonprofit and private sector organizations. foreign 

governments, or international organizations to achieve common goals. (Partnering, Political 

Savvy, and Influencing/Negotiating) 

77 
DIVISION OF DATA (DOD) 

Overview of Division of Data 

The Division of Data (DOD) was fonned in October 2020 as part of an agency reorganization, 

incorporating data repmting and analysis functions previously housed in the Department of 

Market Oversight (DMO) and the former Office of Data and Technology (ODT). The 

reorganization was in recognition of a fundamental truism -- data only has value if it is readily 

available. easily found, easily re-usable for new applications and enables insight. 

And the amount of data being created continues to expand at an increasing rate. By 2020. each 

person on earth will generate an average of about 1.7 MB of data per second. At the current 

rate. by 2022. that figure will be I 7MB per second. Simply put. automating analytics and 

expanding data storage beyond on-premises solutions into cloud services is the only way to 

cope with this level of expansion. DOD is at the forefront of efforts to migrate on-premise 

data sets into a Cloud environment. This will enable CFTC staff to improve their work 

products by allowing them to more seamlessly analyze data across multiple independent data 

sets. 

Specifically, the Commission began receiving and analyzing multiple petabytes (PB) of data 

this year via cloud services. Previously. the total amount of data the Commission analyzed in 

on-premises storage was around 1 PB for the futures and derivative markets it regulates. 

Expanding the Commission's ability to store, analyze, and report on data in these markets to 

enable policy makers to make data-driven decisions is DOD·s mission. 

In accordance with this mission, the responsibilities of DOD include developing rules for data 

reporting, establishing the Commission· s data strategy and data governance approach. the 

building of data infrastructure to support the Commission's mission, and expansion of centers 

of excellence to build a data culture within the Commission. DOD collaborates with the 

policymaking divisions to improve data quality, analytics and automation to enable the subject 

matter experts in these divisions the tools they need to inform policy. 

DOD is also involved in rulemaking for data and reporting. so there is an end-to-end 

relationship between the legal rules that require data to be reported by our market participants, 

and the group defining the data structures, standards and architecture to hold that data. 

78 
Structure 

With an authorized total staffing level of 44 positions and a dedicated FY20 IT budget of 

$14.4M, DOD is led by Dr. Tamara Roust, the Chief Data Officer (CDO) and is organized along 

two branches and 5 groups: 

DOD 

' 

Dat.i Operations Dat.i Policy and 

Branch Planning Branch 

' ' ' ' 

Data Engineering Market and Market Data Data and Reporting Data Standards and aod 

Financial Systems Operations (DAR) Architecture 

Processing (DEAP) 

Data Policy and Planning Branch: is responsible for legal rulemaking for data across all the 

policymaking divisions (e.g., swaps data repmting, data harmonization, cryptocurrency 

reporting). Data Policy and Planning is also responsible for data standards and architecture 

development, which includes the data strategy for the Commission. data governance activities 

and data classification (privacy considerations for data). as well as inventory of datasets across 

the Commission. Data standards and architecture activities include defining and maintaining 

standards for data submissions for futures and swaps under multiple Parts of the CFR (e.g .. Parts 

16, 17. 20, 39. 45, 75), ongoing data harmonization efforts with a focus on both domestic 

reporters and international work with IOSCO. CPMI and the FSB. and development of plans for 

effective organization. access and management of data Commission-wide. Data analysis efforts 

include providing technical expertise to the policy divisions on complex analyses of data for 

compliance, risk assessment and enforcement, including development of advanced analysis 

techniques using Machine Learning (ML). 

Data Operations Branch: ingests data to cloud or on premises databases. builds and/or 

implements systems that analyze that data. and provides close analytical data support to all 

Divisions or Offices at the Commission. The systems supported by Data Operations load billions 

of message records, trade records. position records. and other data received daily by the 

79 
Commission. The branch provides platforms for Commission users to collaborate, automate 

business processes. and analyze/visualize the data ingested. In addition to the data and tools 

Data Operations supports and provides, team members provide deep technical expertise on the 

use of that data to the Mission divisions. This includes complex analyses of data for compliance. 

risk assessment and enforcement use cases. and includes the development of advanced analysis 

techniques using Machine Learning (ML). 

Additionally, the branch is responsible for the production of public facing data from the 

Commission. It provides all Commission public reporting, and data that is provided to other 

Federal Government agencies including the US Treasury, Federal Reserve Board. Department of 

Justice, and others. Data Operations is responsible for analytics platforms. visualization and 

re potting. 

Priorities 

b)(5) 

80 
Key Risks 

b)(5) 

81 
Emerging/Significant Efforts 

(b)(5) 

82 
ll.1fil 

CFTC 

Commodity Futures Trading Commission 

Transition Briefing Book 

November 2020 

Section 3 - Budget & Staffing 
President's 

Budget 
U.S. Con1modity Futures Trading Con1mission 

Tlm~e Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581 

u·11·f1' cfic.guv 

Heath P. Tarbert (202)418-5030 

Chairman Chairnwn@cftc.gov 

Chairman·s Transmittal Letter 

February 10. 2020 

The Honorable Richard Shelby The Honorable Nita M. Lowey 

Chairman Chairwomcm 

Committee on Appropriations Committee on Appropriations 

U.S. Senate U.S. House ofRepre~entatives 

Washington. D. C. 20510 Washington, D. C. 20515 

The Honorable Patrick Leahy The Honorable Kay Granger 

Viu: Chairman Ranking Member 

Committee on Appropriations Committee on Appropriations 

U.S. Senate U.S. House of Rcprc~cntativcs 

Washington, D. C. 20510 Washington, D. C. 20515 

Dear Chairman Shelby, Vice Chairman Leahy, Chairwoman Lowey, and Ranking Memher Granger: 

On behalf of the Commodity Futures Trading Commission (Commis~ion or CFTC), I am plea~ed to 

transmit the Commission's budget estimate for fiscal year (FY) 2021. The Cl-TC is rcquc~ting a budget of 

$.104 million and 717 full-time equivalents (FTE) to operate the Commis~ion effectively and advance 

priority initiatives in FY 2021. This rclJUCSt is an increase of S20 million, or seven percent, above the 2020 

President's Budget and includes an additional 10 FTE, or I .4%, ahove the 2020 President's Budget. 

This proposed budget reflects the level of re~ources needed for the CFTC to maintain and enhance its role 

a~ the primary regulator of the U.S. future~, swap~, and options markets. In FY 2021, I anticipate the 

Commission will pursue five qrategic objectives. First, we will seek to qrengthen the resilience and 

integrity of our derivatives markets while fostering their vibrancy. Second, we will aim to regulate our 

derivatives markets to promote the interest~ of all Americans. Third, we will encourage innovation and 

enhance the regubtory experience for market participanh at home cmd abroad. Fourth, we will be tough 

on those who hreak the rules. And finally, we will focus on our unique mission and improve our 

operational effectiveness. All of these gocds c1dvcmce the Americcm free-enterprise system. The propo~ed 

budget would fund our commitment to these efforts. 

It may be helpful for me to provide a few concrete examples of the goals and obJectives funded through the 

propo~ed budget. With these funds, the agency will enhance its oversight of markets by increasing the 

numher and frequency of reviews and examinations of key market utilities and participants, such as 

clearinghouses. ~wap execution facilities. rnarket intermediarie~, and cornmodity pool opentors. The 

proposed budget will also facilitate monitoring of the new and mostly unregulated virtual currency market, 

~o the Cornmission can identify ri~b and, as appropriate. inve~tigate and prosecute fraud cmd 

manipulation in that market. And with respect to technology. the agency is seeking to implement a cloud 
strategy, strengthen IT security, and leverage other technologies to generate efficiencies and improve 

mission performance. 

In conclusion, the propo~e<l budget would help the CFTC build capacity to fulfill its mission as the 

derivatives markets evolve. Thank you for your con~idcration. 

Sincerely. 

cc: 

The Honorable John Kennedy 

Chairman 

Subcommittee on Financial Services 

and General Government 

Committee on Appropriations 

U.S. Senate 

Washington, D. C. 20510 

The Honorable Christopher Coons 

Ranking Member 

Subcommittee on Financial Services 

and General Government 

Committee on Apprnprialions 

U.S. Senate 

Washington, D. C. 20510 

Heath P. Tarbert 

The Honorable Sanford D. Bishop. Jr. 

Chairman 

Subcommittee on Agriculture, Rural 

Development, Food and Drug 

Administration, and Related Agencies 

Committee on Appropriations 

U.S. Hou~e of Representative~ 

Washington, D. C. 20515 

The Honorable Jeffrey hirtenberry 

Ranking Member 

Subcommittee on Agriculture, Rural 

Development, hiod and Drug 

Adminislration, and Related Agencies 

Committee on Appropriations 

U.S. House of Representatives 

Washinglon, D. C. 20515 
The FY 2021 Budget Request 

Table of Contents 

EXECUTIVE SUMMARY .......................................................... I 

OVERVIEW OF THE FY 2021 BUDGET .................................... 6 

FY 2021 Budget Reque~l by Program ····················------------------------- 6 

Crosswalk from FY 2020 to f-'Y 2021 ............................ ') 

FY 2021 Budget Reque~t by lJivi~ion ............................. 7 

fY 2021 Budget Rcquc~t by Object Cla~~ .......................................... 8 

JUSTIFICATION OF THE FY 2021 BUDGET BY DIVISIO:--J ........ 10 

Divi~ion of Enforcement .. . ....... 10 

lJivi~ion of Market Over~ight ....................................... 13 

Divi~ion of Clearing and Ri~k .. ..15 

Divi~mn or Swap Dealer and lnlermed1ary Oversight ..................... 19 

Office of the Chief Economist. ....................................... 21 

()lliL-e of General Coun~el ................................................................ 23 

Office of International Affairs ...................................... 24 

OlliL-e of Dala and Technology ......................................................... 26 

Office or the E.,;.ecutive Director .................................... 31 

Otticc of the Ch,iirman and Commi~~ioncrs ................................... 33 

Office or the Inspector General ................................... 35 

APPENDIX I .................................................................... 38 

Org.mizational DiYisions and Otticc~ .............................................. 38 

APPENDIX2 ................ . ..39 

CFrC Facility Lea~ing ..................................................... 39 

APPENDIX3 ................................................................... .40 

Administration·~ Proposal on u~cr f'ccs ........................................ .40 

APPENDIX4 .................................... . .. 41 

Statement of Availability on Basi~ or Obligations ....... ..41 

APPENDIX 5 ................................................................... .42 

The Commission and Lhe lndu~try It Regulate~ ............................. 42 

APPENDIX6 .................... . ..69 

Customer Protection Fund ......................................... 69 

APPENDIX? ............ . .. 72 

Tahle or ALTonyms ............................................................................. 72 
The FY 2021 Budget Request 

Figures and Tables 

Tabk I: Summary of f'Y 2019 to 2021 by Program ................................................. 6 

Table 2: Sumniary of FY 2019 to 2021 by Division .............................. 7 

Table 3: Summary of PY 2019 to 2021 by Object Cl,is~ .......................................... 8 

Table 4: Crosswalk from FY 2020 to FY 2021 .................................... 9 

Table 5: Enforcement Reque~t ..................... __________________________________________________________ 10 

Table 6: Market Oversight Request .................................................... 13 

Table 7: Cleanng and Risk Request······················----------------------------····················· 15 

Table 8: Swap Dealer and Intermediary Oversight Request. . ............ 19 

Tahle9: Chier Economi~t Request ......................................................................... 21 

Table JO: Genernl Counsel Request .................................................... 23 

Tahle II· International Alfairs Request ................................................................. 24 

Table 12: Data and Technology Request ........................................... 26 

Tahle 11: Summary or IT Budget by Program and Cosl Type ............................... 30 

Table 14: Executive Director Rcquc~t. . ........ 31 

Table 15: Clrnirman and Cornmi~~ioners Request ............................ 33 

Table 16: lmpcctor Gcnerar~ Budget Request ...................................................... 35 

Figure l: OrganiLation Structure. . ......................................................... 38 

Table 17: Leasing Expirations ,md E~timatcd Le,ising Cost~ by Location ........... 39 

Table l 8: FY 2021 Budgetary Re~ource~ and Offsetting Collection~ .40 

Table 19: PY 2019 to 2021 Statement of Availability on Ba~is ofObligatiom ..... 41 

Table 20: U.S. Regulated Entitie~ and Registrant~ by CFrC Function 43 

Tahle 21: t'\umber of Regulated Entities/Registrant~ .......................................... .44 

Figure 2: Growth of Volume ofContrncts Traded ............................ 46 

Figure 3: Volume or Swaps Traded on Swap ExeL-ulmn Facilitie~ ....................... 47 

Figure 4: Swaps Volume. Cleared vs. Uncleared ........................... .48 

Figure 5: Number or Acti\·ely Traded Futures and Oplmn Conlral'ls .................. 49 

Figure 6: Notional Value of Global and U.S. Swaps and Futures Contrncts 50 

Tahle 22: IRS Sector Notional Amounts by Sector ............................................ 52 

Table 23: Interest Rate Futures ENNs by Participant Type ............. 52 

Tahle 24: FX Nol10nal Amount~ and ENNs hy Sector .......................................... 53 

Table 25: CDS Kotioirnl Amounts and ENN~ by Sector ........................................ 53 

Figure 7: Cu~tomer f-'unds in FCM Accounts ..................................... 54 

figure 8: Margin Requirements.. . .............. 55 

Figure 9: Cf-'TC-Supported Data Strearns Received from lndu~try .56 

figure 10: Number of SErs Registered with the CPTC ......................................... 57 

Table 26: FY 2019 List of SJ:.Fs. .. ........................................................ 57 

figure 11: Number of Contract M,irkct~ Designated by the CrTC ....................... 58 

Table27: FY2019ListofDCM~ .......................................................... 58 

figure 12: Number ofDCOs Registered with the CPTC ........................................ 60 

Table 28: FY 2019 List ofDCOs Registered with the CFTC ............. 61 

Tahle 29: FY 2019 Lisl ofSIDCOs ......................................................................... 62 

Figure 13: Number of Exempt DC Os ................................................. 63 

Tahle 30: FY 2019 List or Exempt DCOs ............................................................... 63 

Figure 14: !'\umber ofFC\1s and RFED Registered with the CFTC. .64 

Tahle 31 · FY 2()19 Li~t of FC\1s and RFEDs .......................................................... 65 

Figure 15: Number of SD Provisionally Registered with the CFTC .... 66 

Tahle 32: FY 2019 Li~t or Provisionally Regi~tered SDs ....................................... 67 

figure 16: Kumbcr of Provi~ionally Rcgi~tcred SOR~ .......................................... 68 

Table 31: f-'Y 2019 Li~t of SOR~ .......................................................... 68 

Table 34: Cu~tomer Protection rund.. . ......... 71 
FY 2021 President's Budget 

Executive Summary 

The Commis~ion is requesting a total of S304.0 million and 717 FTE for FY 2021. The CFTC~ request 

is a seven percent increase ahove the FY 2020 President's Budget Request and allows the Commission 

to maintain and enhance its role as the primary regulator of the U.S. futures, swaps, and options 

markets. 

The summaries below provide information on some, but not all, organiLatiorn, of the Commission and 

are intended to be for informational purposes only. The Commission considers the Salary and 

Expenses and the Office of the Inspector General programs to he its sole programs, projects, and 

activities (PPAs). All other budget displays contained in the justification material serve to provide 

clarification and arc for informational purposes only. 

Highlights of the 202 l Budget 

Division of Enforcement 

The Commission requests S60.0 million and 170 FTE for its enforcement program which seeks to 

ensure U.S. derivatives markets operate free from fraud, manipulation. and other trading abuses. The 

Commission has hrought new impactful enforcement cases. and successfully resolved other important 

enforcement cases. In addition, the Commission maintains a robust program that develops and 

utilizes sophisticated systems to analyze trade data, re~pond to outlying events, and help identify 

trading or po~itions that warrant further enforcement inquiry. 

A strong enforcement program is vital to maintaining public confidence in the financial markets. The 

Commission uses its authority to deter fraudulent and manipulative conduct and pursue cases if 

markets, firms. and others subject to the Commission·s oversight do not meet their obligations. This is 

critical to market participants. including retail customers, who depend on the futures and swaps 

marketplace. 

The advent of virtual currency futures contracts has presented several new challenges for the 

Commission in its efforts to carry out it~ mission. The virtual currency cash market is largely 

unregulated and the Commission has only limited authority over the cash market. In addition. 

substantial activity in these virtual currency markets take place outside the United States and any 

fraudulent or manipulative conduct is likely to take place across markets on multiple exchanges. 

including largely unregulated cash exchanges. Additional resource~ are required to addre~~ the 

potential for fraud and manipulation in these cash and futures markets posed hy the nascent and 

relatively unregulated virtual currency markets. 

The Commission also engages in cooperative enforcement work with domestic, state and l'ederal, and 

international regulatory and criminal authorities. When required. the Commission supports criminal 

prosecution of provable, willful violations of the Commodity Exchange Act (CEA). Based on the 

continued growth of innovative products and practices within the industry. the Commission 

anticipates more time-intensive and inherently complex investigations due to algorithmic, high-speed 

trading. As products innovate. the Commission must be ready with capable staff and supporting 

technology solutions to ensure it is maintaining parity with those that seek to exploit the systems and 

the markets the CFTC defends. 

The Commission also maintains an active whistleblower program within the Division of Enforcement. 

The program receives tips, complaints and referrals of potential violations, and guides the handling of 

whistleblower matters as needed during investigation, litigation, and award claim processes. 

Executive Summary 
FY 2021 President's Budget 

Division of Market Oversight 

The Commission requests $30.6 million and 93 FTE to continue its commitment to maintaining the 

integrity of the markets. 

The Commission will conduct more examinations of derivatives platforms· self-regulatory programs 

to ensure that they are complying with the CEA and Commission regulations. Specifically, beginning 

in late 2019, the Commission expanded its Rule Enforcement Reviews (RER), in which exchange 

registrants· compliance with their mks is reviewed, beyond designated contract markets (DCM) to 

include swap execution facilities (SEF) registrants, doubling the number and scope of entities 

examined without an increase in examination staff. During FY 2021. CFTC will move from 

establishing a baseline examination program for registered SEFs to conducting risk based 

examinations tailored to the entities. This effort will require additional resources to ensure 

appropriate execution of the examination program across dozens of DCMs. SEFs and swap~ data 

repositories (SDRs). In addition. the Commission's cybcrsccurity and system safeguards 

examinations, an essential component of the examination program, will remain crucial to the stability 

of the economy. Effective cyber~ecurity protection of regulated entities requires increa~ed vigilance 

for the scope of examinations conducted each year. 

The Commission will continue to regulate derivatives markets to promote the interests of all 

American~ in FY 2021 through, among other thing~, finalizing regulation~ for position limit~ on 

exchanges. End users depend on the derivatives markets to manage risk for their businesses that form 

the cornerstone of the U.S. agricultural economy. Implementing position limits regulations will help 

ensure that bona fide hedging is not restricted and that end users are able to manage their risk. 

The Commission produces staff analytical reports for agency, inter-agency, and public use on sharp 

price movements in the markets, agricultural block trades, and other valuable policy and regulatory 

i~~ue~. The Commission has developed sophi~ticated analytics to identify trends and outlying events 

that warrant further study. The Commission will continue to leverage this work to ensure that the 

Commission stays ahead of market trends and that its regulations encourage innovation. In addition, 

the Commission will continue to connect with a broad range of market participants by communicating 

its insight on these developments through podcasts and reports. 

The Commission will be establi~hing regulation~ to improve the utility of the real-time public swap 

pricing data feeds. SDRs provide real-time swap transaction data to the public to improve pnce 

transparency. Many entities use this data to provide insight on events that impact derivatives 

markets. The Commission i~ committed to improving the data feeds for these entities by establishing 

rules to standardize the data so it can he aggregated and compared easily across SDRs, and updating 

the block and cap siLcs to ensure the right swap trades appear on the public tape without undue 

impact on liquidity. 

In addition, the Commission will be finalizing ruks to restrict or eliminate post-trade identity 

disclosure (termed "name give-up) on SEFs to put an end to an unfair practice and help ensure U.S. 

derivatives markets remain liquid. vibrant, and resilient. 

Division of Clearing and Risk 

The Commission requests $28.1 million and 80 Fl'L..:, reflecting the Commission's plans to expand its 

examination activities directed toward derivatives clearing organiLations (DCOs) to reduce market 

risk and support the safety and ~oundness of clearing organizations. Regular examinations, in concert 

with the Commission's surveillance and other functions, are a highly effective method to maintain 

market integrity so that American businesses can rely on these markets. The Commission leverages 

resources by conducting joint examination~ across Commission divi~ions. and coordinated 

examinations of DCOs with the U.S. Federal Reserve and the U.S. Securities Exchange Commission 

(SEC), where possible. This effort allows the Commission to be more efficient with its limited 

resources and at the same time reduce burdens for dual registrants. 

Executive Summary 2 
FY 2021 President's Budget 

Currently the Commi;,;,ion ha;, 10 regi;,tered DCOs that are located in the U.S. including two DCOs 

lhat have been designated a;, ;,yslcmically imporlanl by the Financial Stabilily Ovcrsighl Council. 

Examinations of DCOs help the Commission identify issues that may affect a DCO"s ability to manage, 

control. and monitor its risks. DCOs have hecome critical ;,ingle points of ri;,k in the glohal financial 

system where the failure or di;,ruption to the funclioning of thc;,c DCO;, could crcalc or increase lhc 

risk of liquidity or credit problems spreading among other financial institutions. Furthermore, the 

number of DCO~. the scope and complexity of the examination issues, and the importance of these 

examinations to overall financial stability are all increasing. 

In addition. the Commi~~ion regulates six registered DCOs located oversea~. including ~ome that are 

extremely important to the markets given the volume of swaps and futures cleared for U. S. entitie;,. 

The Commission anticipalc;, new applications for DCO rcgi;,tralion rc;,ulting from the cxpkJ;,ion of 

interest in digital assets, an area in which there is significant risk to mitigate. 

There arc other foreign clearinghouses that arc not rcgi;,tcrcd but arc pcrmitlcd lo engage in certain 

types of activity for U.S. entities. Although the Commission relies principally on foreign authorities for 

oversight, it does engage in limited monitoring and surveillance of such clearinghouses. 

The Commission has an active, data-driven daily ri;,k surveillance function, and expects to continue 

investing additional resources in human capital, data, and technology to improve its current analytical 

capabilities to keep up with growth in both the scale and complexity of risk tran~mission in the 

derivatives markets, hoth cleared and uncleared. Given the emphasis on central clearing as a critical 

tool to help mitigate systemic risk in the global financial markets, the Commission expects to grow its 

~tress testing program to help ensure that the clearing sy~tem continues to be resilient to ab~orb both 

market and systemic shocb. 

Division of Swap Dealer and Intermediary Oversight 

The Commission request;, $26.5 million and 80 FTE to maintain ovcr;,ight of intcrmcdiaric;, and ;,wap 

dealers" activities in CFTC-regulated markets. These resources will allow the Commission to provide 

effective over;,ight using current delegated authoritie;, and improve cooperative over;,ight policie;,. 

The Commi;,;,ion oversees the rcgislration and compliance of;,wap and future;, market inlcrmcdiaric;, 

and swap and futures industry self-regulatory organizations (SROs). including the Chicago Mercantile 

Exchange (CME) and the National Futures Association (r\FA). With almo;,t S334 billion in customer 

funds held by fulurc;, commission merchant;, (FCM;,) and thousand;, of registered introducing brokers 

(IBs), swap dealers and other types of registrants, market intermediaries serve as a cornerstone of the 

Commission's regulatory framework. As such, the Commission direct;, its registration and compliance 

rc;,ourcc;, to provide critical policy and regulatory guidance to market parlicipants, both directly and 

in coordination with the SROs. In addition, these resources are also used to oversee NFA in its role of 

implementing delegated authority to register and over;,ee compliance by intermediarie;,. The 

Commission will abo u;,c lhcsc resource;, lo ensure that rcgislration rules, standard;, and reporting 

requirements keep pace with the needs of the evolving marketplace. The Commission is the primary 

financial regulator of 107 registered swap dealers. who collectively tran~act hundreds of trillions in 

notional value swap contract;, annually. serving a vital ;,ource of liquidity for commercial end u;,ers 

seeking to hedge their risk. 

The Commission is working to finalize several important rulemaking efforts. Notably, the 

Commission reopened the comment period on it;, proposed capital requirement;, for registered ;,wap 

dealers not subject to prudential regulatory oversight and proposed rules related to the cross-border 

application of certain of it~ requirements for ~wap dealer~. The Commission intends to finalize both 

rulemakings in 2020. The resulting regulatory framework will hetter align to the ;,waps market, 

reduce duplicative requirements for market participants, and help stimulate broad-based economic 

growth and stability. 

The Commission will also continue its ovcrsighl of FCM;, to cn;,urc lhc protcclion of cu;,tomcr fund;,. 

In connection with this function. the Commission has launched ;,upervi;,ory activities related to the 

trading of Bitcoin future~ contracts and continues to conduct over~ight of the aforementioned FCMs, 

Executive Summary 3 
FY 2021 President's Budget 

and to review the activities of related SROs, on a regular ha;,i;,. Upcoming examination priorities 

include accepted forms of non-ca~h margin. compliance with customer segregation requirements. and 

SD/major ;,wap participant (MSP) relationship;, with third-party vendor;,. 

Office of the Chief Economist 

The Commission reque;,ts $6.5 million and 20 FTE to continue its core economic expertise in order to 

conduct in-depth analytical and empirical studic;, of i;,;,uc;, affecting all area;, of Commission and 

regulatory interest. The FY 2021 budget request will allow the Commission to continue to address the 

large volumes of data collected as a re~ult of the Dodd-Frank Act. The resulting work will further 

enhance the Commission·;, under;,tanding of derivative;, market participants, including end-user;,, 

intermediaries. trading and clearing entities; market structure: execution methods; liquidity; price 

di~covery: hedging; market risk; counterparty risk; ~ystemic risk: and connections between futures. 

cleared swaps, and uncleared ;,wap;,. Improved economic and econometric analy;,i;, will improve the 

analytical and empirical foundations of the Commission·s policies and rules and better inform its 

cost-benefit considerations. Furthermore, thi~ reque~t will enable the Commission to provide more of 

its analysis to the public in the form of white papers on topics of current intcrc;,t; recurring report;, on 

aggregate market trends, trading activity, and positions; and high-quality research papers on 

fundamental properties of relevant markets and sectors of market participants. 

Office of International Affairs 

The Commi~~ion request~ $5.0 million and 13 FTE in the Office of International Affairs (OJA) to 

enable the Commi;,;,ion to advance it;, objectives in international policy development through bilateral 

and multilateral fora. Derivatives markets are global and the Commission·s policies relating to the 

U.S. derivatives market~ exi~ts in an interdependent web of foreign markets, requiring constant 

coordination with international counterparts. OJA engages in critical work with foreign _juri;,dictions 

and through regulatory and standard-setting bodies to ensure that the policies, including rules and 

regulations, developed by key foreign jurisdictions and international ~tandard ~etter~ are appropriate 

for the U.S. derivatives market;, and consistent with the Commission';, policies. Through this office, 

the Commission is able to lead and participate in globally recognized international standard setting 

and coordination bodie~. such as the International Organization of Securitie~ Commi~~ions (IOSCO) 

and it;, committees and working groups of the Financial Stability Board (!·"SB). Moreover, as CFTC 

regulatory counterparts continue to implement requirements regarding derivatives in their markets. it 

i~ essential that Commission staff work to en~ure that such requirements are appropriate for U.S. 

market participants operating in the U.S. and abroad and do not duplicate, unduly overlap with, or 

conflict with Commission requirements. OJA"s work abo mitigates the fragmentation of the global 

derivatives marketplace while developing apparatus to understand foreign regulatory developments 

and carry out successful outcomes-based regulatory coordination. OJA will continue to coordinate 

Commission effort;, for supervisory cooperation and information-sharing arrangements with 

counterparts all over the world. OJA will continue to pursue new arrangements to encourage crossborder cooperation regarding Fin Tech and digital a~~et developments. To further the Commission·s 

engagement and interaction with foreign counterparts, OIA will continue to ho;,t ;,ymposia and 

training involving counterparts across jurisdictions and undertake technical assistance in emerging 

markets. 

Office of Data and Technology 

The Commi;,;,ion ;,eeks $89.1 million and 81 FTE to support the continued operation, maintenance 

and cxpan;,ion of CFTC;, data and technology infrastructure. The markets the Commission ;,upport;, 

are increasingly digitized and the need to integrate these new technologie~ into the CFTC mission and 

business operations will continue to grow. Through thi;, request, the Commission plans to achieve the 

following key objectives: 

• Maintain and strengthen cyhersecurity and network defen;,e;, in way;, that safeguard agency data 

and progress the Commission towards greater compliance with Federal Information Security 

Management Act (FISMA) and other core mandates. 

Executive Summary 4 
FY 2021 President's Budget 

• Maintain and expand the new cloud-hased Order Book on Demand datahase, which provides the 

Commission with access to daily CME order book data, and incorporate similar market 

tran~action data from Intercontinental Exchange (ICE) and other exchanges. 

• Initiate the tran;,ition away from CFTCs legacy, on-premises IT infrastructure and associated 

data. computing, storage and other services. to a third party, cloud-based design. 

• Improve data management and analytics capabilities by strengthening data governance/quality 

and leveraging new lcchnologics such a;, machine learning to aid lhc Commi;,;,ion·;, enforcement, 

regulatory and policy-making function~. 

Executive Summary 5 
FY 2021 President's Budget 

Overview of the FY 2021 Budget 

FY 2021 Budget Request by Program 1 2 3 4 

Table I: Summar.)' of l<'Y 2019 to 2021 by Program 

FY 2019 FY 2020 FY 2021 

Salaries and Expenses 

Office ot the Inspector General 

Information Technology 

Total Annual Request 

Actual 

$ (000) 

$214,016 

$2,947 

$51,685 

$268,648 

Spend Plan 

$ (000) 

$280,800 

$3,200 

$0 

$284,000 

Request 

$ (000) 

$300,432 

$3,568 

$0 

$304,000 

Change 

$ (000) 

$19,632 

$368 

$0 

$20,000 

Facilities Relocation and Replication" $31,000 ($31,000) 

Grand Total Request $268,648 $315,000 $304,000 ($11,000) 

Columns may not add due to rounding 

1 FY 2020 amounts p1·01·i,kd in the' Ful'lher Con.solidated Apprnpriat1on, Act_ 2020. Public La11· l 16-94, D11-i.sion B. 

'.: The Salaries and Lxpcn\cs program provides funding for all CEA-related acti1·itic\. !"his include\ funding for l·cdernl staff 

s-1lark~ ;md benefits, lea,ing of fo<:ilitie~. inform,1tion tedrnology, tr-ivel, training, and general oper-itions of the Commission. 

-' The Orl,ce of the lnspedor Genernl prngrarn provu.le.s audits. in1e.sligalmns. 1·e1iews. in.speclion~. and olher activilie.s lo 

e1 aluale the opernt1'ms and prngran,.s of the Com111issrn11. 

4 The Commissmn con.sidns the Salary and Expenses and Otfice of the ln.spc'ctor General prnr:rnm.s to he 11, sole PPA,. All 

other budget display\ hy division or any other depiction\ arc for informational purpose\ only. 

'hKilities Relocation and H.eplication resource\ arc a separate no-year account from the CormnL,sion" other PPA\ included in 

the l'Y 2020 appropriation. 

Overview of the FY 202 I Budget Request 6 
FY 2021 President's Budget 

FY 2021 Budget Request by Division' ' 

Table 2: Summary of FY 2019 to 2021 by Division 

FY 2019 FY 2020 FY 2021 

Actual Spend Plan Request Change 

FTE S (000) FTE $ (000) FTE $(000) FTE $ (000) 

Enforcement 160 $53,642 169 $58,189 170 $59,977 $1,788 

Market Oversight 85 $26,909 88 $28,317 93 $30,631 5 $2,314 

Clearing and Risk 66 $21,440 71 $23,006 80 $28,095 9 $5,089 

Swap Dealer and Intermediary Oversight 73 $22,921 76 $24,650 80 $26,532 4 $1,883 

Chief Economist 17 $5,050 21 S6.734 20 S6,530 (1) ($204) 

General Counsel 44 $14,916 43 $14,860 44 $15,344 $485 

Office of International Affairs 11 $4,305 14 S4,963 13 S4,976 (1) $13 

Data and Technology 81 $81,319 82 $79,044 83 $89,140 1 $10,096 

Office of the Executive Director 80 $23,600 87 $26,124 86 $25,897 (1) ($227) 

Office of the Chairman & Comm1ss1oners 32 $11,600 42 $14,758 39 $13,309 (3) ($1,448) 

Inspector General 7 $2,947 g S3,356 g S3,568 0 $212 

Total 657 $268,648 702 $284,000 717 $304,000 15 $20,000 

Columns may not add due to rounding 

<'> The Commi.ssion con.si,krs the' Salal'y and Expcn.,c, and Office of the' Inspector Gcncrnl prngrnms to be' its sole' annual PPA,. 

All othcl' budget d1Splays hy dil'i.sion or any othn dcpictmns arc tor mtornrntional purpose., only. 

7 l'Y 20'.!0 amounts pro,-idcd in the Further Con\olidatcd Appropriations Act. '.!020. Public Law 116-94. DiYL,ion 13. 

Overview of the FY 202 I Budget Request 7 
FY 2021 President's Budget 

FY 2021 Budget Request by Object Class 

Table 3: Summary of FY 2019 to 2021 by Object Class 

Annual Baseline Request 

11.0 Personnel Compensation 

12.0 Personnel Benefits 

13.0 Former Personnel Benefits 

21.0 Travel and Transportation of Persons 

22.0 Transportation of Things 

23.1 Rental Payments to GSA 

23.2 Rental Payments to Others 

23.3 Communication. Utilities. & Misc. 

24.0 Printing and Reproduction 

25.0 Other Services 

26.0 Supplies and Materials 

31.0 Equipment 

32.0 Building and Fixed Equipment 

Total 

Facilities Relocation and Replication Request" 

21.0 Travel and Transportation of Persons 

22.0 Transportation of Things 

23.2 Rental Payments to GSA 

25.0 Other Services 

25.7 Operation & Maintenance - Equipment 

26.0 Supplies and Materials 

31.0 Equipment Purchase 

Total 

Grand Total 

FY 2019 FY 2020 

Actual Spend Plan 

$ (000) $ (000) 

$122.269 $137,711 

$39,655 $47,350 

$303 $0 

$1,679 $1,687 

$28 $49 

$0 $0 

$25,758 $24,845 

$2,119 $2,620 

$698 $619 

$68,403 $60,273 

$2.919 $2,582 

$4,817 $6,249 

$0 $15 

$268,648 $284,000 

$100 

$681 

$20,086 

$240 

$225 

$8 

$9,660 

$0 $31,000 

$268,648 $315,000 

FY 2021 

Request Change 

$ (000) $ (000) 

$142.946 $5.235 

$47 224 ($125) 

$0 $0 

$2 057 $370 

$50 $1 

$227 $227 

$27.389 $2,544 

$2.661 $41 

$631 $12 

$73,585 $13,312 

$2.421 ($161) 

$4,792 ($1,457) 

$15 $0 

$304,000 $20,000 

($100) 

($681) 

($20,086) 

($240) 

($225) 

($8) 

($9,660) 

$0 {$31,000) 

$304,000 ($11,000) 

Columns may not add due to rounding 

"l'acilitie\ Relocation and Replication resources arc a separate no-year account from the Commission" other PPA\ included in 

the l'Y 2020 appropriation. 

Overview of the FY 202 I Budget Request 8 
FY 2021 President's Budget 

Crosswalk from FY 2020 to FY 2021 

Table 4: Crosswalk from l<"Y 2020 to l<"Y 2021 

FY 2020 FY 2021 Change Spend Plan" Request 

Base Budget Authority ($000) $284,000 $304,000 $20,000 

Facilities Relocation and Replication Request'" $31 000 (-$31,000) 

Net Budget Authority ($000) $315.000 $304,000 (-$11,000) 

Full-Time Equivalents (FTEs) 702 717 ,15 

Dollars 

Explanation of Change FTE ($000) 

Current Services Increases: (AdIustments to FY 2020 Base) 

To provide for changes in personnel compensation & benefits. $1 132 

To provide tor the following changes in non-personnel costs: $2.812 

--Space Rental/Communications/Utilities ($2,812) 

Program Increase: (Adjustments to FY 2021 Current Services) ,15 $16055 

--Addition of 15 FTE ($3.978) 

--Travel/Transportation ($371) 

--Other Services ($11,706) 

Program Decrease: {Relocation and Repl1cat1on) (-$31,000) 

--Equipment and furniture for new facilities ($9.660) 

--Payments to GSA for renovation of new facilities ($20.086) 

--Relocation of existing equipment to new facilities ($681) 

--Services and support to relocate to new facilities ($573) 

Total Change ,15 {-$11,000) 

Columns may not add due to rounding 

'' l·Y 2020 amounts provided in the l'urther Consolidated Appropriations Act. 2020. Public Law l 16-94, Di,·ision 13. 1

° Facilities H.elocation and Replication resources arc a separate no-year account from the Commission_., other PPAs included in 

the l'Y 2020 appropriation. 

Overview of the FY 202 I Budget Request 9 
FY 2021 President's Budget 

Justification of the FY 2021 Budget by Division 

Division of Enforcement 

Resource Overview 

Table 5: Enforce1nent Request 

FY 2019 FY 2020 FY 2021 

Actual St1end Plan Reguest Change 

BUDGET $53,642,463 $58,188,904 $59,977,022 +$1,788,118 

FTE 160 169 170 +1 

Column, may l\lll aJcl clue I" rnuncling 

Organization Description 

The Division of Enforcement (DOE) investigates and prosecutes alleged violations of the CEA and 

Commission regulations. The Commission's enforcement efforts are nece;,;,ary to protect the public 

and prc;,crvc market integrity by detecting, invc;,tigating, and prn;,ccuting violations of the CEA and 

the Conunission·s regulations (Regulations). Strong enforcement is essential to realizing the CFTCs 

mission. Well-functioning commoditie;, and derivatives market;, should work for all Americans. These 

market;, en;,ure the ;,tability in price;, that customer;, have come to expect, and the economic growth 

Americans enjoy. For the economy to grow, businesses and individuals need to have confidence they 

are competing on a level playing field. Unlawful activity put;, honest busine;,;,es at a disadvantage. It 

impedes free and fair competition. It dampen;, economic growth. It undermines our democratic 

values. public accountability, and the rule of law. The Commission is committed to ensuring that all 

companie;, and individuals in our markets play by the rule;,, and to being tough on tho;,e who do not. 

DOE utilize~ its authority to. among other activitie~: I) shut down fraudulent scheme~ and seek to 

immediately pre;,erve customer assets through asset freeze;, and receiver;,hip orders; 2) uncover and 

slop manipulative and di;,ruptivc trading; 3) cnMtre that markets, firm;,, and participant;, subject to 

the Commission·s oversight meet their obligations, including their financial integrity and reporting 

obligation;,, a;, applicable; 4) ban certain defendants from trading in its markets and bar them from 

being registered; and 5) obtain orders requiring defendants to pay restitution, di;,gorgemcnl, and civil 

monetary penaltie~. Potential violations include. fraud. false statement~ to the Commi~~ion. 

misappropriation, price manipulation, use of a manipulative or deceptive device, disruptive trading 

practices, and other abuses concerning commodity derivatives and swap;, that threaten market 

integrity, market participants and the general public. 

DOE also engages in cooperative enforcement work with domc;,tic (;,late and Federal) and 

international regulatory and criminal authorities. 

The Whistleblower Office within DOE receive;, tips, complaint;, and referrals of potential violation;,. 

which allows the ;,taff to bring cases more quickly and with fewer CFTC rc;,ourccs, and guides the 

handling of whistleblower matter~ as needed during inve~tigation, litigation. and award claim 

processes. 

The Commi~~ion also augments its enforcement program through both a robust market surveillance 

program, which. among other things, develops and utilizes sophisticated sy;,tems to analyze trade 

data, respond to outlying events, and identify trading or positions that warrant further enforcement 

inquiry; and forensic economic analysis, which includes extensive data analysis to develop evidence 

for inve;,tigation;, into potential market manipulation, disruptive trading practices (including 

spoofing), and other unlawful tradc-ba;,cd conduct. 

Division-Enforcement 10 
FY 2021 President's Budget 

Justification of CFTC Request 

DOE addre;,;,e;, the Commission·s mandate to protect both cu;,tomers and the integrity of the market;,. 

The primary pillar;, of a robu;,t cnfon:cmcnt function arc the ability to rigorou;,ly and thoroughly 

investigate potential violations of the CEA and Commission regulations, and effectively prosecute 

such alleged violations, including the corresponding impo;,ition of ;,anction;, for the greate;,t deterrent 

effect. The additional re;,ourccs will help the Commission meet the growing need for enforcement 

resources as reflected by the enforcement program·s priorities, which, during FY 2021, are anticipated 

to include the following, among others. 

Spoofing and Manipulative Conduct. The Commission has experienced a continuing upward trend 

in filing;, involving manipulative or disruptive trading, evidenced by the fact that approximately 65 

percent of the matters filed in FY 2019 involved commoditie~ fraud, manipulative conduct. false 

reporting, or spoofing. The Commission anticipates this upward trend will continue in l'Y 2021, which 

will require the enforcement program to commit additional re;,ourcc;, to pro;,ccute these ca;,c;, 

targeting some of the most pernicious form~ of mi~conduct in our markets-i.e .. manipulative 

conduct, commodities fraud, and fraudulent misappropriation of confidential information. 

Digital Assets. The Commission aggressively prosecutes misconduct involving digital assets that fit 

within the Act"s definition of commoditic;,. Among other ca;,e;, filed in FY 2019, the Commi;,;,ion 

prosecuted for fraud in ~eparate actions: the principal of a digital a~~ets escrow fund: a Bitcoin trading 

firm and it;, principal; and a virtual currency trader. At the ;,ame time, Cl·TC successfully litigated 

cases involving digital asset;, it had previously charged, obtaining, among other thing;,, rulings 

affirming the Commission·~ authority to pro~ecute fraud and manipulation involving digital assets. 

Chairman Tarbet ha;, stressed the importance for U.S. leadership ofblockchain and digital asset;,, and 

cxprc;,;,cd hi;, view that ''CFTC;, role i;, to cn;,urc that thcre·s integrity in the market;, and we want 

these markets to develop in way that ha~ integrity.'" The Commi~~ion·s Digital Assets Task Force will 

fulfill that mandate, which, given the explosive growth of thi;, technology, will requre additional 

re;,oun.:c;, in FY 2021 to aggre;,;,ivcly pro;,ccute these cases. 

Cooperative Enforcement. The Commission·;, enforcement program focuses on collaborative 

relation;,hip;, with SROs, state, Federal, and international authorities, including achieving efficiencies 

through referrals, to meet its enforcement objectives. The parallel enforcement program ;,tarts with 

the premise that CFTC can most effectively protect markets when working together with colleagues in 

the enforcement and regulatory community. In particular, the CFTC believes a robust combination of 

criminal prosecution and regulatory enforcement i;, critical to deterring violators, punishing 

misconduct, preserving market integrity, and protecting market participants. During FY 2019, the 

Commission filed more case~ in parallel with criminal authorities (~ixteen) than any prior year. The 

Commission cstabli;,hcd a Foreign Corrupt Practices Task Force to work in collaboration, and in 

parallel with its enforcement partners to pursue this type of misconduct. This collective effort has 

already borne fruit and, and by making cooperative enforcement a priority. the Commi~~ion·s work in 

this area can be expected to grow in l'Y 2021. 

Forensic Capabilities and Data Analytics. The Commission utilizes foren~ic economi~ts to perform 

complex data analysis to develop evidence for investigations into potential market manipulation. 

disruptive trading practices (including spoofing). and other unlawful trade-based conduct. This 

analytical evidence is used to determine the nature and ;,cope of the trading or activity at issue and 

informs the Commission·;, determination of whether to recommend an enforcement action. The 

enforcement program is engaging in a multi-year project to enhance our ability to detect misconduct 

with data analytics. As part of this effort. the Commission has developed an ability to identify, in the 

trading data. form;, of mi;,conduct that we might othcrwi;,e have been unable to detect. The ;,ignificant 

increase in the number of cases involving manipulative conduct, and the significant increase in the 

percentage of the overall docket involving charges of manipulative conduct and commodities fraud, is 

directly tied to the;,e data analytical effort;,. The Commi;,;,ion anticipate;, that this demand for data 

analytics will further increase in FY 2021. 

Division-Enforcement 11 
FY 2021 President's Budget 

Surveillance. The Commission will maintain a rohust market surveillance program that develops and 

utilizes sophi~ticated systems to help identify trading or positions that warrant further enforcement 

111qu1ry. During FY 2021. the Commission will: 

• Conduct ~urveillance in all traded commodity classes on a prioritized basis. and perform 

discrclc forensic analysis involving data reported to the Commission to confirm orderly 

operation of the markets and to identify conduct that may give rise to a potential violation of 

the CEA and Commission regulations: 

• Evaluate compliance with federally-imposed position limils, conduct a forensic review of 

market activity to identify potential market and trading abuses; 

• Coordinalc with other federal regulators such as U.S. Dcpartmcnl of Agriculture. U.S. 

Department of Energy. Federal Energy Regulatory Commission, and U.S. Environmental 

Protection Agency on market event~ involving their re~pective juri~dictions: and 

• Communicate with market participants and the exchanges about market participant trading 

activities ba~ed upon aggregate data across market~. 

Risi< Management and Adequate Compliance Programs. The Commission·s enforcement program 

seeks to ensure that registrants adopt and implement proper risk management processes and 

maintain an adequate compliance program. During FY 2019, the Commission brought a number of 

aclions in lhis space. including the first of ils kind actions againsl the following: a rcgislcrcd DCO 

charging violations of Core Principles involving financial risk management. opcntlional requirements, 

and information-systems security: an exempt DCO for making a false statement to the Commission in 

connection with the oco·s risk management program; and a swap dealer for violating rules that 

require financial institulions lo establish a governing body and internal policies to oversee data 

reporting for swap dealers. During FY 2019. the Commission also brought cases charging the 

following: a Chief Compliance Officer with engaging in fraud and making misleading statements; 

failures in lhc compliance function that cilhcr directly rcsullcd in the underlying substantive 

misconduct, or led to failure to supervise charges: and a swap reporting for making misleading 

~tatements and material omi~~ions to the Commission regarding the compliance inadequacies. In FY 

2021. lhc Commission can only cxpccl its efforts in this area lo increase with the enforcement 

program·s new bank secrecy act task force·s focus on Commission registrants· compliance with their 

obligations under the Bank Secrecy Act and anti-money laundering rule~. which significantly 

conlributc to the Commission"s abilily to detect and prosecute the sort of misconduct that may How 

through intermediaries like FCMs or IBs. 

Insider Trading and Protection of Confidential Information. Illegal use of confidential information 

can significantly undermine market integrity and harm customers in our markets. This type of 

misconduct could include misappropriating confidential information. improperly disclosing a clienfs 

trading information. front running, or u~ing confidential inforrnation to unlawfully prearrange trades. 

Recognizing the harm imposed hy this type of misconduct, in l'Y 2019. the Commission charged an 

energy broker and its owner with misappropriating confidential customer information. which the 

owner u~ed to take the other side of the customer"s trade~ in hi~ own proprietary trading account. 

henefiting the owner hy hundreds of thousands of dollars. During FY 2021, the Commission will work 

to ensure our market participants are not unlawfully misappropriating confidential information for 

their own gain. 

Individual Accountability. The Commission·;, cnforccmcnl program endeavors lo hold individuals 

accounlablc for wrongdoing. In FY 2019, approximalcly 58 pcrccnl of the Commission·;, actions 

involved charges against one or more individuals. The Commission charged individuals at financial 

institutions. proprietary trading firms, and managed funds as primary wrongdoers, and those who 

facilitated the conduct as aiders and ahettors. The Commission did not stop with low-level employees; 

we charged supervisors. desk heads. chief compliance officers. and chief executives. Wilh increasing 

enforcement actions against primary wrongdoers, the enforcement program anticipates an increase in 

actions charging individuals during FY 2021. 

Division-Enforcement 12 
FY 2021 President's Budget 

Division of Market Oversight 

Resource Overview 

Table 6: Market Oversight Request 

BUDGET 

FY 2019 

Actual 

$26,908,529 

FY 2020 

Spend Plan 

$28,317,013 

FY 2021 

Request 

$30,630,682 

Change 

+$2,313,669 

FTE 85 88 93 +5 

Columns may not add due to rounding 

Organization Description 

The Division of Market Oversight (OMO) is re~ponsible for the regulation and oversight of the 

commodity futures, options on futures, and swaps marketplace;,, Commodity future;,, options on 

future;,, and swap;, market;, arc highly innovative and global in scope. The mission of the OMO is to 

fo~ter open, tran~parent, fair, competitive, and secure markets through clear rule~ and effective 

oversight of derivatives markets and market participants, The OMO seeks to be the world's foremost 

authority on the rapidly evolving derivative market;,, The OMO';, principal function;, arc: 1) rcgi;,tcring 

new exchanges, foreign boards of trade (FBOTs) and SDRs; 2) conducting examinations of exchange 

compliance programs, including system safeguards; 1) reviewing new and exi;,ting products li;,ted hy 

exchanges and rules and rule amendments submitted by exchanges; 4) overseeing SDRs and related 

data policy and practice; 5) analyzing current and emerging derivatives market dynamics, 

developments, and trend;, to assist the Commi;,;,ion in developing sound policy; and 6) developing 

rules, guidance. interpretations, and policies to promote fair. efficient, and vibrant markets and a 

sound market structure. 

Justification of CFTC Request 

Enhancing Commission Rules 

In FY 2021, the Commi;,;,ion will u;,c rc;,ourccs to develop and implement regulations to promote fair, 

efficient. vibrant markets, and a sound market structure. These policy improvements will encourage 

innovation, streamline regulations, improve market structure, increase trading liquidity, and remove 

barrier;, for new entrant;, and unburden the U.S. economy. The;,e changes will en;,ure that the 

Commission';, rule;, keep pace with the rapidly-changing digital tran;,formation of market;,. 

Specifically, the Commission anticipates implementing rules on swaps trading and position limits, 

among others. As part of this effort, the Commission will he implementing regulation;, that codify and 

eliminate current no-action letters and guidance. 

The Commission ~eeks to finalize the implementation of its Swaps Data Roadmap by improving and 

streamlining several swaps data reporting rules. including creating more consistency with 

international harmonization ;,tandanb and the Commission expects to propo;,c rules clarifying block 

trading requirement~. Finally. the Commission anticipates continuing to make progress on crossborder harmonization for trading platform;,. 

Market Intelligence 

The CFTC will continue to analyze and communicate current and emerging derivatives market 

dynamic;,, developments, and trend;, to a;,;,i;,t the Commission in developing sound policy. together 

with a;,;,i;,ting other Federal agencies, Congre;,;,, the Admini;,tration, and the public in making 

informed decisions. Thi~ initiative include~ conducting high value-added analysis using both 

Division-M;uket Oversight 13 
FY 2021 President's Budget 

proprietary internal data and out;,ide data to promote efficient and sound market;,. Such market data 

is critical for proper market analysis, and its effective use i;, dependent on the ability to acquire large 

volumes of data and to utilize it through the development of sophisticated analytics to identify trends 

and/or outlying events that warrant further study. The CVl"C will continue to work with internal and 

external ;,takehoklcr;, to ensure the Commi;,;,ion ha;, complete, accurate, and high-quality futures and 

swaps data in order to fulfill its statutory responsibilities to safeguard the markets. The Commission 

will continue to publish information and reports to the public regarding several market structure 

issues, ;,uch a;, market liquidity, trading technologies, and convergence. 

Compliance Examinations and Cybersecurity 

The Commission will remain focu~ed on fostering market integrity and ~ecurity through robu~t 

oversight and review;, of DCMs, SEFs and SDRs. To do ;,o, OMO will continue to conduct RERs of 

DCMs" self-regulatory programs to ensure compliance with the Commission·s core principles and 

other regulations. In addition, the Commission anticipates fully implementing its SEF RER program. 

which was recently significantly expanded lo include SEFs. The SEF RER initiative require;, resources 

beyond tho;,c currently allocated to perform RER activities. 

In the face of extensive change and cyber-attacks on the markets, the Commis;,ion"s resources for 

system ;,afeguard oversight are increasingly crucial to the ;,tability of the economy and are a critical 

element of these examinations. Effective cybersecurity protection of regulated entities requires 

increased vigilance for the scope of examination~ conducted each year. Additionally, swap~ and 

futures data maintained by entities and available to regulator;, provides for systemic risk mitigation, 

lran;,parency, and market supervision. The CFrC must dedicate resources to the;,e respon;,ibilitic;, lo 

ensure the accuracy and reliability of ~uch data in order to carry out its mission and must invest in 

automating procedures and data to inge~t and integrate it into its various functions. 

Virtual Currency, Swaps and other Product Reviews 

The Commission will continue to be involved in virtual currency derivatives issues. including 

reviewing new virtual currency derivatives li;,ted for trading on DCMs and SEFs. There i;, a need for 

additional re;,ourcc;, to meet the challenge;, related to virtual currency derivative;, and ensure that 

these contract~ are not readily susceptible to manipulation. The CFTC reviews these and other 

futures, options, and swaps contract filings by DCMs and SE!·";, primarily to verify that the contract;, 

arc not readily ;,u;,ceptiblc to manipulation and other price distortion;,, and that they arc subject lo 

appropriate position limits or po~ition accountability standards as required by the CEA and 

Commission regulations. Virtual currency derivative;, and the underlying cash markets present many 

unique risks and challenges, such a;, price volatility, market dislocations due to l1a;,h rallies, cra;,hc;,, 

and other technology issue~. Moreover, the swap~ market has expanded exponentially in recent years. 

and Cl·TC seeks to augment its team of swaps experts to support product and rule review effort;,, 

Ml Ifs market analysis, and rulemaking. 

Registration and Compliance 

The Commi;,;,ion anticipates that it will continue to receive, analyze, de;,ignate, and register new 

DCM, SEF and FBOT applications. The CFTC anticipate;, that additional entities focused on virtual 

cmTency derivatives will seek registration as DCMs and SEFs, which may raise unique issues and 

challenge;, requiring further resource;,. At the same time, other entities, such a;, decentralized or peerlo-pccr networks may seek to trade virtual currency derivative;, and avoid registration, which would 

also raise novel issues. As described above, the examination program is being significantly expanded 

to cover SEFs, requiring additional resources. Lastly. once the enhancement of the Commission's 

swap data reporting rule;, are completed, Cl·"'J'C will review the three provisionally registered SDRs for 

permanent registration ;,tatu;, during FY 2020 and FY 2021. 

Appendix 5 contain;, reference information ;,uch a;, trade volume data and the number of DCM;,, 

SEFs. and SDRs. 

Division-M;uket Oversight 14 
FY 2021 President's Budget 

Division of Clearing and Risk 

Resource Overview 

Table 7: Clearing and Risk Request 

BUDGET 

FY 2019 

Actual 

$21,439,951 

FY 2020 

Spend Plan 

$23,006,073 

FY 2021 

Request 

$28,095,421 

Change 

+$5,089,348 

FTE 66 71 80 +9 

C"lumn, lllH)' no\ add due 10 r"undrn~ 

Organization Description 

The Division of Clearing and Risk (OCR) oversees DCOs and other participants in the clearing process 

and oversees the clearing of future~. option~ on futures. and swaps by DCOs. The OCR ~taff: l) 

prepare proposed regulations. orders. guidance, and other regulatory work products on issues 

pertaining to DCOs; 2) review applications for DCO registration and exemption from DCO 

regi~tration and DCO rule submission~. and make recommendations to the Commission: 3) 

recommend which swaps should be required to be cleared; 4) evaluate the eligibility of a DCO seeking 

lo clear swaps that it has not previously cleared; 5) assess compliance by DCOs with the CEA and 

Commission regulations. through the examination process, including examining ~ystemically 

important derivatives clearing organizations (SIDCOs) at least once a year; 6) review and assess 

compliance of DCO monthly and quarterly financial resource reporting and ad-hoc notifications 

regarding hardware or ~oftware malfunctions, cyber-security incidents, or other incident~ that impact 

the DCOs liquidity or financial; and 7) conduct risk assessment and financial surveillance through the 

use of risk assessment tools, including automated systems to gather and analyLc financial 

information. and to identify. quantify. and monitor the risks posed by DCOs. clearing members. and 

market participants and their financial impact. 

Justification of CFTC Request 

This hudget request supports the Commission's efforts to examine the different approaches to 

protecting digital assets used by DCOs. In addition, there is a need lo supply technical training to our 

~ystems risk analyst~ so they are better equipped with the knowledge needed to identify these novel 

and unique risks. 

The use of cloud service providers for the storage of data and the operation of clearing applications is 

a new technology development. As DCO~ begin using thi~ technology more broadly. thi~ budget 

request will provide systems risk analysts with the appropriate knowledge lo identify areas of concern 

regarding the security of cloud providers. and the ocos· implementation of such technology. Of 

concern is the security that surrounds the clearing applications and data that are in the cloud, and the 

lack of information from the cloud providers. 

From a ri~k assessment perspective, the expectation is that oco~ clearing digital asset products will 

need to be examined more frequently due to the unique challenges associated with operating in this 

space. The DCOs that arc clearing these products may also be registered as DCMs or SEFs. To 

efficiently direct limited Commi~~ion re~ources and reduce burdens on dual registrants, CFTC ~taff 

di~cusses the scope of the examination and plan~ to addre~~ all requirement~ in the most efficient 

manner possihle. To that end, CFTC has created common documents for use during the examination 

process making it easier for the DCO. DCM. or SEF to produce the documentation requested. In 

addition. CFTC staff coordinates fieldwork and harmonize their conclusions prior to the issuance of 

any examination report. This reduces burdens for dual registrants and streamlines the process. It will 

also maximize the limited numher of risk analysts available for this type of examination. 

Division-Clearing and Risk 15 
FY 2021 President's Budget 

As the numher of DCOs has increased, so have the numher of DCO filings and the potential numher of 

required cxaminaliorn, under the CFTCs ovcrsighl rcsponsibililics. The complexity of lhc 

counterparty risk management oversight programs and liquidity risk management procedures of the 

DCOs continues to grow. The Commission has an interagency project underway with the Board of 

Governors of the Federal Reserve in which lhc teams arc collaborating to identify bcsl pracliccs in lhc 

areas of default management, liquidity risk management, and the performance of margin models. 

Teams are ~haring analysis. information. and supervisory experience~ in an attempt to define policies 

and to agree upon examination programs for SIDCOs regarding the various topics. Anolhcr goal of 

this effort is to identify areas where additional transparency surrounding our regulations may be of 

significant benefit to the DCO community. 

The Commission"s DCO examination function will continue to review DCos· compliance wilh 

emerging risks in information security and the ability of the DCOs to identify. protect. detect, 

respond, and recover in the event of an intrusion. Notifications regarding hardware or software 

malfunctions and cybcr inlrusions will be monilorcd, and included as appropriate in the risk 

assessment when determining the scope of future systems examinations. Examinations of ocos· 

compliance with the CEA and implementing regulations will necessitate use of new automated tools. 

Information technology tools will he especially important in evaluating compliance in the areas of 

liquidity, back testing. and stress testing. These new systems will aid examiners in identifying 

potential areas of concern regarding compliance and should significantly improve the effectiveness of 

the examination process. 

Many DCOs are expanding their business to other jurisdictions around the world. Those jurisdictions 

look to the Commission to provide insight regarding the effectiveness of the programs implemented 

by the DCOs. The Commission supports information sharing and compliance discussions in the areas 

of cybersecurity, liquidity risk management, default management, and other significant risk 

management i~~ue~. The Commission will continue to share examination reports and di~cuss ri~k 

management and systems concerns with those jurisdictions in which the DCOs operate. 

Swap Clearing Requirement Product Reviews 

All regi~tered and exempt DCOs are required to submit all ~waps offered for clearing to the 

Commission. The Commission considers whether these swaps should be subjccl to a swap clearing 

requirement. 

The CFTC promulgated the first rules associated with the required clearing of swaps in Decemher 

2012, and it expanded the intcrcsl rate swap clearing requirement in September 2016. This budget 

reque~t will continue to ~upport ongoing product reviews as new swap~ and other contracts are 

offered for clearing in respon~e to changing market need~. 

Relying on new data from DCOs, SDRs, SEFs, and other market infrastructure and participants, the 

Commission will continue to analyze, by a~~et class. the percentage and volume of cleared and 

uncleared swaps, the level of risk transfer among market participanls, the market dynamics with 

respect to new products, and the implied overall credit and market risk, in FY 2021. This will help 

ensure that the Commission has an appropriate under~tanding of risk within the swaps markets. The 

Commission also will review data to monitor market participants, including swap dealers, for 

compliance with lhc swap clearing requirement and its exceptions and exemptions. 

Registration and Compliance for DCOs 

The FY 2021 hudget request continues to support the Commission\ registration and compliance 

activities for DCOs. The Commission will devote effort to reviewing any new applications for DCO 

registration, as well as petitions for exemption from DCO registration for the clearing of swaps. These 

activities. in addition to oversight of regi~tered DCOs, will continue to require regulatory coordination 

on both a domcslic and cross-border basis. As additional DCOs arc rcgislcrcd or exempted, lhcsc 

coordinated efforts will necessarily increase concurrcnlly. 

Division-Clearing and Risk 16 
FY 2021 President's Budget 

Thi;, request provides resources for the Commission's periodic reviews of registered DCOs to en;,ure 

compliance wilh the CEA"s ;,tatutory requirements and CFTC regulations. In addition, the rcque;,t will 

support the Commission·s oversight of DCOs on a day-to-day basis, which includes review of their 

rules, operations, and procedures. The CFJ'C also reviews daily, quarterly, annual, and event-specific 

reporls to cn;,urc compliance with ils rcgulalion;,, including financial and ri;,k managcmcnl 

regulations. Many of the new DCOs have limited capital to meet the DCO financial resource 

requirements and they do not have option~ to quickly raise additional capital resources if needed. A~ a 

re;,ult, the;,e DCOs have been placed on monthly financial rc;,ourcc reporting which incrca;,e;, CFrC;, 

regulatory workload. The safety and security of the investing public is a top concern and our goal is to 

identify potential capital i~~ue~ as soon as possible to determine if a mitigation strategy can be 

implcmenlcd before the DCO can no longer operate. Thu;,, the Commission i;, dedicating more 

resources to the review of monthly financial resource filings in order to achieve the above objective. 

DCO Risk Surveillance 

Ri;,k surveillance is a technology-intcn;,ivc function, and in FY 2021, both the quantity and type;, of 

position data requiring review will continue to increase. The CFTC currently collects granular or 

entity-level position and exposure data. and anticipates investing additional resources into collecting 

and maintaining comprehen;,ive, current financial information on DCO;,, FCMs, and their clients. To 

enable development of risk mclrics, lhe Commission requires real-lime and historic information on 

prices of derivatives and related underlying markets, as well as risk factor information. Internally 

developed applications and commercially available ;,oftware are used to perform these functions. The 

abilily lo function cffeclivcly and advance thi;, program is dependent upon lhc abilily lo process this 

data. 

Enhancing financial analysi;, tools is critical, as the CFTC is the only financial regulator, regardle;,;, of 

juri;,diclion, lhat i;, able to aggregate and evaluate ri;,k across all DCOs. Each DCO"s view of risk is 

limited to market participants clearing at that particular organization. Many market participants will 

have positions at multiple clearinghouses in more than one asset cla;,;,_ Risk ;,urveillance activities 

have been adju;,tcd lo include the ability to strc;,;, lest po;,ition;, in swaps for market participanls and 

DCOs. This additional stress testing is currently only for cleared positions. 

In order to incorporate uncleared po;,ilion;, into the currenl risk ;,urveillancc program, the 

Commission will need to develop new stress testing applications for these positions. Resources are 

needed to review new DCO margin models and changes to existing margin models. Many DCOs clear 

lhc ;,ame a;,;,et class, but each uses it;, own margin model to calculalc margin requirement;,. In ;,omc 

instances. the requirements for the same positions will not be the same at multiple DCOs. The 

Commission must compare and contrast these modeh in order to analyze differences and to ensure 

appropriate coverage. 

The CFTC is expanding the capability to conduct quantitative ri~k analysis on uncleared ~waps 

exposures and integrating these exposure;, with cleared futures and cleared ;,wap;, expo;,ures. This 

require;, a ;,ub;,tantial investment of re;,ourcc;,, ;,taff, and advanced analylic;, lo improve dala quality, 

loob, and analytical approaches. 

The Commission ha;, been a thought leader in the area of supervi;,ory stre;,;, tests of DCOs. However, 

the ability to grow this program has been severely constrained by our analytical tools. For example. 

~taffha~ been relying on specific risk metric~ provided by DCOs that limit the types ofstre~~ scenarios 

that can be used. Additional inve;,tment to develop valuation tools will enable the Cl·TC to explore 

more realistic risk factors potentially influencing the clearing eco-system. 

International Policy Support 

This budget reque~t will fund continued participation in key international bodie~ setting ~tandard~ for 

clearinghou;,c;,, with the aim of promoting appropriately rigorous ;,tandanb. The Commi;,;,ion 

participates in, or leads. international groups such as the Committee on Payments and Market 

lnfra~tructure~ - IOSCO Steering Group, Policy Standing Group, Implementation Monitoring 

Division-Clearing and Risk 17 
FY 2021 President's Budget 

Standing Group, Working Group on Cyher-Resilience, the l'Slfs Resolution Steering Group and 

Financial Markel Infrastruclurc Cross-Border Crisis Management Group. 

These groups set international standards for clearing and clearinghouse regulations, and have a direct 

impacl on U.S. DCOs, in particular those that operate inlcrnationally. Commission staff also 

participates in groups focused on individual clearinghouses. such as the Crisis Management Groups 

for LCH Ltd, LCH SA. and ICE Clear Europe. 

Appendix 5 conlains reference informalion such as trade volume and margin requirement data and 

the number of DCOs. SIDCOs. and exempt DCOs. 

Division-Clearing and Risk 18 
FY 2021 President's Budget 

Division of Swap Dealer and Intermediary Oversight 

Resource Overview 

Table 8: Swap Dealer and Intermediary Oversight Request 

FY 2019 FY 2020 FY 2021 

Actual Spend Plan Request Change 

BUDGET $22,920,858 $24,649,585 $26,532,261 +$1,882,675 

FTE 73 76 80 +4 

Columns may not add due to rounding 

Organization Description 

The Division of Swap Dealer and Intermediary Oversight (DSIO) oversees the registration and 

compliance activities of swap dealers, MSPs, FCMs, introducing brokers. commodity pool operators 

(CPOs). commodity trading advisors (CTAs). retail foreign exchange dealers (RH.:1)s). and other swap 

and futures market intermediaries. DSIO"s oversight program is designed to ensure that these 

intermediaries are financially sound, and meet standards for fitness and conduct as set forth in the 

CEA and the Commission·s regulation~. DSIO assesses and monitors swap dealer~. FCMs, and other 

intermediaries· compliance with capital, margin, customer asset segregation, and customer protection 

requirements: internal and external business conduct standards; and reporting. disclosure, and 

record keeping requirement~. DSIO staff develop regulations. order~, and interpretive statement~ on 

issues relating to swap dealers, FCMs, and other intermediaries; review registration applications: 

review financial and other business data of registrants; design audit modules and conduct 

examination~ of regi~trants for compliance with the CEA and Commission regulations; provide advice 

to other CFTC divisions and offices regarding issues involving swap dealers, FCMs, and other 

intermediaries: and assess the risk posed by swap dealers, FCMs and other intermediaries to the 

derivatives markets. DSIO also oversees and examines the Kational Futures Association (NFA) and 

other SRO:-. delegated hy the Commission. 

Justification of CFTC Request 

Registration and Compliance 

The CFTC~ thou~ands of registered intermediaries play a vital role in the Nation·s financial ~ystem by 

connecting customers to the global market. With $134 billion in estimated customer funds, the 

registrants serve as a cornerstone of the Commission·s regulatory framework. As such, the 

Commission directs its registration and compliance resource~ to provide critical policy and regulatory 

guidance to market participants, both directly and in coordination with the Nl·"A. The Commission 

also uses these resources to ensure that registration rules, standards and reporting requirements keep 

pace with the needs of the evolving marketplace. 

Core activities funded through this function include: 

• Drafting new rule~ and rule amendments to strengthen its registration and compliance 

regime and, following Commission approval, overseeing effective rule implementation. 

Throughout this process. registrants engage CFTC staff to obtain interpretive guidance, seek 

no action relief for registration purposes, and/or discuss compliance matters requiring 

Commission guidance. 

Division-Swap Dealer and Intermediary Oversight 19 
FY 2021 President's Budget 

• l'urnishing responses to other Federal and state agencies, CFTC registrants, and to the puhlic 

with respect to intermediary issues. These answers involve an array of activities, from 

responding to inquiries from market participants and registrant~ to briefing policy makers on 

major registration and compliance issues. 

• Providing direct support to the international regulatory community with established 

agreements on suh;,tituted compliance matters. This support is central to overseeing the 

global aclivitics of the derivative;, industry, and the implementation of key aspect;, of 

legislative mandates. and other high priority initiatives. 

• Preparing and delivering critical guidance to the SRO;,, which support the cxcculion of the 

Commission·s regulatory framework and delegated regulatory activities. 

Economic and Legal Support 

In FY 2020 and conlinuing into FY 2021, the Commi;,;,ion is focusing on improving lhc rcgulalory 

experience for market participants by pursuing a data driven. policy agenda. The policy-making 

agenda will include finalizing cross-horder rule;, and capital requirements for swap dealers and an 

extension of lhc compliance deadline for uncleared margin, as well a;, working with other federal 

financial regulators on amendments to the Vokker Rule. The CFTC will continue implementing 

refinements to its rule~ in a manner con~i~tent with the Commission·~ mission and values. 

The Commission provide;, legal analy;,i;, and regulatory ;,upporl for swap dealer and intermediary 

oversight aclivitics such as: 

• Providing draft rulemakings, interpretations, and opinions on questions of statutory and 

regulatory authority relevant to market intermediaries and legal advice for substantive 

Commission actions relevant to intermediaries, including registration and futures a~~ociation 

rule suhmission reviews, regulation;,, and exemption;,; 

• Drafting and administering the applicable capital. margin. segregation and financial reporting 

requirement;, for market intermediaries, swap dealers, and MSPs, to include drafting related 

rulemakings, no-action letters, interpretations, and exemptions; 

• Responding to informal requests for guidance from market participants, non-U.S. regulators. 

and the public; 

• Coordinating capital, margin, and financial reporting requirement;, with the SEC and 

Prudential Rcgulalors regarding swap dealers and MSP;,; and 

• Working clo;,ely with foreign regulators to reduce cross-horder regulatory hurdens hy 

implementing agreements that will allow swap dealers and MSPs to be deemed in compliance 

with the CFTCs margin rules. while remaining subject to the CFTCs examination and 

enforcement authority. 

Appendix 5 contains reference information such as trade volume data and the numbers of registered 

entities. 

Division-Swap Dealer and Intermediary Oversight 20 
FY 2021 President's Budget 

Office of the Chief Economist 

Resource Overview 

Table 9: Chief Economist Request 

BUDGET 

FY 2019 

Actual 

$5,049,806 

FY 2020 

Spend Plan 

$6,734,076 

FY 2021 

Request 

$6,530,100 

Change 

-$203,976 

FTE 17 21 20 -1 

Columns may not add due to rounding 

Organization Description 

The Office of the Chief Economist (OCE) conducts rigorous economic and econometric analysis of 

derivative~ markets, The exten~ive research and analytical backgrounds of staff ensure that analyses 

reflect the forefront of economic knowledge and econometric techniques. The OCE collaborates with 

other CFTC divisions to integrate economic reasoning and data analysis into Commission policy and 

cost-benefit con~ideration~. The dissemination of OCE research to market participants and the 

general public plays a key role in transparency initiatives of the Commission. 

Justification of CFTC Request 

The Commission is responsible for careful, systematic, and sustained research into the derivatives 

markets under the agency's jurisdiction. This research ensure~ that CFTC policy-making is informed 

hy the latest thinking and empirical observations ahout markets and market participants. The results 

of the Commission's research also educates lawmakers, other regulators, both domestic and 

international, and the general public about the markets in which the CFTC ha~ particular data and 

expertise. 

An important challenge facing this office is determining the best methods to process and analyze the 

enormous quantity of data available to the Commi~~ion. Determinations are required on data issues 

such as: understanding data imperfections and ambiguities; merging data sets with different 

structures to study particular markets or market participants holistically: and having sufficient. highly 

~killed staff to work through these i~~ue~. The Commi~~ion require~ staff that possess the ability to 

analyze data sets with at least one million rows of data. These and other highly technical skills arc in 

high demand across the financial and technology industries, as well as academia. 

In addition to data, useful and top-quality research requires a deep understanding of market 

participants and the markets themselves. Rigorous analysis of how market participants use 

derivatives and the risks they face requires knowledge of their business models. Studies of this sort 

encompass end user~ that range from farmers to life insurance companies; intermediaries that range 

from commodity brokers to swap dealers in hank holding companies; and, of course, clearinghouses. 

Rigorous analysis of the markets themselves requires knowledge of the workings of trading platforms, 

from those on futures exchanges to those on swap execution facilities. and from voice markets to 

electronic venue~. 

To leverage its limited resources relative to its research objectives, the Commission has and continues 

to expand its program of partnerships with academics in relevant fields. Subject to the ~trictest 

procedures and controls to ensure data confidentiality, these partnerships facilitate the f1ow of ideas 

between the Commission and universities and encourage academics to work on areas of interest to the 

Commission. 

Division-Chief Economist 21 
FY 2021 President's Budget 

The FY 2021 hudget request will enahle the Commission to make continued progress in fulfilling its 

mission. With respect to research, this request will allow the CFrC to begin to better understand the 

data available; understand how and why market participants u~e derivatives; study the ri~k profile~ of 

market participants; assess the efficiency of trading platforms; evaluate how well derivatives products 

and markets serve end users; and appraise the extent to which systemic risk might be generated by or 

might be transmitted through derivatives markets. The CFrC will also work to integrate research into 

Commission policies and actions. Recent research conducted at the CFrC allowed for the introduction 

of ENNs (Entity-Nclted Notionals) as an alternative to notional value for the markets. The initial 

January 2018 white paper, "/mroducing ENNs: A Memure (!f" the Size of" lnteresr Rme Swap 

Market.~·· 11 outlined the calculation of ENNs as well as their distribution across participant types and 

products. The paper also discussed why other common market size measures, like notional value, do 

not accurately measure the amount of market risk transfer through swap markets. This mea~ure 

estimates the size of risk transfer in the swaps market and provides a more direct comparison 

between swaps and other rates markets, like U.S. Treasuries. The Commission is using interest rate 

~waps (IRS) Ef\:f\:s to improve the understanding of how variou~ business sector~ u~e derivatives 

markets and how regulations affect that usage. Since the initial publishing of the Ef\:f\:s concept, the 

Commission has published a second white paper, "ENNs.fr1r Corporate and Sovereign CDS and FX 

Swl1p.1" in February 2019 12 . Additional information is provided in Appendix 5. 

The FY 2021 budget request enables the Commission to improve the analytical and empirical 

foundations of its policy and rules, as well as the cost-benefit considerations of its policy and 

rulemaking. Thi~ will be achieved partly through a deeper understanding of the functioning of 

markets and the behavior of market participants, as described previously, and through supplementing 

that understanding with data-driven studies of the costs and impacts of past rules and the potential 

cost~ and impact~ of the Commission·s contemplated policy changes. 

11 Bakn. L., Haym·,. R .. Lau. M., Robert.,. J .. Sharma. R .. Tucknrnn. B .. and Watn'n, N. (2018). ··ENN, Update a, of September. 

2018,"" February. AccesSJblc· from the pa!'e llllp,:/ /" ww .d"tc .gm/Ab,,ul/Ecom,m,c.\m,ly~•~/Rc,cal'd1Papel's/indc.,.hlm 

" Bakn.L.. Hayne, R.,. Lau, VI .. Robnt,. J .. Shanna. R .. and Tucknrnn. R. (2019 ). ·•E>it\, for Corpornte and Sowre1p1 CDS and 

FX Swap,··. AccesSJhle from the pap.c' hllps://ww" .cllc.gm/About/EcolHJ1llict\nalJ sis/Rc~carchPapcr,/indc.,.htm 

Division-Chief Economist 22 
FY 2021 President's Budget 

Office of General Counsel 

Resource Overview 

Table HJ: (;eneral Counsel Request 

FY 2019 FY 2020 FY 2021 

Actual Spend Plan Request Change 

BUDGET $14,915,597 $14,859,860 $15,344,385 +$484,524 

FTE 44 43 44 ,1 

Columns may not add due to rounding 

Organization Description 

By statute, the Office of General Counsel (OGC) provides legal services and support to the 

Commission and all of its programs, These ~ervices include: I) engaging in defensive. appellate. and 

amicus curiae litigation; 2) assisting the Commission in the performance of its adjudicatory functions; 

3) providing legal advice and support for Commission programs; 4) assisting other program areas in 

preparing and drafting Commi~~ion regulations; 5) interpreting the CEA; 6) overseeing the 

Commission's ethics program and compliance with laws of general applicahility; and 7) providing 

advice on legislative. regulatory issues and FinTcch innovation, The CFrCs Freedom of Information 

Act (FOIA) office and E-Discovery Coordinator are also part of OGC 

Justification of CFTC Request 

The Commission ensures consistency in the interpretation and application of the CEA. The CFTC 

conducts reviews of proposed and final rules. enforcement and regulatory actions, and various forms 

of staff action within this area for legal sufficiency and administrative regularity. The Commission 

interprets and applies the requirements of a variety of government-wide statutes, including, hut not 

limited to, the Federal Advisory Committee Act, FISMA, FOIA, and the Administrative Procedure Act. 

A~ a Federal entity. the Commission must assure the legal sufficiency of Commi~~ion actions 

concerning personnel laws, procurement laws and regulations. l'ederal records requirements. and 

other applicable laws as applied. 

The Commission aho ensures it has proper representation when required to appear in the U.S. Courts 

of Appeals. U.S. District Courts and other administrative proceedings in appeals stemming from 

enforcement actions and other matters including regulatory challenges, bankruptcy, personnel 

litigation, labor disputes, and FOIA. 

Division-General Counsel 23 
FY 2021 President's Budget 

Office of International Affairs 

Resource Overview 

Table 11: International Affairs Request 

BUDGET 

FY 2019 

Actual 

$4,305,106 

FY 2020 

Spend Plan 

S4.963,250 

FY 2021 

Request 

$4,976,224 

Change 

+$12,974 

FTE 11 14 13 -1 

Columns may not add due to rounding 

Organization Description 

The Office of International Affairs (OJA) advocates for Commi;,;,ion ohjectives in international policy 

dcvclopmcnl through multilateral and bilateral fora; advises the Commission regarding intcrnalional 

regulatory initiatives and policie~; provides guidance regarding international issues raised in 

Commission matters; represents the Commi;,;,ion in international fora, ;,uch as !OSCO and !'SB; 

coordinate;, Commi;,;,ion policy as it relate;, to priorilies, policie;,, and inilialive;, of key foreign 

jurisdictions and the G-20: coordinates with the U.S. Department of the Treasury and U.S. financial 

regulatory authorities on international matters; negotiates cooperative arrangement;, and responds to 

inquirie;, related lo supcrvi;,ory coopcntlion or information ;,haring; and provides technical a;,;,i;,tance 

to foreign authoritie~, by providing guidance regarding regulatory and supervisory matters and 

organizing international training programs and regulatory ~ymposia. 

Justification of CFTC Request 

The global nature of the future;, and swaps market;, makes il imperative that the Commi;,;,ion engage 

foreign regulators and participate in international policy development to enhance international 

cooperation and to support the adoption, implementation, and enforcement of high-quality 

derivatives regulation. This request will allow the CFTC lo: 1) advance the inlercsls of the CFTC in 

bilateral and multilateral discussions with foreign counterparts and in international standard-~etting 

and coordination fora; 2) facilitate information-sharing, cooperation and cro;,;,-horder assistance; and 

3) ensure international initiatives are con;,i;,tent with the rules and policies of the Cl·TC. 

The CFTC will increase its efforts to respond to attempts by European authorities. particularly the 

European Securities and Markcls Authority, to expand lheir ;,upervision of U.S. firms or apply lheir 

rules and requirements to U.S. firms and markets. In addition, the CFTC will oversee the 

implementation of relevant European Union (EU) equivalence, recognition, and comparability 

dclermination;, regarding central clearinghouses, trading platform;,, and intermediary firm;,. 

Furthermore, the exit of the United Kingdom (UK) from the EU requires the Commission to increase 

engagement with UK and EU counterparts and stakeholders in concluding and implementing 

agreements and regulatory arrangements to respond to changing regulatory requirement~ that can 

affect U.S. markets and existing agreements and regulatory arrangements with the Commission. 

The Commi~~ion will continue to engage with other regulator~ regarding con~i~tent regulatory 

requirement;, imposed on derivative;, clearing organizations. The importance of central clearing to the 

derivatives market;, make;, it critical that the Commission enMtres lhe strcnglh and resiliency of 

clearinghouses. 

The Commi;,;,ion anticipates continuing engagement with lhe FSB and it;, working groups and 

committees that affect U.S. derivatives markets. The CFTC will continue its long-standing active 

engagement a~ a member of the Board of the IOSCO and assume or seek out leadership roles within 

imporlanl policy commitlee;,, ta;,k forces, working group;,, and networks lhat develop slandard;, and 

Division-International Affairs 24 
FY 2021 President's Budget 

policy guidance for the U.S. derivatives markets. The Commission intends to chair an IOSCO 

committee to coordinate IOSCO work on financial stability matters and engagement with the FSB. In 

addition, the Commission will continue to participate in official ~ector regulatory dialogues with the 

EU, the UK, and India. Given developments with other jurisdictions relating to international trade, 

the Commission also expects to engage in official sector regulatory dialogues with Canada, China. 

Japan. and Mexico. 

The Commission anlicipates the conclusion of additional supervisory cooperation, and informationsharing arrangements with counterparts all over the world. The Commission also anticipates the 

conclusion of additional arrangements to encourage cross-border cooperation on FinTech and digital 

asset developments. 

The Commission expect~ enhanced engagement with foreign ~takeholders as a result of additional 

requests for technical assistance from regulatory and supervisory entities. Commission staff satisfies 

such requests by organiLing and executing jurisdiction-specific lraining programs and multilateral 

symposia. 

Division-International Affairs 25 
FY 2021 President's Budget 

Office of Data and Technology 

Resource Overview 

Table 12: Data and TechnologJ Request 

FY 2019 FY 2020 FY 2021 

Actual Spend Plan Request Change 

BUDGET $81,318,703 $79,044,085 $89,139,668 +$10,095,583 

FTE 81 82 83 +1 

Columns may not add due to rounding 

Organization Description 

The Office of Data and Technology (ODT) work:-. cooperatively, both internally and with other 

division~. to develop and deliver the technology, applications and technical service~, collectively 

referred to as the Information Technology (IT) Portfolio. nece;,;,ary to meet the Commission's existing 

and emerging mission ob_iective;,. ODT deliver;, services to the Commission through four components: 

(I) Sy~tems and Services; (2) Data Management; (3) Infrastructure and Operation~. and; (4) Policy 

and Planning. Sy;,tems and Services provide acce;,;, to data and information, platforms for data 

analy;,i;,, and cnterpri;,c-focused automation ;,crvice;,. Data Management provide;, service;, that 

~upport data standards, data collection, analysis, management, reuse, transparency reporting, and 

data operations support. Infrastructure and Operations organizes delivery of services around network 

infrastructure and operations, telecommunications, and desktop and customer service;,; these 

delivered ~ervices are highly available, flexible, reliable, and scalable. supporting the sy~tems and 

platforms that empower ;,taff to fulfill the CFTC mission. Policy and Planning focuses on IT ;,ecurity, 

strategic and planning, IT policy and procedure development, configuration management, and 

enterprise architecture. The four service delivery components are unified by an enterprise-wide 

approach driven by the Commi~~ion·s strategic goals and objectives. 

IT Portfolio 

Although the CFTC IT Portfolio ;,upports all aspects of the Commission·;, operations, it;, mi;,;,ion 

importance continues to grow as the agency strives to meet the over~ight demands of today·s 

increa;,ingly sophi;,ticated financial markets. Investing, leveraging, and integrating technology at all 

levels of the organization is core to the CFTCs ability to develop new capabilities, and provide cost 

effective performance required to protect market users and reduce ~ystemic risk. u~ing the 

technology hu;,iness management (TBM) resource allocation structure, the portfolio is organized into 

five investment area;, as follows: 

Industry Oversight and Financial Integrity Services includes the IT services, ;,ystems, software, 

and, applications that directly support core mission activities, with a di;,tinct focu;, on industry data 

acqui;,ition, management, quality and analysis. Example;, include: 

Sun·eillance & Analvsis - Resources support both CFJ'C';, regulatory oversight function;,, which focus 

on monitoring/evaluating market and trade practice data, financial and ri;,k analysis, and 

investigative and enforcement work, which uses acquired industry data and reporting to surveil, 

triage. investigate, and prosecute violations of the CEA. Mission performance in these areas is highly 

dependent on technology and service;, that ensure the timely acquisition and analy;,i;, of large volume;, 

of market and indu;,try data. 

lixamination.~ - Resources are used to develop and deploy specialized auditing and analytical tools to 

support monitoring and examining market infra;,tructure (e.g., exchange;,, clearinghouses, etc.), key 

market users (e.g., FCMs), and to oversee the important compliance support work performed by the 

CFTC"s SROs. 

Division-Data and Technology 26 
FY 2021 President's Budget 

Other CVIC Regulatory and Policy Missions - Re;,ources are used to provide tools and service;, that 

are vital to a variety of other CFTC functions that include the Office of the Chief Economist, FinTech 

initiatives, firm and entity registration and reporting, and international policy efforts. 

Enforcement Support leverage;, technology resource;, to perform and ;,upport a wide variety of 

mission critical enforcement and investigative support function;,. Specifically, IT ;,crvicc contract;, and 

business applications are used to: 1) support enforcement case management and development; 2) 

~end, receive, manage and control case documents. evidence and data and, 3) serve as tools and 

platforms for developing new analytical capabilitic;, and improving timclincs;, and efficiency. In 

addition, this portfolio investment includes the Commission·s computer forensics program. which 

u~e~ specialized tools and software to access, analyze. and evaluate data and evidence from a wide 

range of ;,ources in direct support of agency enforcement actions. 

Internal Agency Services include the IT systems, services and applications to deliver mission critical 

tools and capabilities, many of which are provided by federal shared service providers, and operate as 

an independent agency. Examples include CFTCs financial and procurement system;,, payroll and 

automated human resource service;,, logistic;,, physical security and a;,;,et management ;,y;,tcms, and 

secretariat/records management support. 

Security and Compliance rcl1cct;, rc;,ourccs devoted to the agcncy"s cybcr security program and 

business continuity IT capabilitie;,. Key security objectives include: 

• Protect all data and technology within the Commission with continuous assurance of 

confidentiality, integrity and availability; 

• Strengthen ;,taff vigilance aero;,;, the agency by ensuring that authoriLcd u;,ers undcr;,tand, accept, 

and follow security and privacy responsibilitie~ using a cloud based approach that incorporates 

rccun-ing ;,ecurity training, compliance testing and reporting; 

• Combat cyber threats through incident detection, response, and mitigation capabilities: 

• Assess and synthesize threat intelligence, vulnerabilities, potential busine;,;, impacts, and the 

likelihood to impact operational risk decisions and: 

• Continue to inve~t in IT ~ecurity to maintain and achieve compliance with cybersecurity 

ob_icctive;,, ;,uch as the FISMA, and related Office of Management and Budget (0MB) and 

Kational Institute of Standards and Technology (NIST) mandates. 

IT Management, Infrastructure and Operations This inve;,tmcnt area provides the critical 

technology and ;,erviccs nccc;,;,ary to operate and ;,u;,tain CFTCs core IT infra;,tructurc, provide end 

user and enterprise-wide platform services. and perform critical IT management and planning 

functions. A breakdown description of the~e activities is provided below. 

End User Services - provides the primary mechanism~ for CFTC users to personally connect and 

access the Commi;,;,ion·s computer network and to use the associated application;,, platforms and 

communication capabilities to perform their daily duties. Core components include end user software 

and per~onal IT equipment (e.g., worbtations, network printers. employer-issued mobile devices. 

etc.); IT help desk services; fixed and mobile communications, and conference and audio-vi;,ual 

technology used to connect the Commission to its regional offices. 

Inti-r1structure Sen•ices - support~ CFTC~ core IT architecture such as continuous computing power. 

data center ;,crviccs, network and connectivity, and secure data ;,torage. In order to operate 

effectively, the Commission must maintain and upgrade an array of specialized equipment (e.g., 

hardware components, ~ervers. routers. etc.). telecommunication~ gear and related hardware and 

software, and ;,u;,tain service ;,upport contracts that enable CFJ'C';, mission. 

Entemrise-wide P!Clt(orm Sen'ices - includes major platforms used across the agency in support of 

variety of both operational and support missions. Example;, include the Commission"s official 

CFTC.gov website, organizational file management and sharing platforms. etc. 

Division-Data and Technology 27 
FY 2021 President's Budget 

IT Managernent and Pfanning - covers the resources directed towards the management, 

administration and planning of IT for the enterprise and it includes vital functions such as data 

architecture and strategic planning, IT training. operational travel. and related activities. 

Justification of CFTC Request 

In FY 2021, the Commi;,;,ion requests a total of $89.1 million and 8J !'TE to sustain hase operations 

and address current and emerging mission challenges. Technology resources and expertise continue 

to be of utmost importance to the CFTC mission - not only to support day-to-day operations, but also 

to develop the new capabilities necessary to over;,ee the 21;,t century markets. The Commission plans 

to direct the requested resources along the following priority business lines: 

IT Modernization Continued investment in the Cl'TC"s cloud strategy allows the Commission to 

leverage proven technology that offer;, important benefit;, (e.g., flexible .. pay-as-you-go" costing, 

multi-device user accc;,;,, acqui;,ition cost avoidance, etc.) in ways that fully align with its innovation 

and efficiency objectives. Using a combination of base resources and the modest increase contained in 

the l'Y 2021 request, the Commission plan;, to the tran;,fer its primary system;, and applications from 

their current on-prcmi;,c;, location to a third party, off premises, managed ;,crvicc;, cloud environment 

u~ing a proven approach known as "'lift and shift"'. The lift and shift proce~~ is accomplished by 

planning, mapping and then migrating all selected systems, applications and data to the cloud. which 

can be completed with little to no impact on Cl·"J'C u;,ers or IT operations. Pha;,e One implementation 

will require CFrC to incur temporary cost increases to operate large portions of the IT network as a 

hybrid environment: meaning that CFTC will run the existing, on-premises network and the new 

cloud environment in parallel to ensure reliable u;,er access and ;,ystem continuity throughout the 

migration process. 

Once Phase One of the cloud migration is completed with the planning, mapping and transfer of 

CFTC sy;,tcms, applications and data, Pha;,c Two will commence. Thi;, phase will terminate u;,c of 

most legacy on-premises equipment and begin the sy~tem re-architecture process that when 

completed will allow CVl'C to optimally manage and acce;,;, the new cloud environment. Given the ;,ize 

and complexity of the scrvicc;,/dala moved, Pha;,c Two will require 18 lo 24 months (post lift and 

~hift) to complete. The anticipated benefits of this initiative include the following: 

• Avoid/mitigate the cost of replacing key portions of CFJ'C"s aging, on premi;,es IT equipment 

(e.g., servers, storage area network (SAN). etc.) and other related hardware, software, operating 

and maintenance co~ts. 

• Reduce, over time, the Commi;,;,ion"s office ;,pace footprint both al CFTC office location(s) and the 

lea~ed data center facility; utility co~t efficiencies will be realized as well. 

• Optimally position CFTC to shift other key function;, ;,uch as cybersecurity, massive parallel 

processing (MPP) capabilities and other key functions to cloud in the future. 

Data Management and Analytics The Commission will continue to leverage cloud and other new 

technology to enhance and transform its ability to collect. analyze and draw informed conclusions 

from market/industry data to conduct effective enforcement actions. oversee rapidly evolving market~ 

and formulate sound regulatory policy. Some key examples of the;,e efforts arc provided below: 

Futures and Options Order Hook /Jara Beginning in l'Y 2020, the Cl'TC began implementation of the 

Order Book on Demand initiative, which u;,e;, cloud technology lo acquire access to the CME"s order 

book data that, once fully implemented will realize the following benefits: 

• enhance analytical capabilities, through advanced, cloud-based tools, to more rapidly detect, 

identify market risks. trends. etc. and better target suspicious activity and behavior: 

• reduce administrative burden on both the CME and CFTC; 

• achieve greater investigative and regulatory ovcr;,ight efficicncic;, and cffcctivenc;,;,; 

• develop greater in~ight and understanding of market patterns and associated evolution~ in ri~k 

management, and apply this knowledge to CFTC policie;, and regulation;,; and 

• strengthen agency data governance capabilitie~ 

Division-Data and Technology 28 
FY 2021 President's Budget 

In FY 2021. the Commi;,;,ion plans to incorporate ICE order book data to further strengthen the 

agency"s vision and situational awareness within the market/trading space. Ultimately, these data 

initiatives will re~ult in roughly one peta byte (nearly l,000,000,000,000,000 bytes of data). 

becoming available to CVrC regulatory and enforcement staff. 

Market Surveillance Data The Commission also plan~ to upgrade its aging Integrated Surveillance 

Systems (ISS) with modern, cloud-ba;,ed technology to meet the expanding needs of the agency·s 

market ;,urvcillance operations. CFTC;, sLirveillance activities, which monitor the daily activities of 

large trader~, key price relationships, and relevant supply and demand factors in a continuou~ review 

for potential market problems, are core to the mi;,;,ion and rely almo;,t entirely on the ability to 

rapidly receive and review Large Trader and related data from market participants. Since the existing 

ISS, while functional. operates u~ing legacy technology, transitioning to a new cloud solution will 

enhance Cl'TC surveillance capabilities, increase the speed/efficiency for how data is received, 

managed, analyLed, and strengthen data ;,ecurity. 

Advanced Analytics The Cl'TC will continue it;, work to further refine and optimize the application 

and integration of not only cloud based analytical tools, but also to explore the utility of other cutting 

edge technology like machine learning to its mi~~ion. For example, the agency i~ currently working to 

leverage machine learning as a means for detecting classic ;,poofing patterns in order book data. 

Division-Data and Technology 29 
FY 2021 President's Budget 

Additional Budgetary Data on lnfonnation Technology Resources 

The tables below represent the budget request for IT by budget program and IT Portfolio Cost Type. 

Through the end of FY 2019, IT expenses were funded from two of the Comrnis~ion·s primary PP As. 

Salaries and Expenses (S&E) and IT, and an Indirect Overhead allocation, which is a proportional 

share of estimated agency-wide operating costs such as lease of space, utilities, supplies, equipment 

and other ~ervices u~ed by or available to all CFTC organizations. CFTC allocates indirect overhead to 

all divi;,ions and offices in this budget presentation ba;,ed on a per FJ'E distribution. 

The FY 2020 appropriation~ eliminated the IT program from the Commission·~ PPAs and the tables 

below have been amended to reflect this change. Re;,ources from the IT program have been 

consolidated with the S&E program for FY 2020 and FY 2021. 

Table 13: Summary of IT Budget by Program and Cost Type 

FY ?01q FY?O?O FY ?0?1 

IT Budget by Program Actual Spend Plan Request 

Information Technology Services 51 684 608 

S&E Personnel 13,967 475 20,603,648 21,197,536 

S&E Operating 5 537 1G9 53 897 G44 62 944 120 

S&C Indirect Overliead 5 0(9 451 4 542 (93 4998012 

Total IT Portfolio $81,318,703 $79,044,085 $89,139,668 

FY 2019 FY 2020 FY 2021 

IT Portfolio by Cost Type Actufll Spend Plfln Request 

Development Mode1111zat1on and Enhancement (DME) 11625451 7 505 476 15 494 638 

Operations and Maintenance (O&M) 62 859 885 65 198 172 66 702 898 

S&E (Non-DME/O&fA) 1,753916 1,797,644 1,944,120 

Indirect Overhead 5079451 4 542 793 4998012 

Total IT Portfolio $81,318,703 $79,044,085 $89,139,668 

Column, may not add due to rounding 

DEFINITION OF TERMS 

DME: Co,t~ related to the development. rnodernirntion. and enhancement of technology. including per~onnel. 

O&M: Co~b rdakd to th<: opt:ralion~ and rnainknam:<: ol kdmology. mdudin!! pt:r~onnd. 

S&E: Co~b rdakd lo th<: Salarit:~ and E.\pt:mt:s Program. 

Personnel: Co~ls or gov<:rmn<:nl pt:rsonnd/FTE fur ~alary and bt:nt:fib only 

Operating: Costs related to the purchase of hardwart:. ~oft wart:. and data and kchnology st:nict:s. 

Indirect Overhead: O\·t:rht:ad rdakd lo kast:~ and other centrally funded co~b. 

Division-Data and Technology 30 
FY 2021 President's Budget 

Office of the Executive Director 

Resource Overview 

Table 14: Executive Director Request 

FY 2019 FY 2020 FY 2021 

Actual Spend Plan Request Change 

BUDGET $23,600,209 $26,123,656 $25,897,095 -$226,561 

FTE 80 87 86 -1 

Columns may not add due to rounding 

Organization Description 

The Office of the Executive Director (OED) directs the internal management of the Commission, 

ensuring lhe Commission·s conlinucd success, continuity of operations, and adaptalion lo the everchanging markets it is charged with regulating; directing the effective and efficient allocation ofCFTC 

resources; developing and implementing management and administrative policy; and ensuring 

program performance is measured and tracked Commission-wide. The OED includes the following 

branch offices: Bu~iness Operations Branch (including logi~tics operations, strategic and operational 

planning, security and emergency management, travel, and business operations), Executive 

Secretariat (including library operations, Secretariat, records management, privacy, and Office of 

Proceedings). Financial Management (including budget, procurement. accounting, and risk 

management), and Human Resources (including talent management, workforce relations, 

performance managemcnl and compensation, and health and wellness programs). The Office of 

Proceedings has a dual function to provide a cost-effective, impartial, and expeditious forum for 

handling customer complaints against persons or firms registered under the CEA, and to administer 

enforcement actions, including administrative settlements, statutory disqualifications, and wage 

garnishment cases. 

Justification of CFTC Request 

The Commission continues to promote excellence through executive direction and leadership, 

organiLational and individual performance managemcnl, and effective management of resources. 

Effort~ to achieve these objectives will result in better-informed decision making regarding the 

management and investment of the Commission's resources. The FY 2021 budget request focuses on 

slrcngthcning the Conunission·s fiduciary posture by cxcculing and evaluating lhe remaining agency 

corporate reform effort~. The FY 2021 budget request recognizes the need to keep overhead co~ts as 

low as possible, while making careful investments to continue efficiency, innovation, and effectiveness 

in ils operations and management. To thal end, lhe Commission will continue to provide essential 

day-to-day financial management, human resources. building management, and secretariat functions 

as well as maintain the centralized services model that supports the various CFrC divisions and 

offices in compliance with Federal administntlivc mandates. 

This budget request also includes resources to provide for a strong risk management structure by 

building out an enterprise risk management (ERM) framework, as required by 0MB Circular A-123. 

ERM provides an cnlerprisc-widc, strnlegically-aligncd portfolio view of organinHional challenges 

that provides improved insight about how to more effectively prioritize and manage risks to mission 

delivery. Effective ERM facilitates improved decision-making through a ~tructured understanding of 

opportunities and threats. Effective ERM also helps agencies implement strategies to ensure effective 

use of resources, enables an optimiLcd approach to the identification and remediation of compliance 

i~~ue~. and promotes reliable reporting and monitoring aero~~ busine~~ units. ERM effort~ will 

continue with implementation in l'Y 2021. 

Division -Executive Director 31 
FY 2021 President's Budget 

The Commission ha;, the responsihility to comply with Federal standards, and the agency requires 

resources to address the requirements contained in the OMB/National Archives and Records 

Administration (f\:ARA) Memoranda M-19-21. Trnnsirion ro Electronic Records and NARA·~ 2018-

2022 ;,trategic plan for agencies to manage all records electronically. The Commis;,ion will continue to 

transition to electronic business processes and systems for managing those records, and where not 

feasible. to tran~ition legacy permanent, paper record~ to electronic form. and send tl10~e records to 

NARA. In l'Y 2021, the Commission will continue to implement the Controlled Unclassified 

Information program by a;,;,c;,;,ing the Commi;,;,ion"s statutory and regulatory authoritic;, for 

information protection and sharing, and by developing and piloting training. 

The CFTC has taken an aggrc;,;,ivc approach to ;,treamlining operations and will continue to realiLe 

efficiencies from action;, taken in FY 2020. Thi;, approach will better align organizational structures, 

update the agency·s performance management policies, and streamline operations where fea;,ihle. The 

FY 2021 budget reque~t ~upports these initiatives, allowing the Commi~~ion to provide capable 

administrative support, meet regulatory obligations, and continue with process improvements to 

promote efficiencies. Collectively, thc;,c activities will continue to ;,upport CFTCs fiduciary 

respon;,ihility of taxpayer funds while supporting the Commission so that it may advance its mi;,;,ion 

to foster open. transparent, competitive, and financially sound markets. 

Division -Executive Director 32 
FY 2021 President's Budget 

Office of the Chairman and Commissioners 

Resource Overview 

Table 15: Chairman and Commissioners Request 

FY2019 FY 2020 FY 2021 

Actual Spend Plan Request Change 

BUDGET $11,599,659 $14,757,917 $13,309,480 -$1,448,437 

FTE 32 42 39 -3 

Columns may not add due to rounding 

Organization Description 

The Offices of the Chairman and the Commissioners provide executive direction and kadcn,hip lo the 

Commission-specifically, as it develops and adopts Commission policy that implements and enforces 

the CEA and other statutes. rules and regulations. Commission policy is designed to foster the 

financial integrity and economic utility of derivatives markets for hedging and price discovery, to 

conduct market and financial surveillance, and to protect the public and market participants against 

manipulation, fraud. and other abu~e~. The Office of the Chairman includes the Offices of Public 

Affairs, Legislative and Intergovernmental Affairs. Minority and Women Inclusion, and LabCFTC. 

The Commissioners 

The CFTC con~ists of five Commissioners. The President appoints and the Senate confirms the CFTC 

Commissioners to serve staggered five-year terms. r\o more than three sitting Commissioners may be 

from the same political party. With the advice and consent of the Senate. the President designates one 

of the Commi~~ioners to serve as Chairman. The following represent the current CFTC 

Commissioners: 

Heath P. Tarbert, Chairman 

Heath P. Tarbert was nominated by Pre~ident Trump as Chairman of the CFTC on December 11, 2018. 

was unanimously confirmed by the Senate on June 5, 2019, and was sworn into office on July 15, 2019 

for a five year term expiring April 2024. 

Brian D. Ouintenz, Commissioner 

Brian D. Quintenz wa~ nominated by President Trump as a Commi~~ioner of the CFTC on May 12, 

2017, was unanimously confirmed by the Senate on August J, 2017, and was sworn into office on 

August 15, 2017 for the remainder of a five-year term expiring in April 2020. 

Rostin Behnam, Commissioner 

Ros tin Hehnam was nominated by President Trump as a Commissioner of the CVl'C on July lJ, 2017, 

was unanimously confirmed by the Senate on August 3, 2017. and was sworn in to serve as a 

Commissioner on September 6, 2017 for the remainder of a five-year term expiring in June 2021. 

Dawn DeBerry Stump, Commissioner 

Dawn DcBcny Stump was nominated by President Trump as a Commissioner of the CFTC on June 

12, 2017, was unanimously confirmed by the Senate on Augu~t 28, 2018, and was sworn in to serve a~ 

a Commissioner on September 5, 2018 for the remainder of a five-year term expiring in April 2022. 

Division- Chairman and Commissioners 33 
FY 2021 President's Budget 

Daniel M. Berkovitz, Commissioner 

Daniel M. Berkovitz was nominated by Pre~ident Trump as a Commissioner of the CFTC on April 24. 

2018. was unanimously confirmed hy the Senate on August 28- 2018. and was ;,worn in to ;,erve as a 

Commissioner on September 7. 2018 for a five-year term expiring in April 2023. 

Justification of CFTC Request 

The FY 2021 budget request support~ the Commission·s leadership function. which includes the 

Offices of the Chairman and the full complement of Commissioner;, and support staff. as well a;, the 

Office;, of Public Affairs. Legi;,Jative and Intergovernmental Affair;,. Minority and Women lnclu;,ion 

and LabCFTC. This budget request assume~ a full complement of Commissioners in FY 2021 and 

expects the Administration will nominate a replacement for any position that expires. The request 

abo includes profc;,;,ional and administrative ;,taff to ;,upport the four Commi;,;,ioners and to assist 

each member with analysis of the increasing number of complex i~~ues presented to the Commission 

for review and action. The hudget provides resource;, to continue effort;, to evaluate mandated 

reforms and focus on tran;,parency and market integrity. 

In addition. thi~ request includes funding for official reception and repre~entation and for the 

Commission's Advisory Committee;,. 

Division- Chairman and Commissioners 34 
FY 2021 President's Budget 

Office of the Inspector General 

Organization Description 

The Office of the Inspector General (OIG) is an independent organizational unit of the CFTC. In 

accordance with the ln;,pector General Act of 1978, as amended, the mission of the OIG is to detect 

waste, fraud, and abuse and to promote integrity, economy, efficiency, and effectiveness in the CFTCs 

programs and operation~ through audits, inve~tigations, and other activities. As ~uch, the OIG has the 

authority to review all of the Commi;,;,ion·s programs, activities, and records. The OIG issues reports 

lo the Commission, Congrc;,;,, and lhc public detailing it;, activitic;,, finding;,, and recommendation;,. 

Budget Request 

The total FY 2021 budget request a~ described below includes the OIG reque~t of $3,025,708 for 

estimated direct salary and benefit costs of nine FTE, along with travel, training, and contracted 

audits (including the annual financial statement audit), including an estimated contribution of $7,846 

to ~upport the Council of the Inspectors General on Integrity and Efficiency (CIGIE). The reque~t also 

include;, overhead of approximately S541,953. Overhead is estimated by the Commi;,;,ion and is added 

to the OIG direct budget request. Overhead represents a proportional share of estimated operating 

cost~, such a~ lea~e of space, utilities, printing, supplies, equipment and other services u~ed by or 

available to all divisions and offices, including the O!G. CVrC allocates overhead to all divisions and 

offices in this budget presentation based on a per FIE distribution. 

Table 16: Inspector General's Bud12:et Request 

Budget Year Total Budget OIG Requested Estimated Training Budget CIGIE FTE 

Budget Overhead Estimate 

FY 2021 S3,567,661 $3,025.708 $541,953 25,000 7,846 9 

Division-Inspector General 35 
FY 2021 President's Budget 

Inspector General's FY 2021 Budget Request 

U.S. COMMODITY FUTURES TRADING COMMISSION 

OFFICE OF INSPECTOR GENERAL 

Three Lafayette Centre 

1155 21st Street, NW, Washington, DC 20581 

Telephone: (202) 418-5110 

Facsimile: (202) 418-5522 

10. 

FR(J\1' 

Ch:iinn:m I kath P. I :irbcn 

Cr.1nm11ssw1wr Bnan D. Qu111k11L 

Cormm~'>IOncr Ro~tin Bdmam 

Cnmmissiun~·r Dmn1 Stump 

Cornrni~'>ioncr Dan BcrkoYitz 

I 

A. Rov Lank I 

Inspc:1or General \._ __, 

SllBJECT: FY 2021 OIG BuJg~-1 

In nccordnw:e \\ 1th thc In~pectu1 Gene1al .\ct of I ,n~. a~ a111ended. I nm propo..,1ng 

the F1 ... cnl Ycar (FY) 2021 budgct to l'pcrate my l,flice. Through audih. inw ... tigat1Ull'>. 

re\·ic,,·s, HhflC<.'t!t)th. and t)thcr prn_icch. ()[(j ;J'>q'>h in 1mprnnng the ee()Ilt)lll\'. cfficicne~'­

and dlc:ctl\"c:ncs.., of operation'>. as; \\·ell ,1.., 111 dc1cc11ng and pn:\·c:nlmg fraud. \\ as;\c:. and 

rn1smanag:cmcn1. I ()r I Y 2021 we MC rcqu6t1ng S.~.02.5. 70K wh11::h mcrcas<:s our l· Y 2020 

rcquc,t (S2.S5().(J00) by 5.9J'',, Th~- bulk tifth1s 111~-rca,~· \\"Ill supJWrl :mtic1pakd grade 

promnl1()IlC>. cost of 11\ 1ng: ad_iu:-.tm<:nh. and men! based 111.:1 ca:-.cs fi ,r Cll!T<:llt staff. \\·ith 

s1-1rnc: shiftmg l1fcu:-.h. Ofthi-, amuunt. S25.IHHI i-.. budg~·tcd t\_ir trn1ning purpU'>C'> ,md \Yi!I 

s,1li~fy all trnining rcqu1rcm~·nt:-.. 

In ;1dd1tit)I1 tt1 fundrng ... aLu1e-.. anLI hencfih_ trammg_ tr;:iye] etmtractcd audits and 

'>CJ'\"!ces. and other DIG act1Yi1Je-,. the requc-,t al,t) rnclu,k-, the In..,1icctor General":-. 

C(mtributi1m \() the C1mneil t)f the lnsp<:cll)r:-. (ieneral on lntcgrit;; and I JTicicncy (Cl(ill ) as 

rcqu1n:d by the: IG Act. 

I hi~ budget rcquc.\t Joe:-. not rnduJc fund,, for .\g.cncy-\,·idc (Wcrhcad. At this timc. Ol(i 

ha,., nol been notilicd of CFTC s c:,;.pcctcd •.Jh'rhcad dwrgc lt.1 OIG frir fi,.,cal Y car 202 I. Our 

intent i~ to ,;,ubmit an OIG budget rcque~t that i~ for ftmcb generally nndcr the control ot: and to 

be spenl directly b~· the O fliL'e or the In,pectnr ( ieneral. \\" e bel1e\·e th1-.. a, n1Lb confu '>mil and 

rc,;,er\"c~ to the Agrney nw:,;.mrnrn lk:,,:ibdity to manage :\genc\"-\\"Jde o\·erhc:ad. \Y]11k emunng 

compliance \\"ith the ln:-.pccwr (iener;:i\ Act. \\"c r<:sp<:ctfolly request that Apprnpri:ition~ 

language or rnmrnc:nlary lim1h CFTC onrhead to the amount <kkrmim·d by Congn·ss, and 

incn·ast·s the OIG FY 2021 total budget in that amount (and 1s not subtrnctc:d from itl. 

Atlachnwnt 

Division-Inspector General 36 
Attachment for CFTC Inspector General's Budget Request 

Direct Costs ( $) 

Salaries and Benefits 

Travel 

Training 

Contract Audits 

Contract Services 

Subtotal Direct Costs 

CIGIE Contrihution (estimate ot .26% of total) 

Total Direct OIG Costs 

FfE 

Posilion;, 

FY 2021 President's Budget 

OIGRequt$1 

2,587,222 

54,000 

25,000 

215,840 

135,800 

$3,017,862 

S7,846 

$3,025,708 

9 

9.5 

Division-Inspector General 37 
FY 2021 President's Budget 

APPENDIX 1 

Organizational Divisions and Offices 

The Office of the Chairman oversees the Commi;,;,ion's principal divisions and office;, that administer 

and enforce lhe CEA and the regulations, policic;,, and guidance thereunder. The four programmatic 

division~-the Division of Clearing and Risk, Division of Enforcement, Division of Market Oversight. 

and the Division of Swap Dealer and Intermediary Oversight-are supported hy, a numher of office;,, 

including lhc Office of the Chief Economi;,t, Office of Dala and Technology, Office of the Executive 

Director, Office of the General Counsel, and the Office of International Affairs. The Office of the 

Inspector General is an independent office of the Commission. The CFTC's headquarters is located in 

Wa;,hington D.C. and the regional office;, are located in Chicago, Kansas City and New York. 

Figure I: Organization Structure 

Comn1odity Futures Trading Comntission 

Organization Structure 

Commissioner Commissioner Chairman Commissioner Commissioner 

Quintenz Behnam Tarbeit Stump Berkovitz 

Office of the Office of the Office of the 

General Inspector Exe..-utive 

Conns<'l G<"n<'ral Dir<>ctor 

Office of Leg1sfotlw Office of ll!monty an<l an<l Iutergon•rnmental \\'omtll Indusiou .-\ffairs 

Office of Public ,\flairs LabCFTC 

I I I I I 

Division of 

Dhision of 

the Cl1ief 

Economist 

Division of 

Clearing an<l 

I&k 

Office of 

Data an<l 

Tedmology 

Division of 

Enforcement 

Office of 

International 

Affairs 

Division of 

Market 

Oversight 

Swap Dealer 

and 

Intennediary 

Overs·-11t 

Regional Offices 

~--c_h_,_"_'_o __ ~I LI __ Ka_n_,_"_c_itJ_· _ _,I .I ___ N_,_w_Y_o_,_k __ ~ 

Appendix 1-CFTC Organization Structure 38 
FY 2021 President's Budget 

APPENDIX 2 

CFTC Facility Leasing 

CFTC maintains a facility lease portfolio that includes four locations: the Washington DC 

Headquarters office, and three regional offices in Kansas City. Chicago. and f\:ew York. The 

Commission also maintains a sublease for its alternate computing facility site with the Federal 

Reserve, which supports the Continuity of Operations redundant computer infrastructure capability. 

The chart below depicts CFTCs estimated leasing costs and associated lease expiration dates. 

Leasing Expirations and Estimated Leasing Costs 13 by Location 

Table 17: Leasing Expirations and Estimated Leasing Costs by Location 

FY 2019 FY 2020 FY 2021 

Actual Estimate Estimate 

Lease Expiration ($000) ($000) ($000) 

Washington, DC FY 2025 $18,261 $19,070 $19,833 

Chicago FY 2022 2,594 2,658 2,695 

New York FY 2022 2,629 2,739 2,778 

Kansas City FY 2021 430 443 489 

COOP Site 166 113 170 

Total $24,913 $25,023 $25,965 

Columns may not add due to rounding 

The Commi~~ion maintain~ a relationship with the U.S. General Services Admini~tration (GSA) for 

collahorating on the development of a comprehensive real estate portfolio strategy that addresses 

CFTCs current leasehold interests and its future leasing needs. CFTC will relinquish its management 

of facility leasing as new lea~e~ are arranged through GSA. During FY 2021, the Commission will incur 

a limited amount of duplicate lease costs for the Kansas City regional location as the Commission 

begins to transition to a new facility. 

11 Tho, -i<:tual :ind estim,1te <:olumns ot the lea,ing portfolio ex,·lude the overhead distribution that i, refk<:ted in other charts in 

this hudgd prs,sentation. 

Appendix 2- CFTC Facility Leasing 39 
FY 2021 President's Budget 

APPENDIX 3 

Administration's Proposal on User Fees 

Table 18: FY 2021 Budgetary Resources and Offsetting Collections 

FY 2021 

Request 

$ (000) 

Salaries and Expenses $300,432 

Office of the Inspector General $3,568 

Total Appropriation $304,000 

Offsetting Collections ($77,500) 

Net Appropriation $226,500 

Proposal and Impact 

Thi;, budget renects the Admini;,trntion·;, intention to propo;,c authorizing legislation to collect u;,cr 

fees of $77.5 million to fund a portion of the Commission's activities. Fees and charges assessed by the 

Commission would be credited to an offsetting collection~ account, which would be available until 

expended for necessary cxpern,e;, of the CFTC. The total amount appropriated from the general fund 

for FY 2021 would be offset by the collections, resulting in a net FY 2021 appropriation from the 

general fund of approximately $226.5 million. CFTC fees would be designed in a way that supports 

market access, liquidity, and the efficiency of the Nation's derivatives markets. The Commi;,;,ion 

oversees the most complex markets of any U.S. regulator. and supports whatever funding mechanism 

Congress deems appropriate that secures the CFTC the resources it needs. 

Background 

CFTC ensure;, the integrity and effectivene;,;, of the U.S. futures, option;,, and swap;, market;, through 

administration of the CEA. as amended. CFTC is the only Federal financial regulator that does not 

derive its funding from the specialized entitle~ it regulates, and since the CFTC's programs provide 

clear benefit;, to market participant;,, it may be appropriate for tho;,e participant;, to at least partially 

offset or contribute toward the cost of providing those programs. The Administration has historically 

proposed a user fee for the CFTC. 

CFTC ;,eeks to promote re;,ponsible innovation and development that is consistent with its ;,tatutory 

mission to enhance derivative trading markets and to prohibit fraud and manipulation in connection 

with commodities in interstate commerce. The resource;, would allow the Cl·"'J'C to build upon its 

knowledge of the increasingly complex futures markets. 

Appendix 3---Admiistration Proposal on User Fees 40 
FY 2021 President's Budget 

APPENDIX 4 

Statement of Availability on Basis of Obligations 

Table 19: .FY 2019 to 2021 Statement of Availabilit)' on Hasis of Obligations 

FY 2019 FY 2020 FY 2021 

Actual Estimate 14 Estimate 

$ (000) $ (000) $ (000) 

New Appropriations $268,000 $315,000 $304,000 

Carryover from Prior Year 335 239 4,729 

Recoveries of Prior Year Obligations 1,609 2,297 2,000 

Total Available 269,943 317,536 310,729 

Obligations 245,725 289,531 282,563 

lease-Related Amount Transferred to No-Year Account 

(amount reduces negative lease obligation) 15 22,676 22,676 23,556 

Balance Available 1,542 5,329 600 

lapsing Appropriations (1,303) (600) 

Total Available or Estimate $239 $4,729 

Columns may not add due to rounding 

14 FY 2020 amounts prnvidcd in the Furthcl' Con~olidatcd Apprnpl'iation., Act. 2020, Public Law 116-94, D,v,~Hm B. 

l'i The estim-ited le;1se ohlig-itions exdude the proportionate ,hare of building operating cosh O\'er-ige, (la\es. utilitie,, and 

maintenarn:e p;1ssed onto CFTC) that are not in duded in the lea,e-rel;1ted no-ye,ir <K<:ount. 

Appendix 4-Statement of Availability on Basis of Obligations 41 
FY 2021 President's Budget 

APPENDIX 5 

The Commission and the Industry It Regulates 

The mission of lhc CFTC is to promote the integrity, resilience, and vibrancy of the U.S. derivatives 

markets through sounds regulation. The CFTC is focused on resolving unfinished business and 

preparing for the future. The Commission works to support five strategic goals: I) strengthen the 

resilience and integrity of our derivatives markets while fostering vibrancy, 2) regulate our derivatives 

markets to promote the interests of all Americans, 3) encourage innovation and enhance the 

regulatory experience for market participants at home and abroad, 4) be tough on those who break 

lhc law, and 5) focus on our unique mission and improve our opcntlional effectiveness. As a key 

mechanism for performing its responsibilities, the Commission delegates certain authorities to 

regi~tered entities such as SROs, clearing entitle~ and data depositories and then oversees and 

supports these organiLations by reviewing lhcir operations and procedures and by providing 

guidance, policy and direction in accordance with Commission regulations. 

With respect to its oversight of swap dealers and intermediaries, the CFrC oversight occurs in 

coordination with the SRO system. While the designated SROs arc obligated lo conduct surveillance, 

compliance oversight and enforcement activities for entities under their purview, the Commission 

conducts surveillance, compliance oversight and enforcement activities across all market participants 

while concurrently providing the rules, legal interpretations and policy oversight necessary to guide 

designated SRO activities. Revisions to the Commission\ regulatory rcquircmcnls have required 

additional focus on the oversight of designated SROs in their implementation of requirements for 

market participants. As the CFTC seeks to strengthen and refine its regulatory framework, the 

Commission will continue lo work closely wilh lhc SROs to emphasize priority areas such as risk 

management, internal controls. legal compliance and FCM and swap dealer examinations. 

CFTC Regulatory Landscape Matrix 

The malrix, as detailed in Table 20, rcJkcts how lhc Commission administers its oversight authorities 

for each regulated entity by CFTC function. In ~ummary, regulatory oversight i~ managed as follows: 

• CFTC Core. All activities under this category are reflected as "CFTC'" in Table 19. Activities under 

this category apply to core functions central to the Commission's mission. Examples include 

ma_ior enforcement actions, rulemaking, policy, legal interpretations, no action determinalions, 

etc. 

• CFTC Defeguted. All activities under this category are reflected in Table 19 as "NFA/CFTC'" or 

"designated self-regulatory organizations (DSRO)/CVl'C", or ··SRO/Cl·TC", as appropriate. This 

category captures mission activities thal involve the delegation of certain regulatory functions to 

the NFA or other SROs. Examples include cyclical intermediary examinations, certain 

enforcement actions, reporting requirements, etc. However, in all cases of delegation, the CVl'C is 

responsible for the review and oversight of lhc SRO processes, producls, procedures, clc. to 

ensure and validate compliance with all applicable regulations. This work includes quarterly 

reviews of SRO examinations activities, review/approval of proposed SRO rules and policies, 

guidance and legal intcrpretalions, etc. 

• CJ,1C Shared. All activities under this category are reflected in Table 19 as "Cl·TC/DCO 

Regulator" or "CFTC/Federal Reserve."' For SIDCOs. the CFTC shares regulatory authority with 

the Federal Reserve. hir exempt DCOs, the Cl·"'J'C shares regulatory authority with the DCO's 

home regulatory aulhorily with respect to oversighl of swaps clearing by U.S. persons. For 

registered FBOTs, the CFTC shares regulatory authority with the FBOTs home regulatory 

authority with respect to oversight over direct access trading from the U.S. and review of products 

to be offered for trading by direcl access. The FBOTs home regulatory authority has 

responsibility for the remaining mission functions. For intermediaries, the CFTC retains certain 

direct re~ponsibilities and those that have been delegated to SROs, CFTC remains re~ponsible for 

oversight of such responsibilities and/or delegates regulatory aulhorily to SROs by CFTC mission 

function. 

Appendix 5--The Commission and the Industry It Regulates 42 
FY 2021 President's Budget 

Table 20: U.S. Regulated Entities and Registrants by CFTC Function 

Entity Acronym CFTC Function 

Registration 

& 

Compliance 

Product 

Reviews Surveillance Exam1nat1ons Enforcement 

Economic & 

Legal 

Analysis 

Trading Ent1t1es 

Designated Contract Market DCM CFTC CFTC CFTC CFTC CFTC CFTC 

Swap Execution Facility SEF CFTC CFTC CFTC CFTC CFTC CFTC 

Foreign Board of Trade FBOT CFTC/FBOT 

Regulator 

CFTC/FBOT 

Regulator 

FBOT 

Regulator 

FBOT 

Regulator 

FBOT 

Regulator 

FBOT 

Regulator 

Clearing Entities 

Derivatives Clearing Organization DCO CFTC CFTC CFTC CFTC CFTC CFTC 

Exempt Derivatives Clearing Exempt CFTC/DCO CFTC/OCO CFTC/DCO CFTC/OCO CFTC/DCO CFTC/OCO 

Organizations DCO Regulator Regulator Regulator Regulator Regulator Regulator 

Systemically Important 

Derivatives Clearing Organization SIDCO CFTC CFTC CFTC 

CFTC/ 

Federal 

Reserve 

CFTC CFTC 

Data Repositories 

Swap Data Repository SOR CFTC N/A N/A CFTC CFTC CFTC 

Registered Futures Association 

National Futures Association NFA CFTC N/A N/A CFTC CFTC CFTC 

Intermediaries 

Futures Commission Merchant FCM NFA/CFTC N/A DSRO/CFTC DSRO/CFTC DSRO/CFTC CFTC 

Swap Dealer SD NFA/CFTC CFTC NFA/CFTC NFA/CFTC NFA/CFTC CFTC 

Major Swap Participant MS, NFA/CFTC CFTC NFA/CFTC NFA/CFTC NFA/CFTC CFTC 

Retail Foreign Exchange Dealer RFED NeA N/A NFA/CFTC NFA/CFTC NFA/CFTC CFTC 

Managed Funds 

Commodity Trading Advisor CTA NFA/CFTC N/A NFA/CFTC NeA NFA/CFTC CFTC 

Commodity Pool Operator CPO NFA/CFTC N/A NFA/CFTC NeA NFA/CFTC CFTC 

Other Registrants 

Introducing Broker 1B NFA N/A NFA/CFTC NeA NFA/CFTC CFTC 

Floor Broker FB NFA N/A CFTC N/A SRO/CFTC CFTC 

Floor Trader FT NFA N/A CFTC N/A SRO/CFTC CFTC 

Associated Person (Sales) AP NFA N/A CFTC N/A SRO/CFTC CFTC 

Appendix 5--The Commission and the Industry It Regulates 43 
FY 2021 President's Budget 

Number of Regulated Entities and Registrants 

The Commission's regulatory framework continues to evolve in response to market forces, technology 

impacts, legislative mandates. and other factors. The number of registrants operating within this 

framework i~ similarly impacted by the~e drivers and a~ such. their number will fluctuate over time. 

The numbers as of FY 2019 are provided below. 

Table 21: Number of Rc~ulatcd Entitics/Rc~istrants 

Entity 

Trading Entities 

Designated Contract Market 

Foreign Board of Trade'" 

Swap Execution Facility 

Clearing Entities 

Derivatives Clearing Organization" 

Exempt Derivatives Clearing Organization 

Systemically Important DCO 

Data Repositories 

Swap Data Repository" 

Registrants -Intermediaries'' 

Futures Commission Merchant 20 

Major Swap Participant 

Retail Foreign Exchange Dealer 

Swap Dealer 

Registrants--Managed Funds 

Commodity Pool Operator 

Commodity Trading Advisor 

Other Registrants 

Associated Person 

Introducing Broker 

Floor Broker 

Floor Trader 

Acronym As of FY 2019 

DCM l 5 

FBOT 21 

SEF 19 

DCO 16 

Exempt DCO 4 

SIDCO 2 

SDR 3 

FCM 64 

MSP 0 

RFED 2 

SD 107 

CPO 1,475 

CTA 1,996 

AP 47,842 

,. l, 129 

FB 2,724 

FT 485 

16 FBOT, arc rcg,,tned with the Commis.sion. which allow, the FBOT to pcnmt 11, memhns and othn partk,pants in the 

Umtcd State, to enter orders directly mto the FBOT, trndc-matdimg ,y.stcm. 

17 The numhcr ofDCOs includes the two SIDCO\. 

18 The th,·ee SDR~ are prnv,~ionall; registe,·ed with lhe ('Ff('_ 

19 Registrants mcludc companic.s and individuals, who handle' cu.stomer tund.s, sohcit or accept ol'der,. 01· give' tnunmr: adl'iCC' 

for prnfit 01· compcn.satwn. The CFTC I'l'gi,trntion prnccss i.s handled through the '.\IFA, an SRO with ddep1tcd O\'Cl'.sight 

authority from the Commis\ion. 

!O Excludes FCJ\.1s that ;ire -ilso regi,tered ;is RFEih. 

Appendix 5--The Commission and the Industry It Regulates 44 
FY 2021 President's Budget 

Industry Growth in Volume, Globalization and Complexity 

In a marketplace driven by change, it may be helpful to look back at industry and CFrC trends over 

the past few years. The charts that follow reflect many of those changes in the markets affecting the 

Commission. 

Data and Trend Charts: 

• Volume of futures and option contracts traded: 

• Volume of swaps traded on SEFs; 

• Swap volume reported to SDRs, cleared vs. uncleared; 

• Actively traded futures and option contracts; 

• Notional value of futures and swaps contracts: 

• Customer funds held at FCMs; 

• Margin requirements: and 

• CFTC-supported data streams received from the industry. 

Trading Entities: 

• SEFs regi~tered with the CFTC; and 

• DCMs designated by the CFTC. 

Clearing Entities: 

• DCOs registered with the Cl· rC; 

• Sy~temically important DCOs; and 

• Exempt oco~. 

Intermediaries: 

• FCMs and RFEDs registered with the CFTC: and 

• Swap dealers provisionally registered with the CFTC. 

Data Repositories: 

• SDRs provisionally registered with the CVl"C. 

Appendix 5--The Commission and the Industry It Regulates 45 
FY 2021 President's Budget 

Volume of Futures and Option Contracts Traded 21 

Trading volume for CFTC-regulated contracts maintained a general upward trend for the past decade. 

As the volume of futures and option contracts increases, CFTC resource requirements also increase 

since the Commission must conduct trade practice and market surveillance for a larger number of 

transactions. 

Figure 2: (;rowth of Volmne of Contracts Traded 

5,915 

5,602 5,413 

4,869 

4,558 

4,172 4,037 

3,609 3,670 

3,429 3,344 

3,060 .c~- 2,718 

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 

Est. Est. 

'.:I Data Source: J·utures Industry Association. Cl'I"C estimates. 

Appendix 5-futures and Option Contract Volume 46 
FY 2021 President's Budget 

Volume of Swaps Traded on Swap Execution Facilities 22 

SEFs. a type of CFTC-regulated platform for trading swaps, began operating on October 2, 2013 

(FY 2014). The h1tures Industry Association puhli;,hes data on volume and market share trends for 

interest rate, credit default, and foreign exchange products traded on SEFs. As the volume of swaps 

traded on SEFs increases. CFTC workload increases a~ well. largely due to growth in data inge~t and 

processing trade practice and market surveillance activities, and the resulting increase in 

requirements. 

Figure 3: Volume of Swaps Traded on Swap Execution Facilities 

62.0 4.3 6.1 

2014 

 lntere,t RJte Swaps 

87.2 7.8 9.1 

2015  Credit Default Swaps 

100.4 7.5 9.1 • Foreign Exchange Swaps 

2016 

123.7 6.810.7 

" 2017 • 

> • 

• 

149.4 9.2 14.1 

2018 • 

u 

184.1 10.2 15.3 " 

2019 

199.8 10.9 17.0 

2020 Est. 

223.3 11.8 18.8 

2021 Est. 

0 50 100 150 200 250 

Swap Traded Volume($ in Trillions) 

'.:Z Data Source: l'utures Industry Association. CFJ"C estimates. 

Appendix 5-Volume of Swaps Traded on Swap Execution Facilities 

300 

47 
FY 2021 President's Budget 

Swap Volume Reported to Swap Data Repositories, Cleared versus Uncleared 23 

Ba~ed on data reported to SDRs. as shown in the chart below. 87 percent of total interest rate swap 

transactions in FY 2019 were cleared. Thi;, is compared to estimates hy the International Swap;, and 

Derivatives Association that only 16 percent by notional value of outstanding interest rate swaps were 

cleared in December 2007. With regard to index credit default ~waps. 79 percent oftran~actions were 

cleared in l'Y 2019. During 2019, the methodology to calculate the percent cleared wa;, refined. This 

resulted in a decrease in clearing rate reported for credit default swaps. 

Cleared and uncleared ;,wap;, exhibit different types of risk;,, the proper mix of Commission resources 

depends on the absolute and relative sizes of these two types of transactions. Uncleared swaps are 

hi lateral trade;, hetween two entities, such as a tran;,action hetween a dealer and customer. Cleared 

swap;, act to reduce countcrparty risk by replacing a swap between, for example, a dealer and a 

customer with one swap between the dealer and the central counterparty, and an offsetting swap 

between the customer and the central counterparty. 

Figure 4: Swaps Volume, Cleared vs. Uncleared 

Swap Volume Reported to SDRs, Cleared vs. Uncleared 

Annual Transaction Dollar Volume 

($ in Trillions) 

Interest Rate Swap ,c  Cleared Credit Default Swap 

700  Uncleared 

35 

600  Cleared 30 

$4 $6 

 Uncleared $7S $5 $5 

soo ,s $28 $24 $25 

400 $31 ,s,i, 20 $5 

,lw $18 300 15 $499 

1

435 

,00 390 10 46 

$253 

100 164 5 

0 0 

2016 2017 2018 2019 2020 Est. 2021 Est. 2016 2017 2018 2019 2020 Est. 2021 Est. 

Percent Cleared: 78% 84% 82% 87% 86% 87% 88% 83% 82% 79% 80% 80% 

'.:-1 Oat a Source: CFJ"C Weekly Swaps Report located at http://www.cftc.gov/MarketRcport,/SwapsReports/indcx.htrn. 

Appendix 5-Swap Volume Reported to Swap Data Repositories 48 
FY 2021 President's Budget 

Actively Traded Futures and Option Contracts 24 

The number of actively traded contracts on U.S. exchange~ (contract~ that trade at lea~t 10 contracts 

on at lea;,t one day in the year) has increased hy more than 50 percent ;,ince 2009. As the numher of 

actively traded contracts increases, CFTC workload also increases since the CFTC has to conduct 

market surveillance for a larger number of products. 

l<"igure 5: !\;umber of Actively Traded l<"utures and Option Contracts 

4,134  Futures and Option Actively Traded 

Contracts 

3,300 

3,200 3,155 3,120 3,104 

3,012 3,031 2,982 2,934 

Z,686 

2,558 

2,003 

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 

Est. Est. 

:::--1 Data Source: Cl'I"C Integrated Surveillance System. CFrC l:i,timatcs 

Appendix 5-Actively Tr<1ded Futures <1nd Option Contr<1cts 49 
--

FY 2021 President's Budget 

Notional Value of Futures and Swaps Contracts 25 

The notional value of the U.S. ~waps markets, a~ reported in the CFTC weekly swaps report. i~ a 

significant portion of the glohal over-the-counter (OTC) market. U.S. swaps market data currently 

include data from three SDRs and reflects data relating to interest rates and credit default swaps and 

foreign exchange ~waps. The foreign exchange (FX) a~~et class wa~ added to the CFTC~ Weekly 

Swaps report in 2018. Notional values do not solely reflect risk. The aggregate notional value of swaps 

has declined in recent years due to compression activities that reduce the outstanding notional value 

while keeping economic expo~ures constant. Because exchange-traded and OTC contracts have 

different risk characteristics, the proper mix of Commission resources depends on the ahsolute and 

rclalive sizes of lhese two types of transactions. 

Notional amounts are not a measure of risk. The aggregate notional value of swaps also may he 

reduced by counterparties engaging in portfolio compression exen.:ises lhat reduce lhe outstanding 

notional value while keeping economic exposures constant. Because exchange-traded and OTC 

contract~ and market~ have differing risk characteristics, the proper mix of Commission resources 

depends on the ahsolute and relative sizes of these two types of transactions. 

The Commission·s ability to monitor derivatives trading activity has been enhanced in recent years 

with the development of SDR~. CFTC continues to render the data into a more useable form so that it 

can be used for economic analyses and to conduct market surveillance. 

Fi12:urc 6: Notional Value of Global and U.S. Swaps and Futures Contracts 

(Dollars in Trillions) 

$711 

$648 $636 $640 $629 

$604 $601 $605 $595 $585 

$542 

,, $390 

,, ,, 

$3Z4 i i I $292 

$252 $240 

,,,,. 

$38 $40 $23 ,, $26$1 $2$16 $26 $26 $31 $2\8 $2\u sz4s14 

.. .. .. 

'" '" 

$43 

--2009 2010 --2011 2012 2013 2014 2015 2016 2017 • 2018 • 2019 2020 • Est. 2021 • Est. 

 Global Futures Contracts  U.S. Futures Contracts • U.S. Swaps ~ Global Swaps 

2' Global Swaps rdlcct notional outstan<lm[: tor mtere,t rnte. tore1p1 exchange', neclit, equity an<l commodity swap contract, 

[:lobally. a, rqiol'le'd hy the Bank ol International Settlements. U.S. Swaps rctlcct contrnct., reported frnm three SDR, as 

rqiol'le'd by the' CFTC We-ekly Swap, RqlOl'l. Be-ginning in 2017. U.S. Swaps mdu<le' notional outstandlll[: for intnest rate. 

foreign exchange. and credit default swaps. Prior to 2017. LS. swap_s include intere_st rate and credit default swap_s only LS 

hmire_s Contract, reflect statistics from the !Jank of International Settlements. Glohal l'uture_s Contract, reflect intere_st rate 

and foreign exchange contracts globally. as reported by the !Jank of International Settlements. 2019 global swaps actuals arc 

ba_sed on June 2019 data: all other 2019 actual\ arc based on September 2019 data. 

Appendix 5-Notional Value of Futures and Swaps Contracts 50 
FY 2021 President's Budget 

Entity-Netted Nationals 

The CFTC has introduced a new metric aimed at measuring the size of swaps markets, the ENNs. This 

mea;,ure e;,timates the size of risk transfer in the swap;, market and provides a more direct 

compari;,on between swaps and other rate;, markets, like U.S. Trcasuric;,. In FY 2018, the Commi;,;,ion 

released a white paper, "Introducing ENNs: A Measure <!/'the Size <~/"Interest Rate Swap Market.I"'" 

outlining the calculation of l.:J\l\s as well as their di;,trihution across participant types and products. 

More recently, the office rclca;,cd a follow-up paper. "ENNs .frJr Corporate and So\'ereign CDS and 

FX Swaps" which extends the ENNs measure to two additional asset classes. These papers discussed 

why other common market ;,ize measures, like notional. do not accurately measure the amount of 

market risk transfer through swap market;,. 

Notional Amount vs. ENNs: The gross notional amount of a portfolio of swaps is defined as the sum 

of the notional amounts of each individual swap. This metric i~ problematic for two reason~. One. 

notional amount adds together, without adjustment, swap;, with different amounts of risk. A 30-year 

interest rate swap has more ri;,k than a 2-ycar interest rate ;,wap, and an option on $100 worth of a 

~ecurity typically has less risk than $100 of that security, but notional amount ~imply adds all of those 

individual notional amounts together. Second. notional measures add long and ~hort positions 

together, even when those po;,itions are with the ;,ame counterparty and, therefore, unambiguously 

off;,ct ri;,k. The ENN;, mca;,urc overcomes thc;,c problem;, by ri;,k adju;,ting the notional amount;, of 

individual swaps and by netting long and short positions within each pair of counterparties. 

How ENNS are calculated, ENNs arc calculated in a multi-step process. First, the notional amount of 

all ;,waps i;, duration-adjusted ;,o that each dollar of notional amount represents the same amount of 

interest rate risk. This adjustment includes delta-adjustments for swaps with option features. Second, 

after these adjustment~. long swap risk is netted against ~hort swap risk within a given counterparty 

(i.e. legal entity) pair. Though swap ri;,k i;, not netted across currencies, all amounts are converted to 

USO equivalents for aggregation purposes. Third. net positions are summed across all counterparty 

pairs to identify the total long and short El\l\s aero~~ the entire market. Thi~ aggregate ENNs 

mea;,ure can he ;,ubdivided in variou;, ways, such a;, ENNs for financial institutions or ENN;, in a 

given currency. A summary of the steps of this process (notional, risk-adjusted notional, and El\l\s), 

can be seen for all three major asset classes in the figure on the next page. In all cases, the ENN~ value 

is ;,ignificantly lower than the original notional measure. The IRS ENN;, table i;, provided a;, an 

example of data and thi;, process used lo develop the compari;,on displayed in Figure 7. 

El\l\s metric;, for credit default swap;, (CDS) on corporate and sovereign credits are expressed in 

terms of the risk of a 5-ycar CDS on a corporate or ;,overcign that trades at a ;,prcad of 100 basi;, 

points. Long and short CDS positions net if all swaps are on the same name. i.e., the same underlying 

corporate or sovereign credit. and are between the same two legal counterparties. 

For FX ENNs, the rules are as in the case of IRS swaps. Long and short FX swaps net if they are 

between the same pair of legal counterpartie~ and denominated in the same currency. The only risk 

adjustment to the notional amounts of FX ;,waps is to expre;,;, the notional amount of l·X options in 

delta equivalent;,. 

El\l\s methodology for interest rate future~ is very similar to that for interest rate swaps. All positions 

arc adju;,tcd to five-year notional equivalent;,, and then thc;,c five-year equivalent;, arc netted within a 

given counterparty pair. Because all futures trading is cleared, offsetting futures contracts are 

automatically netted by the CCP. so the difference between gro~~ positions and net po~ition~ is often 

~maller than for ~waps. 

As of the beginning of FY 2018, ENNs calculations had been extended to three major swap asset 

cla~~e~ (interest rate swap, credit default swap~, and foreign exchange). Further. more granular, 

analysis within each of these three markets i;, now po;,;,ible. The Commi;,;,ion is u;,ing ENNs 

information for individual market participants to better understand how various business sectors use 

derivatives markets and how regulations affect that usage. 

Appendix 5--Entity-Netted Notionals 51 
FY 2021 President's Budget 

IRS Notional Amounts and ENNs for U.S. Reporting Entities by Sector 

as of September 13, 201 gu, 

Table 22: IRS Sector - Notional Amounts by Sector 

(Dollars in Trillions) 

Notional Amounts Notional Amounts in 5-

Year Ettuivalents 

Sector Long Short Long Short ENNs ENNs ENNs 

Long Short Net 

Swap Dealer 184.1 183.6 93.4 91.7 8.9 7.2 1.7 

Hedge Fund 26.2 24.4 7.0 7.1 0.9 LI -0.2 

Bank 16.1 16.8 11.6 12.9 1.2 2.5 -1..1 

Other Financial 6.4 6.6 4.8 4.4 0.8 0.5 0.3 

Asset Manager .1.4 3.7 2.2 2.7 0.8 1.3 -0.5 

Pension L9 LS 2.7 2.1 LO 0.3 0.7 

Government/Qua~i­ 1.4 1.5 1.0 1.4 0 .. 1 0.6 -0.3 

Government 

Nonfinancia\ 0.4 L6 0.2 LO 0.2 0.9 -0.7 

lnsuram:c LO 0.9 2.1 1.4 0.9 0.2 0.7 

Unclassified 0.5 0.8 0.2 0.5 0.0 0.4 -0.4 

CCP Adj 04 0.1 0.1 0.1 0.1 0.1 0.0 

Total 241.8 241.8 125_3 125.3 15.1 15.1 0.0 

Interest Rate Futures ENNs by Participant Type 

as of September 13, 201927 

Table 23: Interest Rate Futures El\'Ns by Participant Type 

(Dollars in Trillions) 

Notional A1nounts Notional A1nounts in 5-Year Equivalents 

Participants Type Long Short Long Short ENNs ENNs 

Long Short 

Asset Manager 5.90 8.01 1.82 1.08 1.00 0.26 

Intermediary 14.63 15.52 0.40 0.58 0.18 0.36 

Leveraged Speculator 53.80 51.04 0.65 1.38 0.27 1.01 

Other Financial 0.80 0.88 0.19 0.10 0.15 0.05 

Non-Financicd 0.55 0.24 0.01 0.01 0.01 0.01 

Total 75.68 75.69 3.07 3.15 1.61 1.69 

!r, Data Source: Swap Data Repositorie\ and Office of the Chief Economist. Cl' re. 

Data Source: Swap Data Repositories and Office of the Chief Lconomist. CJ·"J'C. 

Appendix 5--Entity-Netted Notionals 52 
FY 2021 President's Budget 

FX Notional Amounts and ENNs for U.S. reporting Entities by Sector 

as of September 13, 2019 28 

Table 24: FX l\'otional Amounts and ENNs by Sector 

(Dollars in Trillions) 

Sector Notional Delta- Doubled- ENNS(%) 

Adjusted ENNs 

Notional 

Swap Dealer 88.0 80.6 21.9 65.7% 

Asset Manager 5.5 5.2 2.9 8.6% 

Bank 4.7 4.5 1.7 5.0% 

Hedge Fund 9.0 8.0 19 5.6% 

Non-Financial 2.3 2.2 1.3 4.0% 

Pension 14 14 0.8 2.5% 

Other Financial 18 16 0.8 2.5% 

Government/ Quasi-Government 0.9 0.9 0.5 1.6% 

Insurance 0.8 0.8 0.5 1.6% 

Unclas~ified 16 16 1.0 3.0% 

Total 116.l 106.8 33.4 

1⁄2 Notionals/ENNs 58.1 53.4 16.7 

CDS Notional Amounts and ENNs for U.S. Reporting Entities by Sector 

as of June 14, 201929 

Table 25: CDS Notional Amounts and El\'Ns by Sector 

(Dollars in Trillions) 

Sector Short Long Risk Risk ENNs ENNs 

Adjuskd Adjusted Short Long 

Short Long 

Swap Dealer 4.4 4.2 3.5 3.4 1.7 16 

Bank 0.4 0.4 0 .. 1 0.3 0.1 0.2 

Other LI 12 LO LO 0.8 0.8 

Total CCP Adj 6.0 6.0 5.0 5.0 2.8 2.8 

!, Data Source: Swap Data Repositories and Office of the Chief Lconomist. Cl·TC. 

!'' Data Source: Swap Data Repositorie\ and Office of the Chief Economist. Cl' re. 

Appendix 5--Entity-Netted Notionals 53 
FY 2021 President's Budget 

Customer Funds in Futures Commission Merchants Accounts 30 

A~ a key component of the Commi~~ion·s regulatory framework, all customer funds held by an FCM 

for trading on DCM;, (exchanges) and SEFs mu;,t he segregated from the l'CM's own funds-this 

includes cash deposits and any securities or other property deposited by such customers to margin or 

guarantee their futures and cleared swaps trading. In addition, Part 30 of the CFTCs regulations aho 

require;, l'CMs to hold apart from their own funds any money, securities or other property deposited 

by customer;, to margin futures contracts listed on foreign exchanges. 

Figure 7: Customer Funds in FCM Accounts 

(Dollars in Billions) 

 Segregated Futures Customer Fu11ds in FCM/RFED Accounts 

 Part 30 Funds 

• Segregated Customer-Cleared Swap Fu11ds $166.8 

$155.0 $152.8 

$156.9 $157.1 

$144.1 $145.1 $142.5 

$148.8 $146.8 

$132.2 

122.7 

77.2 

56.4 

.s 

5.0 37.1 4.6 

30 Data Source: CFrC :-..Jonthly. l'CMs l'inancial Reporting 

Appendix 5---Customer Funds in FCM Accounts 54 
FY 2021 President's Budget 

Margin Requirements31 

Margin is the collateral that holders of financial instruments have to deposit with DCOs to cover the 

initial margin requirement of their positions. The initial margin requirement is calculated to 

encompass some or all of the risk of the positions within a portfolio. Collateral must be in the form of 

cash or highly liquid securities. 

Cl·TC has observed increases in both the number of market participants it oversees and the sizes of 

their cleared positions. leading to increases in margin requirements. Total cleared margin (futures 

and swaps combined) increa~ed $217 billion, or 95 percent from 2014 to 2019. DCOs only accept 

trades from their members. If a market participant is not a member of the DCO, it must clear through 

a member as its customer. Customer swap clearing has been growing very rapidly, increasing $119 

billion or 305 percent from 2014 to 2019. 

Figure 8: Margin Requirements 

(Dollars in Billions) 

 Total Cleared Margi11 Requireme11ts 

 Cleared Swap Margill Requiremellts 

$642 

• Cleared Swap Customer Margi11 Requireme11ts 

$535 

$446 

$394 

$306 $315 

$261 

$229 

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Est. FY 2021 Est. 

31 Data Source: Part_\') data filings provided daily by DCOs. 

Appendix 5- Margin Requirements 55 
FY 2021 President's Budget 

Data Streams Supported and Being Received 32 

The chart reflect~ a historical depiction of the number of CFTC-supported data ~treams received from 

the industry. By working with industry to add value;, to certain files, the number of reporting 

requirements was reduced between FY 2016-FY 2017. The blue line illustrates the number of types of 

files that have been ingested over time while the green line depicts the number of type~ of files that 

the Commission currently receives. The number of files received (currently 112 types of files) will rise 

in FY 2020 and FY 2021 as the Commi;,;,ion inge;,t;, Order Data from Futures and Option;, exchanges. 

Figure 9: CFTC-Supported Data Streams ReceiYed from Industry 

'" 

m m m 180 

- Stream5 CFTC Support5 

Streams Being Received 

139 "' 

150 

156 

B9 "' 

m 113 111 11' 

m 

n, 

13 

45 

45 

5' 

5' 

59 

59 

13 

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 

Est. 

FY 2021 

Est . 

. n CFTC Oftics, ot Data ,ind Technology. CFTC s,,timat<c, 

Appendix 5---CFTC Supported Data Streams Received from the Industry 56 
FY 2021 President's Budget 

Swap Execution Facilities Registered with the CFTC 

The CFTC finalized its rules for SEFs in FY 2013. At the end of FY 2019. 19 SEFs were regi~tered with 

the Commission. These SEFs are diverse, but each is required to operate in accordance with the same 

core principles. These core principles provide a framework that includes obligations to establish and 

enforce rules. a~ well a~ policie~ and procedures that enable tran~parent and efficient trading. SEFs 

must make trading information publicly available. put into place ;,ystem safeguards, and maintain 

financial. operational. and managerial rc;,ourcc;, to di;,chargc their rc;,ponsibilitics. 

hir each business day. each SE!< electronically submit;, several data set;, to the Commission. These 

data ;,ct;, arc a major ;,ourcc of input to the Commission·;, surveillance oversight. The number of new 

contracts listed by SEFs each year will add to the surveillance workload in several ways. New contract 

terms and condition;, have to be studied to fully understand of the product characteristics, support 

data for each contract has to be defined to the internal databa;,c ;,ystem;,, new analy;,i;, if appropriate 

needs to be developed and software engines may have to be modified. 

Figure 10: Number of SEFs Registered with the CFTC 

 Number of SEFs 25 

23 23 23 

22 

19 

16 

FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 

Table 26: J,'Y 2019 List of SEJ,'s 

1 360 Trading Networks, Inc. 11 LedgerX LLC 

2 BGC Derivatives Markets, L.P. 12 MarketAxess SEF Corporation 

3 Bloomberg SEF LLC 13 NEX SEF Limited 

4 Cboe SEF, LLC 14 Refinitiv US SEF LLC 

5 Clear Markets North America, Inc. 15 SwapEx LLC 

6 DW SEF LLC 16 33 Tassat Derivatives LLC

7 GFI Swaps Exchange LLC 17 tpSEF Inc. 

8 ICAP Global Derivatives Limited 18 Tradition SEF, Inc. 

9 ICE Swap Trade LLC 19 TW SEF LLC 

10 LatAm SEF, LLC 

'' l'ormcrly. true EX LLC· https:/ /www.cftc.gov/Prcs\Room/PrcssRclc:v,cs/8076-l 9 

Appendix 5-Swap Execution Facilities Registered with the CFTC 57 
FY 2021 President's Budget 

Contract Markets Designated by the CFTC 

The following DCMs arc boards of trade or exchanges that meet the criteria and core principles for 

trading futures, options, or swaps by both institutional and retail participants. Currently. 15 DCM 

participants meet criteria and core principles for trading futures, options. and swaps. In addition, the 

Commission is reviewing five DCM applications. For each business day, each DCM electronically 

submits several data sets to the CFTC. These data sets are a major source of input to the Commission·s 

surveillance function and for input to other functions throughout the Commission. Per CFrC 

Regulation 16.01, basic market level product data arc submitted that includes open interest, trading 

volume. exchange of futures for related positions, delivery notices, option deltas. and prices. Per CFTC 

Regulation 16.00, clearing member end of day position data by proprietary and customer trading are 

received. Customer data is the aggregation of all customer positions cleared through the clearing 

member. Data elements include positions, bought and sold quantities, exchange of futures for related 

po~itions. and delivery notice~. Per CFTC Rule 16.02, each transaction occurring during the business 

day is submitted, and includes such clements as trade quantity, time of trade, price, market 

participant account numbers, etc. These data sets. along with end of day large trader data submitted 

daily by FCMs, clearing members. and foreign brokers, are loaded into internal database systems and 

analyzed using sophi~ticated software applications. 

The number of new contracts listed by the DCMs each year adds to the surveillance workload in 

~everal way~. New contract term~ and condition~ have to be studied for full understanding of the 

product characteristics, support data for each contract has to be defined to the internal database 

systems. new analyses if appropriate need to be developed. and software engines may have to be 

modified. 

Figure 11: !\""umber of Contract Markets Designated by the CFTC 

 Number of DCMs 

15 15 15 15 15 15 

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 

Table 27: J,'Y 2019 List of DCJ\ts 

1 Cantor Futures Exchange, L.P. 9 Minneapolis Grain Exchange, Inc. 

2 Cboe Futures Exchange, Inc. 10 NASDAQ Futures, Inc. 

3 Chicago Board of Trade 11 New York Mercantile Exchange, Inc. 

4 Chicago Mercantile Exchange, Inc. 12 Nodal Exchange, LLC 

5 Commodity Exchange Inc. 13 North American Derivatives Exchange, Inc. 

6 Eris Exchange, LLC 14 OneChicago LLC 

7 ICE Futures U.S., Inc. 15 trueEX LLC 

8 LedgerX, LLC 

Appendix 5-Designated Contract Markets 58 
FY 2021 President's Budget 

Derivatives Clearing Organizations Registered with the CFTC 

A clearinghouse that seeks to provide clearing services with respect to futures contracts. options on 

futures contracts, or swaps must register with the Cl·TC as a DCO. As of the end of l'Y 2019. 16 DCOs 

were rcgislcrcd with the CFTC. This docs nol include foreign clearinghouses that have received an 

exemption from the Commission for DCO registration. Any clearinghouse that receives such an 

exemption is still ~ubject to limited oversight by the Commission. 

The number of DCOs registered with the CFTC reflects the global nature of the swaps markets, and 

the significant growth in the size and importance of cleared markets in futures and swaps. The 

Commission's first swap clearing mandates, for interest rate swaps and credit default swaps, were 

issued in late 2012 and expanded in September 2016. The movement of swaps to a cleared 

environment has created greater tran~parency in the market. but ha~ also ~hifted significant new 

levels of counterparty risk to DCOs, and some DCOs have expanded their product offerings and 

increased their memberships. As more swap activily migrates to clearing, the DCOs arc holding 

~ubstantial amounts of collateral that have been deposited by clearing members and the customers of 

those clearing member~. 

The number of DCOs also rcnccts the increasing inlcrcst in clearing products related to digital 

cmTency. In FY 2017. the CFTC registered the first DCO devoted solely to clearing options on bitcoin. 

In l'Y 2019, the Commission approved the registration of a second DCO devoted solely to clearing 

producls related to digital currency. The CFTC expects to receive addilional applications from other 

entities that wish to clear bitcoin products or products related to other digital currencies. such as 

ethereum. 

An existing DCO clears futures contracts on bitcoin indices, and another DCO started clearing 

phy~ically-settled bitcoin futures contracts in FY 2019. Thi~ requires the Commission to monitor the 

risk of these new contracts on a daily basis, research and identify areas of risk in this new market, and 

update the examination program to identify the new risks and outline the methodology to be used 

when performing examination activities surrounding the new risks. One new risk of physically 

delivered bitcoin contracts relates to custodian risk, particularly when the DCO is acting as custodian 

and holding the bitcoin collateral that will be used to settle the contract. The assumption of this risk is 

not simple. There are no ~pecific accounting pronouncement~ from accounting bodies, ~uch a~ the 

Jiinancial Accounting Standards Board (FASB) or the International Accounting Standards Board 

(IASB), regarding the appropriate way to accounl for bilcoin on the balance sheet or income 

~tatement. and as a result. the Commission i~ requiring DCOs to hire public accounting firm~ to make 

this determination. Digital currencies are targets for hackers and as a result, any custodian must have 

robust, rcsilicnl systems to curlail theft of the currencies. The Commission is requiring the DCOs to 

hire outside consultants to review these sy~tems and identify weaknesses. Finally. the DCO mu~t 

employ strong segregation of duty processes and procedures to safeguard against theft of the 

collateral from employees of lhc DCO. The Commission must have adequate resources to review 

reports being issued by con~ultants, resources for training purpose~ to learn about the new 

technologies to protect the digital currency, and must have the staffing resources, including travel 

dollars, to examine the DCO. Resources for lraining arc needed for lhc examiners in order to keep 

abrea~t of new accounting treatment for digital currencies a~ well as new technologies u~ed to defend 

against an intru~ion. 

New advancements such as cloud computing will drastically change the way clearing houses manage 

and protect their data. As a result, the examinations staff will need resources for training purposes to 

enhance skill sets, create and update the examination program for measuring compliance with this 

new advancement, and make recommendations if any changes arc needed lo enhance lhc 

Commission·s regulations. 

The Commission recognizes that cybersecurity is one of the greatest threats to world markets and 

economic slability, and that cybcrsccurity oversight is a crucial parl of the CFTCs mission. As the 

number and sophistication of cyber-security incidents increase in the financial market ~ector, the 

Appendix 5-Registered Derivatives Clearing Organizations 59 
FY 2021 President's Budget 

Commission mu;,t ;,pend more time analyzing these incidents, participate in information sharing 

events such as NIST CVE repository<-+, FBI Flash Alerts. FS-ISAC'\ and ChicagoFIRSTY, that discuss 

these incident~. risk assess the impact of tl10~e incidents to the DCO community. update skill ~ets by 

attending training classes to learn ahout the tools heing u;,ed to hack the financial market ;,ector, and 

update the information security examination program in an effort to ensure the Commission has a 

robust supervisory oversight program. 

The Commission musl review a number of quarterly financial resource report;,, certified financial 

statements. chief compliance officer reports, and other event-driven notifications that are filed by 

DCOs with the Commi~~ion as required under CFTC Regulation 39. l 9. The Commission must aho 

perform ri;,k assessments on an increa;,ing number of DCO;, to determine which DCO;, will be 

examined. The scope and methodology for each examination is risk-based and individually tailored to 

the unique characteri~tics of the DCO and the products they clear. The primary goal of the 

cxaminalion process i;, to idcnlify areas of wcaknc;,;, or non-compliance in activities thal arc critical to 

a safe and efficient clearing process. This includes examining financial resources, risk management, 

~ystem ~afeguard~. and cyber-security policies, practices, and procedure~ to assess the maturity. 

capahilities, and overall resilience of the clearing house. All of these activities require staff resources 

to effectively supervise DCOs. 

Finally, the Commission would like to automate and enhance some of the analysis. in particular in the 

area of hack testing and ;,tre;,;, te;,ting. and is working on developing and creating sy;,tems that would 

help in thi;, area. 

Figure 12: Number of DCOs Registered with the CFTC 

17 

 Number of DCOs 16 16 16 

15 15 

14 

13 

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 

'' CVE repo,itory i~ ;1 d;1t-1b;1se of ,-ulner-ihilities th;1t NIST member~ ha,-e experiern:ed. 

" FS-ISAC i, ,m inform-ition sh,iring (:enter spe(.·ifi<:-illy designated to allow fin;m<:ial market (."ompanie, smd regul;1tor, to 

inform each other ol cyher,ecunty warnmg.s, even ls or lremh. 

,,, ChicagoFIRST i.s a gathering of cntical linancial Imus localed in Chicago v.•ho collaborate with each olher and governrnenlal 

onicials lo promote ,·e.siliency 

Appendix 5-Registered Derivatives Clearing Organizations 60 
FY 2021 President's Budget 

Table 28: FY 2019 List ofDCOs Registered with the CFTC 

1 Chicago Mercantile Exchange, Inc. 9 LCH. ltd 

2 CX Clearinghouse, LP. 10 LCH. SA 

3 Eris Clearing, LLC 11 ledgerX LLC 

4 Eurex Clearing AG 12 Minneapolis Grain Exchange, Inc. 

5 ICE Clear Credit, LLC 13 Nodal Clear, LLC 

6 ICE Clear Europe ltd 14 North American Derivatives Exchange, Inc. 

7 ICE Clear US, Inc. 15 Options Clearing Corporation 

8 ICE NGX Canada Inc. 16 Singapore Exchange Derivatives Clearing limited 

Appendix 5-Registered Derivatives Clearing Organizations 61 
FY 2021 President's Budget 

Systemically Important Derivatives Clearing Organizations 37 

The Commission defines a SIDCO as a financial market utility (FMU) that is a DCO registered with 

the Commission, which has been designated as systemically important by the l'inancial Stability 

Ovcrsighl Council (FSOC) and for which the Commission acls as the Supervisory Agency. The 

designation of a FMU as systemically important means the failure of or a disruption to the functioning 

of the FMU could create, or increase, the risk of significant liquidity or credit problems spreading 

among financial inslitutions or markets and thereby threaten the stabilily of the U.S. financial 

system 3H.The FSOC was granted the authority under Title VIII of the Dodd-Frank Act to designate 

FM Us a~ ~ystemically important. 

Under Title VIII, the Federal agency that has primary jurisdiction over the designated FMU (DFMU) 

i~ the Supervisory Agency. and the CFTC is the Supervisory Agency for two DCOs that were 

de~ignated in 2012 19 . The two SIDCOs are listed in the table below: 

Table 29: FY 2019 List ofSIDCOs 

1 Chicago Mercantile Exchange, Inc. 

2 ICE Clear Credit, LLC 

Under Section 807(a) of the Om.kl-Frank Act, the Supervisory Agency is required to examine each 

DFMU at least once annually in order to determine the nature of the operations of and the risks borne 

by the Dl'MU; the financial and operational risks presented by the DFMU to financial institutions, 

crilical markets, or the broader financial system; the resources and capabililics of the DFMU lo 

monitor and control risks: the safety and soundness of the DFMU. and the DFMU"s compliance with 

Title VIII and the rules and orders prescribed thereunder. In addition, the Supervisory Agency mu~t 

consull with the Federal Reserve Board regarding lhc scope and methodology of each examination 

and the Federal Reserve Board may participate in the examination led by the Supervisory Agency40. 

The SIDCOs listed in Table 26 are DFMUs with complex risk profile~ that require a significant 

number of resources in order to efficiently and effectively supervise and examine their clearing 

activities. The FY 2021 budget seeks additional staffing resources for examination purposes. 

The CFTC has developed an examination program lo assess the SIDCos· compliance with Title VIII 

and CFrC regulations. The Commission will continue to review remediation plans for any area of noncompliance that wa~ identified during the examination proce~~ in 2019. 

The Commission enhanced and clarified its regulations associated with cybersecurity testing within 

Regulation 39.18 and the enhanced regulations became fully effective in September 2017. As a result. 

lherc arc explicit rcquiremcnls regarding how often inlernal penetration testing, external penetration 

testing, vulnerability scanning, controls testing. enterprise risk technology assessment, and the testing 

of the security incident re~ponse plan must occur. who mu~t complete the testing. and the 

remediation steps that must be undertaken. Cybersecurity testing by DCOs can harden their cyber 

defenses, mainlain and increase their cyber resilience, and increase their ability to dclect, contain, 

respond to, and recover from cyber-attack. The CFTC must continue to develop and update its written 

examination programs to mea~ure compliance with the enhanced regulation. The CFTC assessed 

compliance with lhc enhanced rcgulalions for all SIDCOs in 2019 and plans to follow-up on 

remediation plans to correct any areas of non-compliance identified during the examination process 

in 2020. In addition. CFrC staff must stay abreast of changing technologies and threats in order to 

effectively measure compliance and desperately needs funds for training purposes. 

"The CFTC also considers two t".K.-h-ised regi,tered DCOs to he sy,temi<:-illy important to the United St;1tes even though they 

ha"e not been de,ignated -is ,ud1 hy FSOC. They ,ire LCH Ltd. and ICE Cle,ir Europe Limited (ICEUJ. 

'' See Section 807(d) ol lhe Dodd-Frnnk Act. 

''' A lhird DCO, Opiums Clearing lorpornlrnn, "''"~ al.so de~ignated. hul lhe SEC is its Su pen i,ory ,l,gency. 

"' See Seclmn 807(d) of the Dodd-Frank Acl 

Appendix 5-Systemicany Important DCOs 62 
FY 2021 President's Budget 

Exempt Derivatives Clearing Organizations 

Section 5h(h) of the CEA permits the Commission to exempt, conditionally or unconditionally, a 

clearing organinHion from DCO n:gistration for the clearing of swaps to the extent that the 

Commission determines that such clearing organization is subject to comparable, comprehensive 

~upervision by appropriate government authorities in the clearing organization·~ home country. 

Exempt DCOs currently are limited to clearing proprietary swap transactions for U.S. persons. In 

order to receive an exemption from DCO registration, a clearing organization mu~t observe the 

Committee on Payments and Market lnfrastructures-lOSCO Principles for Financial Market 

infrastructures (PFMis) in all material aspects and after receiving an exemption must submit an 

annual certification of its continued observance of the PFMls. On an annual basi~. the home country 

regulator for each exempt DCO must suhmit to the Commission a written representation that the 

exempt DCO is in good regulatory standing. 

In FY 2019, the Commission proposed regulation~ that would codify the procedures and requirements 

for obtaining an exemption from DCO registration and permit exempt DCOs to ckar customer swap 

transactions through foreign intermediaries. As of the end of FY 2019, the Commission has three 

pending petitions for exemption. 

Figure 13: Number of Exempt DCOs 

4 4 4 4 4 

 Number of Exempt DCOs 

0 0 0 

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 

Table 30: l'Y 2019 List of Exempt UCOs 

1 ASX Clear (Futures) Pty Limited 

2 Japan Securities Clearing Corporation 

3 Korea Exchange, Inc. 

4 OTC Clearing Hong Kong Limited 

Appendix 5-Exempt DCOs 63 
FY 2021 President's Budget 

Futures Commission Merchants and Retail Foreign Exchange Dealers Registered 

with the CFTC 

In l'Y 2019, there were 64 total entitie;, registered a;, FCMs. Two l'CMs were also regi;,tered as Rl'ED;,. 

FCMs ;,crvc an inlegral role in the excculion and clearing of futures and swap transactions for market 

participants. FCMs are primarily engaged in soliciting or accepting orders from customers for futures. 

option;, and swap transactions executed on or ;,ubject to the rules of an exchange, and in connection 

lhercwith accepling money, securilie;, or property to margin, guarantee or ;,ccurc ;,uch tran;,action;,. 

The number of registered FCMs has steadily declined, despite the continued growth in the futures and 

cleared swap;, markets. As a result, concentration of customer funds held at fewer !<CM;, has 

increa;,ed. 

RFED~ engage in off-exchange retail foreign currency transactions with retail participants. As such. 

the RFED is the counterparty to the retail participant. 

Figure 14: Number of .FC.\1s and IU'EU Registered with the CJ,'TC 

114 

100 

 Number of FCMs and RFEDs 

83 

73 

68 

64 64 

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 

'J'he next page contains a li;,ting of l'CMs and Rl'EDs by name. 

Appendix 5-fCMs and RFEDs Registered with the CFTC 64 
FY 2021 President's Budget 

Table 31: FY 2019 List ofFC:Vls and RFEDs 

1 ABN AMRO Clearing Chicago, 

LLC 23 EFL Futures Limited 44 Natwest Markets Securities, 

'"' 

2 ADM Investor Services, Inc. 24 GAIN Capital Group, LLC41 45 Nomura Securities 

International, Inc. 

3 Advantage Futures LLC 25 G.H. Financials, LLC 46 OANDA Corporation 42 

4 AMP Global Clearing LLC 26 Goldman Sachs & Co. LLC 47 Phillip Capital Inc. 

5 Apex Clearing Corporation 27 HSBC Securities (USA) Inc. 48 Pictet Overseas Inc. 

6 Barclays Capital Inc. 28 Huatai Financial USA, Inc. 49 Rand Financial Services, Inc. 

7 BGC Financial, LP 29 Interactive Brokers LLC so RBC Capital Markets LLC 

8 BNP Paribas Securities Corp. 30 INTL FCStone Financial Inc. 51 R.J. O'Brien & Associates, LLC 

9 BOCI Commodities & Futures 

(USA) LLC 31 lronbeam Inc. 52 Rosenthal Collins Group, LLC 

10 BOFAML Securities, Inc 32 Jefferies LLC 53 

Santander Investment 

Securities Inc. 

11 Cantor Fitzgerald & Co. 33 J.P. Morgan Securities LLC 54 Scotia Capital (USA) Inc. 

12 Charles Schwab Futures, Inc 34 Macquarie Futures USA LLC 55 SG Americas Securities, LLC 

13 CHS Hedging, LLC 35 Marex North America LLC 56 Straits Financial LLC 

14 Citigroup Global Markets Inc. 36 Mcvean Trading & Investments, LLC 57 

TD Ameritrade Futures & 

Forex LLC 

15 Credit Suisse Securities (USA) 

LLC 37 Merrill Lynch, Pierce, Fenner & Smith Inc. 

58 Tradestation Securities, Inc. 

16 Cunningham Commodities LLC 38 

Merrill Lynch Professional Clearing 

Corp. 59 UBS Financial Services Inc. 

17 

Daiwa Capital Markets America 

Inc. 39 MID-CO Commodities, Inc. 60 UBS Securities LLC 

18 Deutsche Bank Securities Inc. 40 Mint Brokers 61 UOBBF Clearing Limited 

19 Direct Access USA LLC 41 Mizuho Securities USA LLC 62 Wedbush Securities Inc. 

20 Dorman Trading, LLC 42 Morgan Stanley & Co, LLC 63 Wells Fargo Securities, LLC 

21 ED & F Man Capital Markets Inc. 43 Nanhua USA LLC 64 York Business Associates, LLC 

22 E *TRADE Futures LLC 

-'' GAIN Capital Group. LLC L, an !'CM that is also rcgL,tcrcd as an Rl·ED. 

-'! OANDA Corporation is an FCM that is also registered as an l{J'ED. 

Appendix 5-fCMs and RFEDs Registered with the CFTC 65 
FY 2021 President's Budget 

Swap Dealers Provisionally Registered with the CFTC 

Swap dealer is a registration category created by the Dodd-Frank Act to regulate dealing activities in 

the swaps market. A registered swap dealer is subject to various entity and transactional requirements 

primarily localed in Part 23 of the Commission·:-. regulations. A swap dealer mu:-.t regi:-.tcr with the 

Commission only after its dealing activity exceeds a gross notional threshold set by regulation. The 

Commission has delegated swap dealer registration to the NF A. 

The first swap dealers were provisionally registered on December 31, 2012. Over the following year, 

the number of swap dealers nearly doubled as more swap dealers exceeded the de minimis thre~hold 

until the number exceeded 100. Over the next five years, the total number of provisionally regi:-.tered 

swap dealer:-. f1ucluated slightly a:-. new dealer:-. regi:-.tcrcd and exisling dealer:-. deregi:-.tcred. 

In November 2018, the Commission approved a final rule amending the :-.wap dealer registration 

aclivity threshold and permanently set the de minimi.1· lhrc:-.hold at S8 billion in any preceding 12 

month period. 

Figure IS: Number of SD Provisionally Registered with the CFTC 

 Number of Provisionally 104 104 102 

107 

Registered 10, Swap Dealers 

86 

66 

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY2017 FY 2018 FY 2019 

The next page contains a listing of Swap Dealers by name a~ of September 30. 2019-+>. 

-1.• Data in the t,gurc and table' \.\'eff obtained from NFA ~wap drnler rq:i.stry. 

Appendix 5-Swap Dealers Provisionally Registered with the CFTC 66 
FY 2021 President's Budget 

Table 32: FY 2019 List of Provisionally Registered SDs 

ABBEY NATIONAL TREASURY 28 CREDIT AGRICOLE 5:'i THE HONGKONG AND 82 MERRILL LYNCH FINANCIAL 

SERVICES PLC CORPORATE AND SHANGHAI BANKING MARKETS INC 

INVESTMENT BANK CORPORATION LTD 

' ASTON CAPITAL INVESTMENT " CREDIT SUISSE CAPITAL LLC 56 HSBC BANK PLC " MERRILL LYNCH MANAGER LP INTERNATIONAL 

' AUSTRALIA AND NEW _l(J CREDIT SUISSE " HSBC BANK USA NA '' MERRILL LYNCH JAPAN 

ZEALAND BANKING GROUP INTERNATIONAL SECURITIES CO LTD 

cm 

' BANCO BILBAO VIZCAYA " CREDIT SUISSE SECURITIES " IBFX INC ,., MITSUI & CO PRECIOUS 

ARGENTARIA SA EUROPE LTD METALS INC 

' BANCO SANTANDER SA ,, 

,, DANSKE BANK AS 5') ICBC STANDARD BANK PLC ,,, MIZUHO CAPITAL MARKETS 

c BANK OF AMERICA MERRILL _l_l DARBY SWAP TRADING LLC '" "' ING CAPITAL MARKETS LLC '' MIZUHO SECURITIES USA 

LYNCH INTERNATIONAL DAC 

BANK OF AMERICA NA '" " DB ENERGY TRADING LLC ,,, INTESA SANPAOLO SPA " MORGAN STANLEY & CO 

INTERNATIONAL PLC 

' BANK OF MONTREAL 35 DEUTSCHE BANK AG " INTL FCSTONE MARKETS LLC so MORGAN STANLEY & CO 

,, THE BANK OF NEW YORK '" MELLON 

SC ED&F MAN CAPITAL MARKETS 

,rn 

63 J ARON & COMPANY LLC 90 MORGAN STANLEY BANK 

INTERNATIONAL LTD 

"' THE BANK OF NOVA SCOTIA " ED&F MAN DERIVATIVE " J ARON & COMPANY '" MORGAN STANLEY BANK 

PRODUCTS INC SINGAPORE PTE " " BARClAYS BANK PLC " FIFTH THIRD BANK 65 JB DRAX HONORE UK LTD "' MORGAN STANLEY 

CAPITAL GROUP INC 

" BNP PARIBAS SA 39 FOREX CAPITAL MARKETS LLC " JEFFERIES DERIVATIVE 'H MORGAN STANLEY 

PRODUCTS LLC CAPITAL PRODUCTS LLC 

" BOFA SECURITIES EUROPE SA 40 FXDIRECTDEALER LLC 67 JEFFERIES FINANCIAL 94 MORGAN STANLEY 

PRODUCTS LLC CAPITAL SERVICES LLC 

" BP ENERGY COMPANY " GAIN GTX LLC " JEFFERIES FINANCIAL ')5 MORGAN STANLEY 

" BTIG LLC ,, GLOBAL FUTURES & FOR EX 

,rn 

(,9 

SERVICES INC 

JP MORGAN SECURITIES LLC ')(, 

DERIVATIVE PRODUCTS INC 

MORGAN STANLEY 

EUROPE SE 

'" CANADIAN IMPERIAL BANK OF 4.l GOLDMAN SACHS & CO LLC m JP MORGAN SECURITIES PLC 97 MORGAN STANLEY MEXICO 

COMMERCE CASA DE BOLSA SA DE CV 

" CANTOR FITZGERALD " GOLDMAN SACHS BANK " JP MORGAN VENTURES '" MORGAN STANLEY MUFG SECURITIES EUROPE SE ENERGY CORPORATION SECURITIES COL TD 

" CARGILL INCORPORATED 45 GOLDMAN SACHS BANK USA ,, JPMORGAN CHASE BANK "' MUFG BANK LTD 

NATIONAL ASSOCIATION 

,,, CITADEL SECURITIES SWAP "' GOLDMAN SACHS DO BRASIL " KEYBANK NATIONAL 100 MUFG SECURITIES EMEA 

DEALER LLC BANCO MULTI PLO SA ASSOCIATION ecc 

20 CITIBANK NA " GOLDMAN SACHS EUROPE SE " LLOYDS BANK CORPORATE 101 NATIONAL AUSTRALIA 

MARKETS PLC BANK LTD 

" CITIGROUP ENERGY INC " GOLDMAN SACHS FINANCIAL 75 LLOYDS BANK PLC 102 NATIXIS 

MARKETS LP 

22 CITIGROUP GLOBAL MARKETS '° GOLDMAN SACHS FINANCIAL '" MACQUARIE BANK LTD 10.l NATWEST MARKETS PLC 

'" MARKETSPTYLTD 

2:1 CITIGROUP GLOBAL MARKETS 

,rn 

50 GOLDMAN SACHS 

INTERNATIONAL 

77 MACQUARIE ENERGY LLC 104 NEWEDGE USA LLC 

" COMMERZBANK AG 'ii GOLDMAN SACHS JAPAN CO 

,rn " MBIA INSURANCE 

CORPORATION 

10:'i NOMURA DERIVATIVE 

PRODUCTS INC 

25 COMMONWEALTH BANK OF " GOLDMAN SACHS MEXICO 79 MERRILL LYNCH CAPITAL 106 NOMURA GLOBAL 

AUSTRALIA CASA DE BOLSA SA DE CV SERVICES INC FINANCIAL PRODUCTS INC 

Cc COOPERATIEVE RABOBANK :'i3 GOLDMAN SACHS MITSUI "' MERRILL LYNCH 107 NOMURA INTERNATIONAL 

"' MARINE DERIVATIVE COMMODITIES EUROPE LTD ecc PRODUCTS LP 

" COURNOT FINANCIAL 54 GOLDMAN SACHS PARIS INC " MERRILL LYNCH 

PRODUCTS LLC ET CIE COMMODITIES INC 

Appendix 5-Swap Dealers Provisionally Registered with the CFTC 67 
FY 2021 President's Budget 

Swap Data Repositories Provisionally Registered with the CFTC 

SOR;, are entitie;, created by the Dodd-Frank Act in order to provide a central facility for swap data 

rcporling and reconlkccping. Under the Dodd-Frank Act, all swap;,, whether cleared or uncleared, arc 

required to be reported to registered SDRs. The Dodd-Frank Act added new Section 21 to the CEA, 

which establi;,hed registration requirement;, and core duties and re;,ponsibilitie;, for SDRs. The 

Commission, in turn, crcalcd Parl 49 of the Conuni;,;,ion·;, regulation;, to implement Section 21. SOR;, 

are required to register with the Commission and comply with the Conunission·s regulations. These 

regulations include requirements for public reporting of ~wap tran~action and pricing data and for 

providing swap data to the Commission. 

Fi~urc 16: Number of Provisionally Rc~istcrcd SD Rs 

4 4 4 4 4 

 Number of Provisionally 

Registered SDRs 

3 3 3 

FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 

Table 33: FY 2019 List ofSDRs 

1 Chicago Mercantile Exchange 

2 DTCC Data Repository, LLC 

3 ICE Trade Vault, LLC 

AppendixS SDRsProv1s,onally Registered w,th the CFTC 
FY 2021 President's Budget 

APPENDIX 6 

Customer Protection Fund 

Introduction 

Section 748 of the Dodd-l'rank Act amended the CEA by adding Section 23, entitled ··Commodity 

Whistkblower lneenlives and Protections." Among other things, Section 23 establishes a 

whistleblower program that require~ the Commission to pay awards, under regulations prescribed by 

the Commission and subject to certain limitations to eligible whistleblowers, who voluntarily provide 

the Commission with original information about violations of the CEA, and that lead lo the successful 

enforcement of a covered judicial or administrative action, or a related action. The Commission·s 

whistleblower awards are equaL in the aggregate amount to at least 10 percent but not more than 30 

percent of the monetary sanctions actually collected in the Commission·s action or a related action. 

Section 748 of the Dodd-Frank Act also established the CFTC Customer Protection Fund (CPF) for the 

payment of awards lo whistkblowers, through the Whistkblower Program, and the funding of 

customer education initiatives designed to help customers protect themselves against fraud or other 

violations of the CEA or the rule~ or regulations thereunder. The Commission undertakes and 

maintains customer education initiatives through the Customer Education Program. 

Management of the Whistleblower Office 

The Whistleblower Office (WBO) has three essential functions: 

• Proce.1·.1· Whistlehlower Sub111issio11.1·. WBO receives, tracks, and handles whistkblower 

~ubmissions and inquirie~, often communicating with whistleblowers or their counsel to 

address questions or concerns. 

• Coordinate with Commission Divisions and Outside Agencies. WBO answers questions from 

Commission staff and other~ regarding the whistleblower program, and guides the handling 

of whistkblower matters as needed during examination, investigation and litigation. WBO 

also approves refe1Tals of whistleblower-identifying information to outside agencies. 

• Administer Claims Process. WBO receives and tracks whi~tleblower award claims, gathers 

and prepares the adjudicatory records for the Whistkblowcr Claims Review Staff (CRS), 

advises the CRS as needed on the whistleblower provisions and rules, and memorialize~ the 

CRS"s decisions. Those determinations lead to 1-"inal Orders of the Commission through a 

review process that WBO also coordinates. Finally, WBO processes award claims that do not 

meet minimum requirements under the Whistleblower Rules. 17 C.F.R. part 165. 

In FY 2019, the CVl"C issued five orders granting awards, the highest number of awards 111 a single 

year, to whistkblowers for providing valuable information about violations of the CEA- totaling 

more than $15 million. 

All whistleblower award payments are made out of the CPI< established by Congress that is financed 

entirely through monetary sanctions paid to the CFTC by violators of the CEA. 

In l'Y 2021, the Commission will continue its communications with market participants and voluntary 

whistkblowcrs about the protections and incentives under the Whistkblower Program. WBO will also 

continue processing whistleblower submissions and award claims with the goals of increased 

efficiency and ~hortened turnaround times. 

Appendix 6-Customer Protection Fund 69 
FY 2021 President's Budget 

Management of the Office of Customer Education and Outreach 

The Office of Customer Education and Outreach (OCEO) administcn, the Customer Education 

Program with public education initiatives designed to help customers protect themselves against 

fraud and other violations of the CEA. 

OCEO serves as the focal point for customer dialog by working lo initiate and maintain ongoing 

conversation~ with various customer group~, including producer~ and end-user customers, who use 

futures, options, and swaps to manage risk; financial customers such as associations, pension funds, 

and municipalities; and retail customers who historically have been most at-risk for fraud. CFTC 

utilizes a multimedia approach that includes customer advisories, digital engagement. press 

engagement, hrochures, in-person engagements, and strategic partnerships to inform customers and 

identify emerging issues or learning needs. 

The Commis~ion also utilizes an alliance-ba~ed outreach strategy utilizing partnerships with Federal 

and state agencies as well as nonprofit and industry groups. In addition, OCEO provides new and 

engaging educational content for CFTC.gov and contributes to improving the Commission·s overall 

online pre~ence through the use of better technology, increased emphasis on search engine 

optimization, and smarter use of social media. 

The Commission utilizes an alliance-based outreach strategy utilizing partnerships with Federal and 

~tate agencie~ as well as nonprofit and industry groups. In addition, OCEO provides new and 

engaging educational content for CFJ'C.gov and contrihutes to improving the Commission's overall 

onlinc presence through the use of better technology, increased emphasis on search engme 

optimization, and smarter use of social media. 

In FY 2019, OCEO completed a reorganization, becoming a sub-office of the Office of Public Affairs. 

During this interim period, OCEO conducted a macro literature review of fraud and victimization 

research a~ well a~ in-depth demographic research to identify customer needs and media preferences. 

The goal of the report was to identify possible new initiatives and promising practices for the office. 

Effectively communicating fraud avoidance information and warnings about developing fraud threats 

requires approache~ that cut through the noise. reach at-risk customers, and clearly provides available 

protections and actionahle solutions. 

OCEO aho continued to educate the public about virtual currencie~. teaming with LabCFTC in the 

presentation of the first FinTech Forward conference in Octoher 2018 and the second in Octoher 

2019. OCEO drafted and published customer advisories on virtual cmTency related topics and 

conducted public presentations-both in-per~on and online-about avoiding virtual-currency related 

fraud. These efforts were part of an ongoing effort to educate customers ahout fraud and violations 

that have been identified in connection with the purchase and trading of virtual currencies. This effort 

will continue using digital outreach to provide ju~t-in-time education to help customers make more 

informed decisions, print materials that will he distributed through direct engagements or through 

stakeholder groups, and in-person events designed to reach customers who are most interested in 

virtual currencies or commonly targeted by fraud. OCEO will also extend this work through 

engagements with international financial educators as well as hy partnering with other federal 

agencies. 

Operation of the CFTC Customer Protection Fund 

The CPI' is a revolving fund estahlished under section 748 of the Dodd-l'rank Act. The Commission 

shall deposit civil monetary penalties. disgorgements, and interest it collects in covered 

admini~trative or judicial enforcement actions into the CPF whenever the balance in the CPF at the 

time of the deposit is less than or equal to S 100 million. The Commission pays whistlehlower awards 

and finances customer education initiatives from the CPF, but docs not deposit restitution awarded to 

victims into the CPF. Program values include allocated CFTC administrative expenses. 

Appendix 6-Customer Protection Fund 70 
FY 2021 President's Budget 

In FY 2021. the CFTC estimates that it will u~e upto $60.0 million: 

• Up to $6.2 million will be used to finance customer education initiatives, administrative expenses, 

and 15 !·TE, an increase of $1.6 million over the estimated l'Y 2019 level. 

• Whi;,tlehlower award payouts are estimated at S25 million. 

• Up to $5.3 million will be used for the WBO to fund administrative expen~e~ and 13 FTE. which is 

an increase of S1.6 million over the estimated FY 2019 level. 

Table 34: Customer Protection Fund 

Budget Authority- Prior Vear 

Budget Authority- New Vear 

Prior Year Recoveries 

Sequestration 

Total Budget Authority 

Whistleblower Program 

Whistleblower Awards 

Customer Education Program 

Total Planned Expenditures 

Unobligated Balance 

FY 2019 FY 2020 FY 2021 

Actual Estimate Estimate 

($000) ($000) 44 ($000) 

$158,950 $141,436 $113,179 

3,225 3,200 3,200 

323 2,552 832 

(200) (189) -189) 

162,298 146,999 117,022 

3,290 3,981 3,981 

15,385 25,000 25,000 

2,188 4,839 4,839 

20,863 33,820 33,820 

$141,436 $113,179 $83,202 

"" FY 2020 Estim,1te for Prior Year Recoveries i, -iho\'e initial ;1pportionment. Estim,1te provided is ;is of January 28, 2020. 

Appendix 6-Customer Protection Fund 71 
APPENDIX 7 

Table of Acronyms 

U.S. Federal Law 

CEA 

Dodd-Frank Act 

FISMA 

FOIA 

CFTC Divisions and Offices 

DCR 

OMO 

DOE 

DSIO 

OCE 

OCEO 

ODT 

OED 

OGC 

OJA 

OIG 

WBO 

Commodity Exchange Act 

Dodd-Frank Wall Street Reform and Consumer Protection Act 

Federal Information Security Management Act 

Freedom of Information Act 

Division of Clearing and Risk 

Division of Market Oversight 

Divi~ion of Enforcement 

Division of Swap Dealer and Intermediary Oversight 

Office of the Chief Economist 

Office of Customer Education and Outrec1ch 

Office of Data and Technology 

Office of the Executive Director 

Office of the Genenl Coumel 

Office of International Affairs 

Office of the Inspector General 

Whistleblower Office 

U.S. Federal Departments and Agencies 

Cl-TC 

Federal Reserve Board 

GSA 

0MB 

SEC 

Other Abbreviations 

CDS 

CIGIE 

CME 

CPF 

CPO 

CTA 

DCM 

DCO 

DFMU 

DSRO 

ENN 

EU 

FBOT 

FCM 

FinTC(.:h 

U.S. Commodity Future~ Trading Commis~ion 

Board of Governors of the Federal Reserve Syqem 

U.S. General Services Administration 

Office of Management and Budget 

U.S. Securities and Exchange Commission 

Credit Default Swc1ps 

Council of the Inspectors General on Integrity and Efficiency 

Chicago Mercantile Exchange 

Cuqomer Protection Fund 

Commodity Pool Operator 

Commodity Trading Advisor 

De~ignated Contract Market 

Derivatives Clearing Organization 

Designated Financial Market Utility 

Designated Self-Regulatory OrganiL<.ttion 

Entity-Netted Notionals 

European Union 

Foreign Boctrd of Trade 

Futures Commission Merchant 

Financial Technology 

Appendix 7-Table of Acronyms 72 
FSB Financial Stability Board 

FSOC Financial Stability Oversight Council 

HE Pull-time Equivalent 

FX Foreign Exchange 

FY Fiscal Year 

ICE Intercontinental Exchange 

IOSCO International Org:aniL<.ttion of Securities Commissions 

IRS Interest Rate Swaps 

IT Information Technology 

MSP Mc1jor Swap Pctrticipant 

'.'HST .',/ational Institute of Standards and Technology 

.',IPA .',/ational Futures Association 

OTC Over-the-Counter 

PPA Program. ProJect. and Activity 

RER Ruic Enforcement Review 

RFED Retail Foreign Exchange Dealer 

S&E Salaries and Expenses 

SDR Swap Data Repository 

SEF Swap Execution Facility 

SIDCO Systemically Important Derivatives Clearing Organization 

SRO Self-Regubtory Orgcmin.1tion 

UK United Kingdom 

Appendix 7-Table of Acronyms 73 
Agency Budget Execution Summary Ill Business IR.1111 Year: FY19  Information 

Scenario: Execution CFTC CFT(system 

La""r NDn•La ~ ' vrgamzation .. ame .,a ary ••• rammg ra,nmg vperatmg \"Dn· L8aS8S ~ 

~ """" " airman & 1.a,mmiss1oners ,s ~6.345105 ~2.031,721 M00,500 ~18,000 '" l248,666 ~9 043,992 

, 1:xecutive ,rector ~14,083 990 ~5.374,720 40,000 ~55,000 )349,000 15,686,645 125,252,628 '" ~60 841,983 

emationa ,rs " n ~2.635 295 ~753,662 ~451,000 ~8.000 ~75,000 •3 922,%7 

orcemenl 165 -,31,618125 ~9.746,220 ~522,733 _,111,000 "" ~2.627,267 .44 625,345 '" MarKet rs,gnt ~16,813 000 ~5.373,444 ~50,000 ~62,000 ·" "" '" ll00,000 ~22 398,444 

1,;1eanng an "' n ~13,059 216 ~4.190,904 125,000 ~45,000 125,000 '" ~17 445,120 '" '" Mamet .-.. rt1C1pants ;s ~13,874 100 ~4.342,200 ~75,000 ~s,.ooo ~25,000 '" •18 367,300 

oonormst -,J,665 520 ~1.132,980 ~28,000 -,24,500 "" ~12,500 '" .4 863,500 '" ' '" ·" "" 

~••m ~9.735 768 ~2.927,160 M5,000 ~28,000 l30,000 ~12 765,928 

ecnnomgy " ~14.470718 ~4.698,713 ~50,000 ~56,000 '" '" ~1.800,000 '" ~71 075.431 

pe r ... enera " s ~1.569510 ~449,487 ~52,000 ~20,000 ~559,003 '" .2 650,000 

,., .. "' "" '" '. '. " ., ' ' ' ' ' " ' '" '" 

IFORMULAT Repot1siF1nancbl Management 8ranch1Agency Budget Esecution Summary Page1of1 

Report Date- 11/25/2020 

FOR INTERNAL USE ONLY 
Agency Budget Execution Summary Ill Business ll.1111 Year: FY20 • Information 

CFTC Scenario: Execution CFTCsystem 

Labor Non-Labor BOC Total 

rgamzation ••• •= • ra1mng ra1mng perating ~ " '" " """ -~· armen ommissoners 8,287.333 459 675 S36,409 " 952.118 " 12.431.121 

Office " of the ExecuUve Director " s, 15,337.752 5,966.112 30 000 S60,883 S300,000 13,587.855 24,912.000 60,194.602 

Office of lntematjonal Affairs 2,846,676 912.604 350,000 8,371 70,000 4,187,651 " " " 169 34,207,628 11,546,925 400 000 121,766 " 2,550,000 " 48,826,319 

rslg I 17,291.560 5,956.104 84 000 S64,688 45,469 23.441.821 "" " " 13,986.503 4,812.948 125000 S95,228 " 53.000 " 19,072.679 " ' pants ,e 15,130,156 5,185.480 65,000 55,556 " 3,000 " 20,439,192 

oonormst 4,114,824 1,385,916 47 000 12,938 " 10,000 " 5,570,678 " 9,348.243 2,988.242 37 000 S33,486 " 70.693 " 12.477.664 " 

lfQRMULAT RcportsiFinanc1al Management Branch/Agency Budget Execution Summary Page1ol1 

Report Date: 11/25,2020 FOR INTERNAL USE ONLY 
0 

ll.1111 

CFTC 

Organization Name FTE 

• a rman omm ss oners ,s 

o International A Ira '4 

132 

n orcement 169 

• .. 

• 

vers g t S1 

learlng and Risk 86 

Martel Participants 69 

conom1st 20 

.,. 

Agency Budget Formulation Summary 

Year: FY21 

Scenario: Formulation 

Version: President's Budget Current Estimate 

Laboe Non-Labor 

Salary Benefits Training CFTC-Wlde Training 

7,528,387 2,502,456 19,048 

3,011,806 917,588 8,160 

23,854,380 7,946,004 92,532 

34,741,837 11,399,050 113,220 

16,222,518 5,389,902 63,240 

17,084,846 5,763,376 45,900 

13,912,614 4,615,617 52,020 

3,958,220 1,296,240 24,990 

11,893,585 3,762,385 

Ill Business 

• Information 

CFTCsystem 

BOC Total 

Operating {Non-IT) Leases Total 

890,183 0 11,349,198 

0 4.474,074 

29.971,515 119.222,548 

0 49.467, 107 

0 21,828,660 

0 24.872,122 

0 18.762,251 

0 5.325,760 

0 19,473,992 

26.198,581 

/FORMULAT Reports/F,nanc,al Management Branch/Agency Budget Formulation Summary Page 1 of 1 

Report Date. 11/25/2020 FOR INTERNAL USE ONLY 
ll.1fil 

CFTC 

Commodity Futures Trading Commission 

Transition Briefing Book 

November 2020 

Section 4 - Administrative & Organizational Topics 
trategic 
Contents 

~n~n~ ......................................................................................................................................................... 2 

Chairman's Letter ............................................................................................................................................. 3 

The CFTC Organization and Responsibilities ...................................................................................................... 4 

Strategic Goal 1 ............................................................................................................................................... 5 

Strategic Goal 2 ............................................................................................................................................... 6 

Strategic Goal 3 ............................................................................................................................................... 7 

Strategic Goal 4 ............................................................................................................................................... s 

Strategic Goal 5 ............................................................................................................................................... 9 

Planning, Evaluation, & Enterprise Risk Management.. ...................................................................................... 10 

External Factors ............................................................................................................................................. 10 

Appendix A- CFTC Divisions and Offices 

Appendix B - Glossary of Acronyms 

Appendix C - CFTC Planning & Accountability Roadmap 

COMMODITY FUTURES TRADING COMMISSION 
Chairman's Letter 

Like most of the employees I have had the pleasure to meet with and work beside. I am 

immensely proud - also humbled - to serve the American people by helping to lead the 

Commodity Futures Trading Commission (CFTC, or Commission). The CFTC is the world's 

premier derivatives regulator. Few agencies have such a broad, consequential, and unique 

mission. Futures, swaps, and options provide critical risk management and price discovery 

tools that can promote long-term stability and growth in the real economy. 

Strategic planning plays a crucial role in helping achieve the mission of any successful 

organization. Shortly after my confirmation I began working with all CFTC employees to revise 

our mission statement. And for the first time, we adopted a vision statement and identified a 

set of core values. The word "our'' is emphasized because we wrote them together: every 

CFTC employee was given an opportunity to provide input and then vote as a community. 

I am pleased to present these key ingredients to organizational excellence - they create the foundation upon which our success 

will be built, and will ensure that we continue to row in the same direction. 

The CFTC's New Mission Statement, Vision Statement and Core Values 

Mission Statement 

To promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation. 

Vision Statement 

To be the global standard for sound derivatives regulation. 

Core Values 

fommitment: Bringing our best to work eve,y day and holding ourselves to the highest professional 

standards. 

forward-thinking: Challenging ourselves to stay ahead of the curve. 

Jeamwork: Valuing diverse skill sets and backgrounds to achieve our mission. 

flarity: Providing transparency to market participants about our rules and processes. 

The strategic goals and objectives that are encapsulated in this plan will guide and prioritize our efforts to achieve the CFTC's 

mission. This mission includes a special obligation to ensure our derivatives markets support the U.S. free enterprise system in 

innovative ways. We will meet these obligations with an eye toward serving the interests of Main Street Americans, making sure 

these voices are heard and their concerns are addressed. 

Our success is built on the expertise, skill, and dedication of the CFTC's vital workforce. Our workforce has made it possible for 

U.S. futures, options, and swaps markets to serve as the global standard, because these markets are deep. open, liquid, 

transparent, and soundly regulated. Together, we are committed to maintain and strengthen these qualities, and achieve the 

CFTC's essential mission of promoting the integrity, resilience. and vibrancy of the U.S. derivatives markets through sound 

regulation. 

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3 
The CFTC Organization and Responsibilities 

D 

Regional Offices 

[ l [ l [ l 

To promote market integrity, the CFTC regulates and polices the derivatives markets, seeking to lower the risk of the futures and 

swaps markets to the economy and the public. The agency oversees a variety of individuals and organizations, including 

derivatives clearing organizations (DCOs), swap execution facilities (SEFs}, designated contract markets {DCMs}, swap data 

repositories (SDRs}, swap dealers {SDs), futures commission merchants (FCMs}, commodity pool operators {CPOs}, and other 

entities. 

Established by statute as an independent agency in 1974, the CFTC assumed responsibilities previously belonging to the 

Department of Agriculture since the 1920s. The Commission historically has been charged by the Commodity Exchange Act 

(CEA) with regulatory authority over the commodity futures and options markets. These markets have existed since the 1860s, 

beginning with agricultural commodities. 

Over time, these markets. known as DCMs. regulated by the Commission, have grown to include those for energy and metals 

commodities such as crude oil, heating oil, gasoline, copper. gold. and silver. The agency now also oversees DCMs for financial 

products such as interest rates, stock indexes, and foreign currency. Most recently, the CFTC has granted DCM licenses for 

exchanges specializing in futures relating to digital assets. 

In addition, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) directed the agency to oversee 

the U.S. swaps market, which is more than $400 trillion in notional value; about twelve times the size of the futures market. This 

link includes the laws and regulations that guide the Commission·s work. 

Futures, options. and swaps markets are essential to our economy and the way that businesses and investors manage risk and 

uncertainties regarding future commodity price movements. Farmers, ranchers, commercial companies, municipalities. pension 

funds, and others use these markets to lock in a price or rate, helping them focus on innovating, producing goods and services. 

creating jobs, and reducing the risks of investing. The CFTC works to ensure market participants can use markets with 

confidence. 

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Strategic Goal 1 

Strengthen the resilience and integrity of our derivatives markets while fostering 

their vibrancy. 

Derivatives markets strengthen the U.S. and global economy 

by helping market participants manage price risks. This frees 

up capital for business investment and job creation. To 

foster economic growth, our markets must be open and 

competitive so that price discovery reflects the forces of 

supply and demand, unaltered by fraud, manipulation, or 

other abuses. 

The CFTC's unique challenge is to achieve the dual goals of 

protecting and advancing the world's leading derivatives 

markets. Protecting these markets will bolster confidence in 

their integrity. Taking steps to avoid systemic risk will not 

only protect market participants, but increase confidence in 

the soundness of the U.S. derivatives markets. As the 

Commission develops and implements regulations consistent 

with statutory mandates. we commit to do so in a way that 

retains the vibrancy derivatives markets need to perform their 

fundamental risk-management functions. As our markets 

continue to rapidly evolve. the CFTC remains committed to 

maintaining its role as a global leader in sound derivatives 

regulation. 

The CFTC will achieve the following outcomes tied to 

Strategic Goal 1: 

• The CFTC will demonstrate coherent and 

consistent central counterparty (CCP) oversight. 

• The CFTC will use risk-based analysis to develop 

and implement derivatives markets regulations. 

CCP 

Supervision 

Resilience International Margin & Integrity 1 Cooperation 7: c/ 

Market / 

Structure ~/ 

Strategic Goal 1: Strategic Objectives 

1.1 Ensure our central counterparties remain the 

soundest in the world 

Sound CCPs are essential to the efficiency and 

stability of derivatives markets, as they provide crucial 

services and reduce counterparty risk. 

1.2 Work with our international counterparts to 

reduce market fragmentation. 

A regulatory structure relying on international 

cooperation and comity reduces fragmentation by 

avoiding inconsistent or contradictory risk 

management requirements. 

1.3 Effectively monitor and work to ensure optimal 

requirements for margin and capital in our 

markets. 

Finalizing capital rules for swap dealers and 

addressing operational difficulties in implementation of 

margin for uncleared swaps requirements will bolster 

the resilience of our markets. 

1.4 Advance policies that deepen liquidity and 

increase transparency in our markets without 

reducing the risk-mitigating beneiits of 

regulations. 

A lack of liquidity and transparency can negatively 

impact the ability of derivatives markets participants to 

manage and mitigate risk. 

1 

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Strategic Goal 2 

Regulate our derivatives markets to promote the interests of all Americans. 

The significant benefits that the commodity futures, swaps, 

and options markets bring to the lives of everyday Americans 

often go unnoticed. These markets enable businesses to 

provide more stable and predictable prices to consumers for 

everything from groceries to gasoline and heating bills to 

home mortgages. In regulating derivatives markets and their 

financial instruments, the CFTC serves a critical role in our 

free-enterprise system. In regulating these markets, we must 

not lose sight of their underlying purpose: to serve the needs 

of all Americans. 

America's farmers and ranchers have relied on derivatives 

markets to hedge production and costs for more than 100 

years. Those markets provide lair value for farmers' and 

ranchers' hard work and enable more stable prices for 

consumers. The Commission will demonstrate commitment 

to the agricultural community and its stakeholders by 

understanding and addressing issues that positively and 

negatively impact agricultural commodity derivatives markets. 

We will also focus on ensuring that Main Street institutions 

are not unnecessarily burdened by regulatory requirements. 

The CFTC will achieve the following outcomes tied to 

Strategic Goal 2: 

• The CFTC will demonstrate improved protection of 

and market accessibility to end users. 

• The CFTC will take actions to right-size regulations 

for Main Street financial institutions and smaller 

FCMs. 

Strategic Goal 2: Strategic Objectives 

2.1 Deepen our commitment to stakeholders in the 

agricultural community. 

When derivatives markets are not working to benefit our 

farmers and ranchers, they are not working. The CEA's 

cornerstone is to provide our agricultural sector tools to 

hedge risk and receive fair prices. 

2.2 Consider the unique role played by Main Street 

financial institutions and smaller FCMs. 

With fewer resources, small financial institutions and 

FCMs may bear a disproportionate compliance burden 

relative to the risk they contribute to the larger financial 

system. Where appropriate, regulations should take into 

account the size of relevant entities and the risk profiles of 

their activities. 

2.3 Make markets more accessible to end users. 

We must ensure that our regulations and their 

implementation do not discourage or penalize commercial 

end users who need to hedge risk. 

2.4 Increase protections ior customer assets and 

information. 

The Commission works vigilantly to protect customer 

assets and information. We are identifying potential rule 

revisions and orders that promote asset and information 

protection. 

2.5 Educate the American public on derivatives and 

the CFTC's mission. 

Knowledge of derivatives and the CFTC mission will help 

Main Street Americans gain access to valuable risk 

management tools and help them to avoid fraud. 

Smaller Customer Agriculture Financial End Users Education Protection Institutions 

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--- --------- --- ---------

Strategic Goal 3 

Encourage innovation and enhance the regulatory experience for market 

participants at home and abroad. 

How we regulate is just as important as what we regulate. All 

our actions are aimed at developing and implementing 

regulations that are efficient, effective, and appropriately 

tailored. When crafting and revising regulations, we will be 

guided by the important outcomes of resiliency. avoiding 

systemic risk, and improving the integrity of derivatives 

markets and advancing the interests of Main Street. 

Econometric analysis will help inform how we achieve those 

outcomes. Where appropriate, we will emphasize the 

principles we expect industry to adhere to. Where 

appropriate, a principles-based approach can help our 

markets remain fair. innovative, and vibrant. 

Financial markets quickly adopt emerging technologies, and 

our derivatives markets have experienced an amazing digital 

transformation that presents opportunities as well as risks. 

Market regulation needs to keep pace and even lead, as our 

mandate to encourage responsible innovation is important to 

the Nation. The CFTC must promote responsible innovation, 

avoiding rules and approaches reflective of business 

practices long gone. 

The CFTC will achieve the following outcomes tied to 

Strategic Goal 3: 

• The CFTC will increase agency decision-making 

transparency. 

• The CFTC will reduce burdens that serve no 

regulatory purpose. 

PrinciplesBased 

Regulation 

Strategic Goal 3 Strategic Objectives 

3.1 Emphasize our tradition of principles-based 

regulation where appropriate. 

The CFTC's principles-based regulatory tradition has 

allowed markets to evolve to meet the economy's 

changing demands while reducing systemic risk. 

"Principles-based" is not a euphemism for "deregulation." 

Apply a principles-based approach, where appropriate, 

will help our markets remain fair, innovative, and vibrant. 

3.2 Increase the transparency of our agency's 

decision-making processes. 

Because our regulatory decisions often have a broad 

and deep impact on derivatives markets, the economy, 

and all Americans, our decision-making must be open 

and transparent 

3.3 Harmonize regulations for market participants 

subject to concurrent CFTC and SEC jurisdiction. 

Firms dually registered with the CFTC and the SEC risk 

duplication and redundancy burdens. Harmonizing 

oversight reduces burdens through consistent 

requirements. 

3.4 Address the risks and opportunities arising from 

"21st century commodities." 

We will develop a holistic framework to promote 

responsible innovation in digital assets. 

3.5 Address any regulations that no longer serve a 

regulatory purpose. 

We are maintaining regulatory effectiveness while 

reducing burdens where the burden on market 

participants is disproportionate to the regulatory purpose 

served. 

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7 
Strategic Goal 4 

Be tough on those who break the rules. 

Derivatives markets function well only when there is 

confidence in their integrity. The CFTC is committed to 

protecting the public from misconduct in our markets. For 

this reason. the CFTC's Division of Enforcement (DOE) 

focuses on detecting, investigating, and prosecuting 

misconduct that could potentially undermine market integrity. 

Such misconduct includes fraud, manipulation, spoofing, and 

disruptive trading. 

The CFTC's strong enforcement program emphasizes being 

tough on those who break the rules but also being fair and 

consistent. We recognize that the best way to preserve 

market integrity is by deterring potential bad actors from 

engaging in misconduct in the first place. The CFTC's 

enforcement efforts to obtain remedial sanctions and 

maximize deterrence against future violations increase public 

confidence and trust in our derivatives markets. 

The CFTC will achieve the following outcomes tied to 

Strategic Goal 4: 

• The CFTC will demonstrate coordination with other 

criminal and civil enforcement authorities. 

• The CFTC will implement its recently published 

Enforcement Manual. 

Strategic Goal 4: Strategic Objectives 

4.1 Provide fairness, consistency, and predictability 

across enforcement matters. 

Certainty, consistency, and transparency are key criteria 

in guiding CFTC enforcement. The policies and 

procedures governing DOE's efforts are found in its 

Enforcement Manual. 

4.2 Leverage the CFTC's expertise and resources 

by coordinating with other criminal and civil 

enforcement authorities. 

Misconduct is not limited to regulatory boundaries or 

international borders. so we must work closely with our 

domestic and international enforcement partners to 

protect our markets. 

4.3 Where necessary and appropriate, create 

bright-line rules to prevent market manipulation. 

Attempts to corner or squeeze the market pose such a 

critical risk to participants that they merit the 

straightforward, predictable, and consistent application of 

bright-line rules. 

4.4 Focus market surveillance on areas where fraud 

and manipulation are most likely. 

Prioritizing surveillance of products and markets where 

fraud and manipulation are most likely to occur, we are 

improving market integrity by using sophisticated data 

analytics to increase the probability of identifying 

potential violations of the CEA and CFTC regulations. 

\ 

\ Fairness and : 

\ ,\onsistency 

,/ 

Coordination with Focused DOJ/FBI. SEC. Surveillance SROs. and State Efforts Attorneys General 

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Strategic Goal 5 

Focus on our unique mission and improve our operational effectiveness. 

The CFTC recently went through the valuable exercise of 

revising our mission statement, developing a vision 

statement, and identifying a set of core values. This was not 

a top-down effort, but one in which everyone in the agency 

was given an opportunity to provide input and then vote - so 

they are truly our mission, vision. and values. Together, with 

this strategic plan, the CFTC is creating a cohesive, resultsdriven workplace, and turning our aspirations into 

accomplishments. We are proud of our unique mission, with 

responsibilities for derivatives markets and their vast impact 

on the national economy. 

Because the CFTC has been entrusted with a critical mission 

and the resources to carry it out, it is our duty to improve our 

operational effectiveness. This will ensure that our resources 

are dedicated exclusively to achieving our mission. 

The CFTC will achieve the following outcomes tied to 

Strategic Goal 5: 

• The CFTC will demonstrate improved operational 

efficiency. 

• The CFTC will improve data collection, use, 

analysis, and protection. 

Data Collection, 

Use. Analysis. & 

Protection 

Achieve the 

CFTC Mission, 

Strive for the 

Vision, & Live 

our Core Values 

Attract & Retain a Efficiency & Cost­ : 

1 Diverse Workforce of / Effectiveness 

the Best & Brig:::~/ / 

Strategic Goal 5: Strategic Objectives 

5.1 Reiormulate a shared mission statement, vision 

statement. and list o1 core organizational values for 

the agency. 

The CFTC is building a culture of excellence, just like 

every successful organization, through three essential 

ingredients: 1) a clear mission, 2) a strategic vision, and 

3) a set of core values. 

5.2 Improve the agency·s collection, use. analysis, 

and protection of data. 

We are improving the CFTc·s data analysis competency 

and using advanced and sophisticated modeling 

techniques, such as machine learning, to improve data 

quality and validation and to identify potential harm to our 

markets and consumers. 

5.3 Be good stewards of taxpayer dollars by 

improving our efficiency. streamlining processes, 

and cutting unnecessary costs. 

Two ways the CFTC maximizes limited resources are 

streamlining and centralizing business management 

functions and improving space administration. Our 

organizational structure must evolve; prioritizing 

resources to best help us achieve our unique mission. 

5.4 Attract, retain, and promote a diverse workforce 

of the best and the brightest. 

We continually review our human capital programs to 

ensure the CFTC consistently attracts, retains, and 

develops a diverse and high-performing workforce. We 

identify and address competency gaps to keep pace with 

market developments and maintain high performance. 

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Planning, Evaluation, & Enterprise Risk Management 

The CFTC has a robust process for executing its strategic plan and achieving the CFTC's mission. The Commission is in the 

midst of incorporating annual operating plans at the division and office level to implement and reinforce the CFTC Strategic Plan. 

To reinforce our strategic priorities, we are also improving the connection between the strategic goals and priorities in this plan to 

our corporate performance management practices. After extensive recent analysis and associated recommendations of the 

CFTC's performance management system, we intend to add rigor to performance management practices. The intended result is 

to improve alignment between employee, management, and executive performance standards and assessments with the 

CFTC's mission, strategic goals, and priorities. 

Another essential component to achieving the CFTC mission is Enterprise Risk Management {ERM). The Commission is 

currently standing up what will become a robust and mature ERM program. The CFTC ERM program will improve and integrate 

strategic planning, performance monitoring, and risk management capabilities to identify and proactively manage risks that 

threaten accomplishment of our mission. The aim of the ERM program is to establish an awareness of risk throughout the CFTC 

that will allow us to anticipate, examine, and systematically address risks the CFTC faces in its operations. 

External Factors 

External factors can materially affect the CFTC"s strategies, plans. and priorities. They include: 

• Legislation could be enacted that adds to or reduces the CFTC's scope of action and its operations. 

• The level of appropriations could impact how strategies are applied and whether there are sufficient resources to 

achieve our goals. 

• World and U.S. economies could expand or contract dramatically. 

• Demand for or supply of commodities and other goods and services that affect derivatives trading could change 

significantly. 

• Court decisions may alter the CFTC's workload projections, business processes, and resource requirements. 

• Information technology capabilities could materially change, improving or hindering the CFTC's ability to monitor 

market and participant behavior and analyze transactions. 

• New derivative products, processes, or market participants may develop, having a positive or negative impact on the 

Commission·s ability to oversee the market. 

• Global security matters could disrupt the CFTC's ability to fulfill its mission. 

• Critical staff attrition- especially for those staff members with hard to replace competencies - could impact our 

performance. 

• Unforeseen domestic and global risks with potentially catastrophic consequences (pandemic events, natural disasters, 

etc.). 

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Appendix A - CFTC Divisions and Offices 

Offices of the Chairman and the Commissioners 

The Offices of the Chairman and the Commissioners provide executive direction and leadership to the CFTC as it implements 

the Commodity Exchange Act (CEA}. 

Division of Clearing and Risk 

The Division of Clearing and Risk (OCR) oversees derivatives clearing organizations (DCOs) and other market participants in the 

clearing process. These include futures commission merchants. swap dealers, major swap participants, and large traders. OCR 

monitors the clearing of futures, options on futures, and swaps by DCOs, assesses DCO compliance with the CEA and 

Commission regulations, and conducts risk assessment and surveillance. OCR also makes recommendations on DCO 

applications and eligibility, rule submissions. and which types of swaps must be cleared. 

Division of Enforcement 

The Division of Enforcement (DOE) identifies, investigates, and prosecutes alleged violations of the CEA and Commission 

regulations. Potential violations include fraud, misappropriation, manipulation, and disruptive trading practices. DOE's 

Whistleblower Office receives tips, complaints, and referrals of potential violations, and its market surveillance program analyzes 

trade data to identify trading or positions that warrant further enforcement inquiry. 

Division of Market Oversight 

The Division of Market Oversight (OMO) oversees derivatives platforms and swap data repositories. OMO reviews new 

applications for designated contract markets, swap execution facilities, swap data repositories, and foreign boards of trade and 

examines existing trading platforms and swap data repositories to ensure their compliance with regulatory requirements, 

including system safeguards. OMO also evaluates new platform-traded products to ensure that they are not susceptible to 

manipulation, and reviews entity rules to ensure compliance with the CEA and Commission regulations. DMO"s data analysis 

informs CFTC policymaking. 

Division of Swap Dealer and Intermediary Oversight 

The Division of Swap Dealer and Intermediary Oversight (DSIO} oversees the registration and compliance of intermediaries and 

futures industry self-regulatory organizations, including U.S. derivatives exchanges and the National Futures Association (NFA). 

0S10 also develops and monitors compliance with regulations addressing registration, business conduct standards, capital 

adequacy, and margin requirements for swap dealers and major swap participants. 

Office of the Chief Economist 

The Office of the Chief Economist (OGE) conducts economic and econometric analysis of derivatives markets. It also partners 

with other CFTC divisions and offices to integrate economic reasoning and data analysis into Commission policy and cost-benefit 

considerations. 

Office of Data and Technology 

The Office of Data and Technology (ODT) provides technology and data management support for Commission market and 

financial oversight, surveillance. enforcement, legal support. and public transparency activities. ODT also provides general 

network, communication, storage, computing, and information management infrastructure and services. 

Office of the Executive Director 

The Office of the Executive Director (OED) leads the innovative and strategic management of employee, financial, and 

operational resources in support of the CFTC's mission. By delegation of the Chairman, the OED directs the internal 

management of the Commission, ensuring the Commission·s continued success, continuity of operations, and adaptation to the 

ever-changing markets it is charged with regulating. The OED directs effective and efficient allocation of CFTC resources. 

develops and implements management and administrative policy, and ensures program performance is measured and tracked 

agency-wide. 

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Office of General Counsel 

The Office of General Counsel (OGG) provides legal services and support to the Commission and all of its programs. These 

services include: engaging in defensive. appellate, and amicus curiae litigation: assisting the Commission in the performance of 

its adjudicatory functions: providing legal advice and support for Commission programs; assisting other program areas in 

preparing and drafting Commission regulations; interpreting the CEA; overseeing the Commission's ethics program and 

compliance with laws of general applicability: and providing advice on legislative, regulatory issues and financial technology 

innovation. 

Office of the Inspector General 

The Office of the Inspector General (OIG) is an independent organizational unit at the CFTC. Its mission is to detect waste, 

fraud, and abuse and to promote integrity, economy. efficiency, and effectiveness in the CFTC's programs and operations. In 

accordance with the Inspector General Act of 1978, the OIG issues semiannual reports detailing its activities, findings. and 

recommendations. 

Office of International Affairs 

The Office of International Affairs (OIA) advises the Commission on all international regulatory initiatives, provides guidance 

regarding international issues raised in Commission matters, represents the Commission in international groups (such as the 

Financial Stability Board (FSB)). standard setting bodies (such as the International Organization of Securities Commissions 

(IOSCO)) and bilateral fora, and provides technical assistance to non-U.S. authorities. 

Office of Legislative and Intergovernmental Affairs 

The Office of Legislative and Intergovernmental Affairs (OLIA} is the Commission's official liaison with Members of Congress, 

federal agencies, and the Administration. OLIA develops and executes legislative strategy on behalf of the Chairman and 

Commission, manages congressional testimony, and works with the various divisions to provide technical assistance on 

legislation. 

Office of Minority and Women Inclusion 

The Office of Minority and Women Inclusion (OMWI) leads the CFTC's civil rights, equal employment opportunity, diversity, and 

inclusion programs. 

Office of Public Affairs 

The Office of Public Affairs (OPA) is the Commission's primary public-lacing office that provides honest, timely, and useful 

information across all communication platforms in order to serve internal and external stakeholders in all sectors to accomplish 

and facilitate the Commission's mission. OPA proactively conducts outreach and creates messages designed to raise 

awareness of the CFTC brand in order to promote the public"s trust. 

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Appendix B - Glossary of Acronyms 

CEA 

CCP 

CFTC 

Commission 

CPO 

DCM 

DCO 

DCR 

Dodd-Frank Act 

DOE 

DMO 

DSIO 

ERM 

FCM 

FSB 

IOSCO 

NFA 

OCE 

ODT 

OED 

OGC 

OIG 

OIA 

OLIA 

OMWI 

OPA 

PMPR 

SD 

SDR 

SEF 

Commodity Exchange Act 

Central Counterparty 

Commodity Futures Trading Commission 

Commodity Futures Trading Commission 

Commodity Pool Operator 

Designated Contract Market 

Derivatives Clearing Organization 

Division of Clearing and Risk 

Dodd-Frank Wall Street Reform and Consumer Protection Act 

Division of Enforcement 

Division of Market Oversight 

Division of Swap Dealer and Intermediary Oversight 

Enterprise Risk Management 

Futures Commission Merchant 

Financial Stability Board 

International Organization of Securities Commissions 

National Futures Association 

Office of the Chief Economist 

Office of Data and Technology 

Office of the Executive Director 

Office of General Counsel 

Office of the Inspector General 

Office of International Affairs 

Office of Legislative and Intergovernmental Affairs 

Office of Minority and Women Inclusion 

Office of Public Attairs 

Performance Management and Pay Reform 

Swap Dealer 

Swap Data Repository 

Swap Execution Facility 

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13 
Appendix C - CFTC Planning & Accountability Roadmap 

- CFTC & IT Strat 

Pla1s: 4-year 

'ocus. 

Resource 

requests start 2 

years out. and 

arc allocatco 

a1nLally. 

,(), 

Business Planning >-

,(), 

Ot1er orocesses 

& olans are 

annual 

-

[ l 

[ l 

Not 

Developed 

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( ] 

( ] 

[ ] 

,(), ,(), 

Business Planning Business Planning 

,(), ,(), 

~( ]~ 

Employee Performance 

Reviews Better Aligned 

to Mission & Results 

• Strategic Plan ,:'SP:1 

1rnplernents rn1ss1on. 

emphasizi·ig leaoership 

pr1or1t1es 

• S10Lld 1n'luence 

resource request and 

allocation dec1s101s. 

• Requires operat101al 

planning to imolement. 

Pcr'orma1cc 

Management and Pay 

Reform 1H\/1PR;, 

recornrne1dat1ons will 

add rigor to the CFTC's 

perfor11ance 

11a11agement system 

and will better al1g1 

w1t111110 CFTC mIssI01 

and rcsLlts. 

•APP-Annual 

Corporate 

1mplc11cntat1on of SP. 

w1t1 i1101cators ano 

targets. 

• Oocrat1ng Pla1s -

Division level a·inLal 

olans to 1rnple'T1ent a1d 

rein'orce the SP. 

With i·icreased 

performance 

rnanage'T1ent rigor. 

D1v1s101 Operat11g 

Plans that suoport a·io 

reinforce the CFTC SP 

& M1ss1on will fac1l1tate 

performance reviews. 

especially tor senior 

pos1t101s grounoed in 

~ontr1but1ons to 

ach1ev1ng t1e 1rnss101. 

14 
COMMISSION DECISIONAL AND INFORMATIONAL PROCESSES 

Date Updated: May 1, 2019 

POC: Melissa .Jurgens, Chris Kirkpatrick 

Otlice of Executive Director, Executive Secretariat Branch 

Introduction 

Within the Office of the Executive Director. the Secretariat enables the work of the Chairman and 

Commissioners by maintaining and managing orderly, efficient, and legally sound processes for 

the Commission to receive information and recommendations, review or deliberate on matters, 

and take official actions. These processes include seriatim voting, absent objection review, 

informational memo/report distribution, and Commission meetings. The key operational details 

of each of those processes are summarized below. 

Seriatim Voting 

Process Description: Seriatim voting is a formal decision making process. provided for by 

the Commission's rules (17 CFR 140.12), in which a pa11icular matter is circulated in writing 

to each Commissioner, one at a time in sequential order, for a vote. Seriatim consideration is 

an alternative to joint deliberation by the Commission in a meeting held in compliance with 

the Government in the Sunshine Act (see below). Seriatim voting is used for the disposition 

of matters that require a final action/decision by the Commission. 

Key Operational Details: 

• By rule ( 17 CFR 140.12(a)), the Chairman determines whether and when matters may be 

put into, or withdrawn from, seriatim. Accordingly, the Secretariat submits all matters 

proposed for seriatim to the Chairman's Office for approval to circulate. 

• Following approval to circulate, but before distribution. seriatim matters are reviewed by 

the Commissioners· respective ethics screeners to confirm clearance to participate. 

• The order of circulation/voting for seriatim matters is established by customary 

Commission practice. Matters go first to the most junior non-Chair Commissioner (i.e., 

most recent date of entry into office) and then proceed through the remaining non-Chair 

Commissioners in ascending order of seniority. The Chairman votes last. 

• Current practice is for seriatim matters to be circulated without a due date for completion 

of the vote. unless there is an underlying legal or compliance deadline that requires 

Commission action on the matter by a date certain. 

• By rule ( 17 CFR 140.12(b)), a matter may be withdrawn from seriatim upon the request 

of any Commissioner and scheduled instead for a Commission meeting. 
• In many cases, the final action/document resulting from a seriatim vote will be 

announced/issued publicly. Certain confidential matters, as well as some internal 

administrative matters, are not announced. Supporting materials circulated with seriatim 

matters (e.g., staff memos) are not affirmatively released, but may be subject to disclosure 

under the Freedom of Information Act, if not exempt. 

• Seriatim circulation is the most frequently used Commission decisional process. In Fiscal 

Year (FY) 2018, approximately 250 matters were handled through seriatim. 

Absent Objection Review 

Process Description: Absent objection (AO) review is a formal process for distributing 

documents (typically an impending staff issuance, such as a no-action letter) to the 

Commissioners for review and the opportunity to register an objection. While staff generally 

takes objections into consideration, they do not constitute a vote and the AO process does not 

result in a final Commission action/decision. AO procedures are not specified in the 

Commission's rules, but rather are established by customary practice. 

Key Operational Details: 

• The Chairman determines whether and when documents may be distributed for AO review. 

That being the case, the Secretariat submits all items intended for AO review to the 

Chairman· s Office for approval to distribute. 

• After approval to distribute, but before release to the Commission, AO documents are 

reviewed by the Commissioners· respective ethics screeners for clearance to participate. 

• For AO review, documents are distributed simultaneously to all Commissioners. The 

distribution always includes a due date/time by which any objections must be received by 

the Secretariat. The preferred minimum review period is one week. 

• Commissioners are not required to respond to an AO distribution. Many have set the 

expectation that they will respond only when objecting. Otherwise, they will remain silent, 

with no inference as to their position to be drawn from the non-response. 

• When the review period has closed, if there were no objections, the Chairman's Office 

gives final clearance - through the Secretariat - to CFTC staff to proceed with issuing the 

document that was the subject of the AO review. 

• If objections are received, it has been customary for the Chairman· s Office to direct CFTC 

staff to make reasonable attempts to resolve the basis for the objection(s), to the extent 

possible. However, the prevailing view is that the Chairman retains the authority to direct 

the issuance of a stci{fdocument, even over the objection of a majority of Commissioners. 

Such occasions have arisen, but they are infrequent. 

• In FY 2018, there were around 55 AO reviews conducted. 
Informational Memo/Report Distribution 

Process Description: Informational memos/repmts are documents distributed to the 

Commission to provide updates. awareness, or general information on matters not requiring a 

seriatim vote or absent objection review. 

Key Operational Details: 

• Chairman's Office staff reviews infonnational memos/reports received from CFTC 

Divisions/Office and approves them for distribution by the Secretariat. 

• Informational memos/reports are not subject to ethics screening, and are distributed to all 

Commissioners at the same time. 

• In FY 2018, about 90 informational memos/repmts were distributed. 

Commission Meetings 

Process Description: Commission meetings are gatherings of a quorum of the Commission 

(see below) to jointly conduct official business. Required procedures for meetings are 

specified in detail by the Government in the Sunshine Act (5 U.S.C. 552b) and Commission 

implementing regulations ( 17 CFR part t 47). 

Key Operational Details: 

• A quorum of Commissioners is required for a meeting under the Sunshine Act. A quorum 

consists of a majority of sitting Commissioners (i.e., a quorum is 3 when 4 or 5 

Commissioners are in office. and 2 when 2 or 3 Commissioners are in office). In turn. the 

Commission can act with the agreement of a majority of a quorum. 

• The Chairman calls. and sets the agenda for. meetings of the Commission. Current practice 

is to call meetings on an as-needed basis, rather than on a fixed schedule. 

• Meetings may be open (public), closed (non-public), or a combination of the two. To be closed, 

a meeting's subject must be within a Sunshine Act exemption. Closing a meeting requires a 

Commission vote, either in advance or at the meeting itself (limited cases). 

• Commission meetings. whether open or closed, must be publicly announced at least one 

week in advance. Other than for ce11ain types of closed meetings, holding a meeting with 

less notice requires the Commission to vote to detennine that the meeting is necessary for 

CFTC business (typically due to an emergency). 

• For open meetings, the announcement is made via a press release/web posting by the Office 

of External Affairs. The Secretariat then submits the required notice for publication in the 

Federal Register. Closed meetings are announced solely by a Federal Register notice. For 

the Federal Register notice to be published one week prior to a meeting, the optimal 

announcement date is 10 days in advance. 
• In FY 2018, the Commission held one open meeting and three closed meetings. 
UNIFIED AGENDA PROCESS 

Date Updated: May I, 2019 

POC: Melissa .Jurgens, Chris Kirkpatrick 

Office of Executive Director, Executive Secretariat Branch 

About the Unified Agenda 

Pursuant to the Regulatory Flexibility Act (5 U.S.C. 601, el seq.), and consistent with 

Executive Order 12866, the Commission issues twice a year an agenda of rulemaking matters it 

expects to consider during the next 12 months. The Commission's agenda is submitted for 

publication in the government-wide Unified Agenda of Federal Regulatory and Deregulatory 

Actions ("Unified Agenda''), which is released in the Spring and Fall of each year by the Office of 

Management and Budget (0MB) and the General Services Administration (GSA). For reference, 

the current Unified Agenda can be found online at http://re!!info.!!ov/. 

CFTC Agenda Preparation and Timeline 

Process Description: The CFfC preparation process and timeframes are keyed to the 

OMB/GSA deadline for agencies· agenda submissions. 0MB extensively reviews and 

comments on the submissions. so the due date is typically at least two months before the 

publication of the Unified Agenda. In turn, the CFfC's preparation - coordinated by the 

Secretariat - starts about two months before the expected due date. This lead time is necessary 

to allow for Division staff updates to agenda entries, compilation of a complete proposed 

agenda submission, review and follow-up by the Chairman's Office, and a sufficient review 

and voting period for the Commission. 

Key Preparation Timeframes (for a Fall agenda submission): 

• LAST WEEK OF MAY - Request for updates to agenda entries goes out to Divisions. 

• SECOND WEEK OF JUNE - Draft agenda entries due from Divisions. 

• LAST WEEK OF JUNE- Chairman's Office receives complete proposed agenda submission 

for review and resolution of any policy/substantive issues with Divisions. 

• SECOND WEEK OF JULY - Final proposed agenda submission circulated to Commission in 

seriatim for consideration and vote. 

• LAST WEEK OF JULY - Due date for completion of seriatim vote and transmission of 

Commission-approved agenda submission to OMB/GSA. 
Labor Management Relations 

Point of Contact: Kerrilaine Prunella 

CFTC employees are represented by the National Treasury Employees Union (NTEU). Specifically, 

approximately 420 bargaining unit employees across all CFTC offices are represented by the union. 

Bargaining unit employees are typically non-supervisory staff, such as attorneys, auditors, investigators, 

and analysts. 

NTEU was certified on November 7, 2014, to represent the bargaining unit employees in Washington, 

Chicago, and Kansas City. The New York office had been previously represented by the American 

Federation of Government Employees, but in 2016, they elected NTEU to represent them. 

CFTC's authorizing legislation requires the Agency to operate under the Federal Labor-Management 

Statute, which includes the requirement to meet and negotiate with Unions in good faith for the 

purposes of arriving at a collective bargaining agreement. In broad terms, collective bargaining 

agreements tend to be in effect for three to five years and include work schedules, safety and health 

provisions, telework, and many other items affecting employees' conditions of work. In addition, 

because CFTC has the discretion to set pay, compensation is also subject to negotiation as part of the 

master agreement. 

In 2019, the Agency and NTEU completed our first Agency-wide master collective bargaining agreement 

covering the terms and conditions of employment for represented staff. The articles address topics such 

as leave approval, telework, work schedules, compensation, benefits, office assignments, merit 

promotion, health and wellness programs, and other areas. Initial supervisory training occurred 

following the CBA adoption, and additional training will be offered in early 2021. 

Several large-scale issues will be negotiated with the union, to include office relocation over the next 

several years and pay and performance management programs. 

The agency recently reached agreement on an extension of our multi-year agreement on compensation, 

which provides for a 2% across the board increase in January 2021 and 2022 and a 4.15% merit increase 

for staff with a satisfactory rating for the 2020-2021 rating period and 3% for the 2021-2022 rating 

period. It also provides $800,000 agency wide for the Student Loan Repayment Program each year. 
I 

CFTC Facilities Request in the FY 2020 Budget Request 

The Commi!-,!-,ion requested $3 l million as a separate no-year appropriation for resources required to 

relocate and replicate the current regional facilities in its three location!-.: New York, Chicago, and Kan!-.as 

City. The DC Office lease, the agency's largest lease, expires in 2025. 

CFTC Facility Relocation and Replication Request 

Proposed GSA Facility Type by LocationExpiration Lease Rentable ESI New Sqft FY 2018 ActualContinuing Resolution 2019 President's 

FY 2020 Budget 

$ in thou,ands 

$2,713 

Kansas Citv - Leased Facilitv Aoril, 2021 11,624 

Construction/Alterations 1,099 

Relocat1on/Repl1cat1on $1,614 

Chicago - Federal Facility April, 2022 32,047 $13,052 

Construction/Alterations 7,426 

Relocat,on'Repl,cation 5,626 

New York - Federal Facility June, 2022 22,523 $15,236 

Construction/Alterations 11,561 Total 66,194 $31,000 

Relocat1on/Repl1cat1on 3,675 

The Commission is expected to relocate from CFfC federally leased space and been assigned GSA 

federally-owned space in Chicago and New York and a GSA leased location in Kansas City. Acquiring 

facility space through GSA is expected to provide some financial relief and certainty lo the Commission 

for the ensuing a multi-year occupancy agreement period. The Commission will require funding for 

GSA to commence alternations and replication of the facilities to the newly assigned spaces in early 

FY 2020. The table on the next page provides an overview and estimates by regional location. 

• The Facility Relocation and Replication Request encompasses costs to include design, alteration, and 

initial outfitting for the new space assigned by GSA. This request includes items payable to GSA and 

other sources for alteration/construction, relocation and replication of the existing facilities to the new 

locations such as IT infrastructure and telecommunications equipment, systems furniture, logistics 

support, and personal property. These resources arc necessary to provide complete, habitable, and 

operational spaces when the Commission assumes occupancy of the facilities. 

• ln f'Y 2021 and f'Y 2022. the Commission will have duplicate rent costs for the three regional locations 

as GSA completes the alterations of the new spaces and the Commission begins to transition to the new 

facilities. These costs will be included in the annual Salaries and Expenses request under the Division 

of Administration. This transition period may take up to three months to ensure construction is 

complete, and that furniture, telecommunication, and computer equipment are installed and operational 

prior to occupancy. Funding requested under the Division of Administration will support the staffing 

and administration of the relocation and replication funding for the agency. 

The Commission has met government-wide footprint reduction mandates through extensive efforts to 

eliminate the square footage requirements in each of the locations with expiring leases. The 

Commission expects lo achieve a 52 percent footprint reduction (reduction of 72,168 square feet) with 

the conversion to GSA managed space, which is in addition to the release of 7,922 square footage in 

Kansas City in December, 2017. Footprint reduction efforts will continue as Commission staff and 
GSA representatives begin reviewing the requirements for replacement of the Washington D.C. lease 

expiring in 2025. 
FY 2020 Budget Brief to Appropriators 

The following briefing on the CFTC FY 2020 Budget Request was provide to the majority and 

minority staffs of the Committees on Appropriations of the House and Senate. Note that, 

because of timing and per 0MB direction, the FY 20 t 9 budget column included in the 

presentation chaits (and in the President's budget request) are depicted as the continuing 

resolution level and not the enacted appropriation level. 

COMMODITY FUTURES 

TRADING COMMISSION 

Congressional Budget Brief 

Committees on Appropriations 

March 8, 2019 
FY 2020 President's Budget 

, In order for the CFTC to fulfill its duty to oversee the 

Nation's vital derivatives markets in FY 2020, CFTC is 

requesting $315.0 million (M) for ongoing operational 

functions and new initiatives, and also recognizes 

efficiencies from actions taken in prior years such as 

reducing space in Kansas City, organizational 

realignments, and aligning and balancing the 

workforce's skills to ready the Commission to be a 21st 

century regulator 

• S284.0M and 707 full-time equivalents (FTE) 

• an increase ofS35.0M and 67 FTE over the FY 2019 CR level 

• $31.0M for the relocation and replication of regional offices. 

FY 2020 Relocation and Replication Request 

C FTC F ac,I ,tyRclocat,onandR< pl, caho aRoquest 

EstNew FY,0,0 Prnposea 5 SA Fao,l,t, T ,r,• "'" a,a<ahl, P,,s,a,a,, 

"'"'""'" Sqft 8" dge< '"'"""" 

Ch,caqo-FedmlFwl,r, ""'""" 320'7 '1:\00, 

:,,•.c•"~:,. Al<e•,•,,-, 7 42£ 

"•'·~""" "•cl ~•,c- ~"" 

tlewYock-F,d.,al Fac,,,r, Joa, 202' '"" ..,_,. 

c,·sc·"m,·rlle•,•,c•s ~-"" 

-"'-''-'-"''".':..'!..e'c'°c·","------L-~ -'" 

""' '" "' 

$20.1 M (65%) of the $31 M is for 

alterations and construction 

Remaining $10M (35%) is to fund 

moving, furnishings and 

equipment to fit the new spaces, 

as well as moving and/or replacing 

obsolete equipment. 

Request is for a new no-year 

appropriation 

Early in FY 2020. the GSA will 

expect funding to initiate the 

alterations and construction at the 

facilities. 

Estimates include costs for: 

GSA altei-ations, 

IT infrastructure and 

telecommu n1cations equipment, 

systems fu mitu re, 

logistics support, anrl 

perso11al properly. 

No staff requested, as staff in 

Executive Director will support 

administration of funding. 

Reducing square footage by 52% 

(72,168) 
Section 4 Agency-wide Issues Expiring Leases and Continuing Space 

Requirements 

Date Updated: November 25. 2020 

POCs: Tony Thompson, Tomeka Gilbe11, Wes French 

Division of Administration 

Overview 

CFTC currently has leases for real property in four cities: Washington, D.C., New York, Chicago and 

Kansas City. While the CfTC maintains statutory authority to enter into multi-year real property leases, 

CFTC has been working with the General Services Administration (GSA) to obtain office space for its 

regional and headquarters offices, all of which have leases that will expire within the next 5 years. 

Background 

An agency may enter into real property leases only if it has statutory authority to do so. Generally, GSA has 

the authority to lease real property to assign lo federal agencies. However, in some case!-,, Congress has 

authorized a federal agency to lease real property independent of GSA. CFTC ha!-, !-,UCh statutory authority to 

enter into leases for real property, as provided in 7 U.S.C § 16(b)(3). 

"/he Co111111issim1 shalt also have authority to make and ellfer into rontrarts with respect to all matters 1rhich in 

the j11dgment of' the Cmmnission are necessary to appropriate to effectuate the purposes and provisions of' this 

chapter. inclmlinl:j bu! 1wl limiled lo !he relllul of"neces.rnry space (II the seu/ of"f::oremmenl and elsewhere. 

r'urther, the Consolidated Appropriations Act. 2019 (and years previous), provided CFTC with the authority 

lo enter into multiple year leases. 

For necessmy expense.1· lo rnny out the pmrisions (!/'!he Commodiry Exchwi;.;e A.cl (7 U.S.C. 1 el se<J.). 

inc/11di11& the p11rchose mu/ hire o(possen&er motor vehicles, and the remal o(spoce (to include 11111/tipfe ,reor 

leases), in the District ofCo!umhia and elsewhere .. 

Starting in 1994. CFfC entered into and is currently administering multiple-year leases for its DC 

headquarters and three regional offices. While the CFfC may enter into multiple-year lease contracts for real 

property and is not required to obtain its space through GSA, several issues arose that have necessitated the 

use of GSA for future CfTC real property lea!-,eS. 

Beginning in 2013, the CFTC Inspector General initiated a serie!-, of office space investigative reviews (last 

report issued in 2016), noting that CFTC maintained excess space in its office locations. In addition, at the 

request of the House Appropriations Committee Chairman, the General Accountability Office (GAO) in 

2015 initiated an audit of Cr'TC's leasing practices and space utilization and, among other things, 

recommended that the CFTC consider consolidating its Chicago and Kansas City Offices. As a result of the 

GAO audit and a follow-up Comptroller General Appropriations law deci!-,ion. it was determined that while 

CFfC maintained the authority to enter into multi-year leases, the requirements of the recording statute, 31 

Section 7 - Miscellaneous Topics and Information 

6 
U.S.C. § 150 I (a)( I) were not waived. In entering into its historical leases, some dating back to I 994, the 

CFfC had violated the Anti-deficiency Act (ADA), and the issue was previously undetected by CFTC. its 

external auditors (KPMG) and the OIG. CfTC's lea!-,ing practices were further scrutiniLed and GAO is!-,ued 

two additional appropriations law decisions (the last one issued in March 2018) on CFTC leasing practices, 

each of which have re!-,ulted in various violations of the ADA. CFTC is cunently in the process of reporting 

these violations in accordance with the requirements in 0MB Circular A-11. In addition, and as a result of 

the i!-,!-,Ues highlighted, CFfC coordinated with 0MB, GAO and appropriations committee staff and drafted 

additional legislative language, which was included in the annual appropriations bills, starting with PY 

2016, to enable CFfC to pay its rental obligations until the leases expired. This language must be included 

in each year's appropriations language until the D.C. lease expires in 2025. 

PmFicled, Thur 1101wi1hstw1di11g the limillllions in 31 U.S.C. 1553, w1wu111.1· pmFicled under !his heading ure 

aw1i/ablefor the /iquidmio11 of'ohli[!.alio11s equol to rnrrm/ year po,rme11/s 011 leases entered into prior to the 

date of e1wct111ellt of this Act: Provided further, "/hat for the purpose of recording and liquidating any lease 

oh!igatio11.1· that should hare been recorded and !iq11idated a;;ai11st accoullts closed pursuallt to 31 U.S.C. 

1552, and consistenl with !he preceding pmriso, such amounls slwl! be lmn.1:fi'rrecl lo und recorded in u no 

year occow1t in the Trea.1uty, which hm hee11 estoblishedfor the .\Ole purpose of recording adjurnne11tsf(Jr 

and liquidating rnch unpaid oh!igatirms. 

There were a sub!-,tantial number of Congre!-,!-,ional inquiries, briefings and hearing questions about CFTC's 

recording practices. management of its leases and its overall contracting processes. Given the level of 

inquiry and the requiremenb in the recording statute that require CfTC to obligate the entire lease amount 

in the first year of the lease (unless it has a delegation from GSA), other contracting irregularities related to 

CFfC lease document!-,, and CFTC'!-, technical ability to appropriately negotiate a multi-year lease 

arrangement, Cl-TC opted to negotiate an MOU with GSA whereby Cr'TC would continue to administer its 

exi!-,ting lea!-,e!-, and any extension!-, to those lea!-,es, and GSA would procure and admini!-,ter all new CFTC 

space assignments consistent with GSA's policies and procedures. GSA maintains many additional 

authorities that other agencies do not. such as a statutory waiver of portions of the recording statute for its 

real property lea!-,eS. Under regulation, GSA either owns buildings or negotiate!-, and manages lea!-,e!-,. A 

copy of the MOU with GSA was provided to CFTC's Congressional oversight committees after it was 

initiated and i!-, attached to this document. 

The GSA Process 

The GSA a~signment process i~ a multi-year. ~tandardized proce~~. and CFfC is in various ~tages ofthi~ process for its 

future space requiremenb, depending on the expirntion of each lea~e. GSA is not a hroker for agencie~, hut \viii assign 

CFTC space n::gardk:ss of whether the building is owned or kascd by GSA on behalf or the Government. Under GSA 

regulations. GSA "assigns"" space for agencies. What this means is that GSA owns (in the case of a government 

building) or lea~es ~pace that is then assigned to an agency by GSA. If GSA determines an agency'~ requirement 

cannot he fulfilled in a federal building, a competitive lea~ing proce~~ i~ conducted. While CFTC does have limited 

input into the competitive leasing proccss, it is po~~ibk: that building space that is nut dc~irablc but meet the nceds of thc 

Government is assigned to the agency. 

Agencies are re~ponsihle for providing GSA with geographical location, square footage need~ hy staffing type and the 

type of space needed. typically several ycars before the expiration of each lcasc. GSA. in coordination with the Office 

of Management and Budget, also prescribes per-person space allocations for agencies based on various metrics and 

other con~ideration~. At CFTC, the Bu~ine~~ Operations Branch in the Divi~ion of Administration coordinates with 

GSA to develop the ~pace policy and requirements. and GSA provide~ the agency with the timing of required funding 

so that funding can be identified and requested during the annual appropriations procc~~. 

Section 7 - Miscellaneous Topics and Information 

7 
• • 

The length and complexity of the GSA process depends on the size of the requirement and construction costs. Under 

the Public Building~ Act, a~ amended. GSA is required to submit a formal document, or ··rro~pectu~:· to the Office of 

Management and Budget (0MB), the Senate Committee on Environment and Public Worb, and the House Committee 

on Transportation and infrastructure. if the co~b .::xcc.::d prc~cribcd thrc~hold~. as part or the funding authoriLatiun 

process. Each Prospectus includes project specifications. cost estimates. and an anticipated completion schedule for the 

proposed project. Project authorization must be received from O:V1B. and from both the Hou~e and Senate committee~ 

before Congre~s can approve and fund GSA's propo~ed project~ each fiscal year through the 1iwuportatirm, Frearnry, 

Ho11sin;; and Urhan Dere!opment, J11diciary, and Independent A;;encies appropriations bill. Once th.: proposed 

construction and repairs projects receive congressional funding. GSA contracts with private sector firms for design and 

con~truction work through the appropriate formal bidding proce~~. Only the CFTC headquarter~ building exceeds the 

pro~pectu~ thre~bold. For those a~~ignment~ that do not exceed the prospectus level (~uch a~ CITC's regional office 

assignm.::nls). the formal congr.::ssional approval procc~~ i~ nut r.::quin::d and funding fur each pro_jcct i~ r.::qu.::st.::d as part 

of the President's annual budget submission to Congress. 

The general steps in the GSA process arc provided below. 

""'""""" ,-, d,•t -,r,.,><·d L,1 _____ .,_ C, .. ,, C ,I L'I'"" 

,.,,,,,. ,.,,,,1,1,.,,, CUI' 

t ,•,p, i,,,v,•I"·' 

r, "' "''-'· ''" '"'" ,, H,,qu,,, . .,,<>r,<< ,,.,' .,, ,j 

• ,,,, 

.. ,.,,,,, '·"'"' 

•,.,,,, t.,1 "" 

,, ... , ''" ,, . I 

-1-

n" "·'-''"-'"il'•.••l- ,.-. .,,,d r " ,1', 

• ... , '·""" ·"'' '"' '""•'"" '"''""·' 

,,,.,,,,, "'""' 

,,-,.,·,,•0<• ''"'• •,,,, .. 

cr,11" , ' ... , , er· 

Space Utilization 

The r'cdcral Government initiated efforts in 20041 to promote cost control and efficiency measures over its 

real property inventory. Succeeding Admini~trations have continued these efforts. In May 2012, 0MB 

provided guidance to agcncics 2 that curtailed, with limited exceptions, any increases to the size of civilian 

real estate inventory. In 2015, 0MB issued further agency guidance I that required, among other things, 

agencie~ freeLe and reduce their space footprints. The "Reduce the footprint" (RTF) policy remains in 

1 Executive Order LB27 was i~~ued on February 4. 2004 by President George W. Bu~h 

:: 0MB memo :\1-12-12, f'rmnoting lojfirie11t SJ,e11di11g to Support Age11ry Operations. :\fay 11, 2012 

3 0MB ::vtanagcmcnt Procedure~ Memorandum :'.'Jo. 2015-01, lmp!emelltution of' 0MB Memorandum M-12-12 Section 3: 

Reduce the Footprint, ::vtarch 25.2015 

Section 7 - Miscellaneous Topics and Information 

8 
effect today. Agencies arc required to report on their efforts and GSA and 0MB continue to make additional 

changes to further implement this guidance. 

Under the current Administration, GSA targets an average of 180 usable square feet (m,t) per person, which 

includes the workstation (office or cubicle) and pro-rata share of halb and corridors. conference room~, 

computer rooms and breakrooms. In its current locations. CFfC is at approximately 370usf per person. In 

2018, CTTC requested a 220usf exemption lo the policy for its new lea~es. but the reque~t was rejected by 

0MB, and CtTC will be required to comply with the !80usf average in all new GSA space assignments. 

The following chart provides current and revised space ratios for the new leases 

Individual Staff Space 

Employee Category Number Current 

usf 

Revised 

usf Change 

Chairman and Commissioners 5 564 475 -89 

Directors and Regional 

Administrators 14 300 275 -25 

Supervisors 191 180 120 -60 

Non-Supervisory staff 536 125 l00 -25 

Contractor~, intems (cubicle~) 275 96 48 -48 

Support Areas 

Room Type Number Number Change 

Conference Rooms 60 15 -45 

Deposition Romm, () 4 4 

Training Rooms 5 4 -I 

Teaming Rooms@ 125usf 0 56 56 

File Romm. 34 21 -IJ 

HQ Conference 

Center/Hearing Room usf 8,000.00 5, I00.00 -2,900 

Status of CFTC Leases 

Cf-TC office lease expiratiom are provided below. 

When CFTC 

Lease Expiration Date for Initiating Funding is Required 

Location GSA Engagement Tvne of Building 

Kansas City April 2021 June 2018 Lease January 2020 

New York March 2022 June 2018 Federal Building January 2019 

Section 7 - Miscellaneous Topics and Information 

9 
Chicago June 2022 June 2018 Federal Building October 2019 

District of Columbia September 2025 September 2018 TBD October 2023 

Kansas City Regional Otlice 

Seriatim conducted in 2018 approving action. 

After a financial analysis by the Financial Management Branch and considering other factors, 

Chairman Giancarlo decided not to consolidate the Kansas City and Chicago regional offices. 

Market survey completed April 16, 2019. 

The assigned location at 2600 Grand Ave, Kansas City, MO has a fee for fitness center and parking 

services.,. In the current KC location, the landlord provides a fitness center and parking at no cost to 

CfTC employees. 

o Due lo appropriation law. the Cf"TC cannot pay for employee parking 

o The Human Resources Branch is looking into alternative solutions to address the fitness 

center fee, including reengaging the Life Cycle Program 

CFTC will be relocating in March 2021. 

CFTC management is bargaining over the changes to working conditions and the impact and 

implementation of the moves with our union 

New York Regional Otlice 

• Seriatim completed August 2018 approving action. 

• CfTC will be relocating to the Ted Weiss Federal Office Building (aka 290 Broadway) in January 

2022 

CFTC management is bargaining over the changes to working conditions and the impact and 

implementation of the moves with our union 

• Additional background on NYRO Employee Relocation Concerns is attached 

Chicago Regional Office 

• Scriatim conducted August 2018 approving action 

• CfTC will be relocating to the Ralph Metcalfe Federal Office Building at 77 W Jackson Blvd in April 

2022. 

• Cf'TC management is bargaining over the changes to working conditions and the impact and 

implementation of the moves with our union 

DC Headquarters Office 

• Because this continuing requirement exceeds the prospectus threshold, a FY 2022 GSA Prospectus 

has been completed. 

• A Macro Program of Requirements (POR). by a GSA contracted architectural/engineering firm has 

been completed. The POR process identifies CFTC total space requirements and also involves 

interviews with leadership. management and employees. 

Union involvement will be required. 

o Decision Point: Team of employees to participate 

• GSA will be exploring both Federal and lease building assignments in the Delineated Arca for DC. 

The POR will determine which buildings suit Cf"TC's needs. 

- 10 -

Section 7 - Miscellaneous Topics and Information 
• In keeping with Executive Ordcr4

, the Delineated Arca is a disjointed area in DCs Central Business 

Di!-.trict that includes select sections of the Downtown, Southwest, Capitol Riverfront, Southeast, St. 

Elizabeth"s East Campus and Parkside region!-. of Washington, D.C. 

A map of the Delineated Arca appears below: 

:,:• 

····-

Downtown Arca s· 'Q - Southwest , .• .!' .... ,. 

- C~p;tol Riverfront BID 

-

Southeast - St. Eli,abeths East Campus 

= Pa,kslde 

"•-

··· ·1 

fceni:ral Emplo~m~~t ~rea. ... L_ Washington, DC · , --- ---- ·~•• N ; I '"'""' ,/ ······®·1· 

Budget Requests and Considerations 

In FY 2020 budget request, CtTC received a S3 l MM no-year appropriation for facility relocation and 

replication cosb for the New York, Chicago and Kansas City leases. The estimate includes Co!-.tS for GSA 

building alterations, IT infrastructure and telecommunications equipment, sy!-.tem!-. furniture, logistics 

support and furniture. The following chart provides the cost break-out of the $31 MM request. 

CFT C Facility Aeloca,.on and Aepl1cat1on Aequeso 

Pm posed GSA Fac,lity Type Lease Rentable ESl New FY 2018 Aclual Conl,nuing Resolut,on 2019 Pt•sld•nt's FY 2020 Budget 

by Location Exp,ratlon Sq!t 

$2,713 

Konso, CII • Leased Fadlllv Aotll. 2021 11,624 

Coostrue1 ,on/Alto,et,on c 1,o99 Rel oca1 IQO,' R .,, ,cat,on $1,614 

Chicago - Fede,al Fac,l,ty April. 2022 J.2,047 $1J,052 

Constrocl ,on, Aile , at,on , 

Fl•I ocal ,on · Re " ,cat,on 

New Yori<. Federal Facillly I June. W22 21!,523 

Cm,st"" ''"" Allrn.1,m,s 11,561 Heln<oal,""· Hecl1eat1m, J,675 I Tolal 66,194 $31,000 

., Executive Order 12072 - J·ederal Space Mmwiement. Augu~t 16, 1978 

Section 7 - Miscellaneous Topics and Information 

11 
Statutory Union Bargaining Requirements 

Bargaining unit CfTC staff are represented by the National Treasury Employees Union (NTEU). The 

NTEU maintains certain rights when it comes to conditions of employment and the impact and 

implementation of the moves. In relation to CFfC space, these include bargaining unit input into finishes. 

size of offices, number of conference rooms, break areas, etc. 

Employee Engagement 

A workforce engagement strategy is currently being developed 

Challenges 

b)(5) 

Attachment 

MOU Between GSA and CfTC 

NYRO Employee Relocation Concerns 

- 12 -

Section 7 - Miscellaneous Topics and Information 
Attachment 

l\-·1EMORANDUM OF UNDERST AND!1\'G 

BETWEEN 

THE LNITED STATES GENERAL SERVICES ADMfNISTRATION 

AND 

THE U'.-JITED STATES COf.,·lMODITY FUTL'RES TRADING COM\1!SSJON 

Tl1is Memorandum uf Cndcrstumhng ("\10U") 1~ bdwccn the United States General Services 

Administration ("GSA" ur "Pc1r1y") and tl1c C:iitcd St-itcs Commod11y futur..:s Trading Commission 

("CFrC' or "Party'') (the CFTC' and the GS,\ collccti~ely as the "Parties") 

The core mission of the CFTC is tu fosll.!r open, transparent, competitive, and financially sound 

markets; to avoid syslemic risk; and to protect !he market users and their funds. consumers, and the 

public from fraud, manipu!c1tion, and abusiH~ practices related lo dcrivulivcs and other products !hut 

an: subject to the Commodity Exdw.ngc Act, as amended. The core mission of 1hc GSA 's Puhlic 

Buildings Service is to provide effective, 111ubile. sustainable \\orkplucc solutions fo: fodcr.il ugcndcs 

al the best value for ti1c Amcriean Tuxpaycr. Through this MOU. the CFTC .seeks to leverngc the 

GSA 's expenise in commerci;i\ leasing in managing its operating leases. 

The CFTC currently hus four leases to meet its office !>pace rc~uircmcnts in Washmgton (DC), New 

York City (NY). Chicago (!L), and Kansas City (MO)(Sec Attachment: lnvc11tory ofCFTC Leases). 

Consistent with GSA's Pricing Desk Guide. 4th edition. issued April 5, 2010. as it may he amended 

{sec GSA website at h_!Jp.:..,:'www.r,s:1.gov1'portn)/con1ent1I04909), GSA nnd CFTC agree to 

colh1burutc in the development of a comprehensive ponfolio strategy that addresses CFTC's current 

nnd li.iturc space needs, which m.iy include Federally owned or lensed sp,1ce This :vtOU provides u 

framework by which GSA sh.ill provide lca.si11g services to CFTC for CFTC's real property space 

Page l of:, 

Section 7 - Miscellaneous Topics and Information 

13 
requirements. CFTC has authority lo enter into this MOU under 7 U.S.C. §16(a). GSA has authority 

to perform all tasks indicated in this MOU under 40 U.S.C. § 50l(a}(I}, 40 U.S.C. §585, and 40 

u.s.c. § 586. 

As set forth below, CFTC will continue to administer its existing leases, and will negotiate nd 

administer any necessary extensions to existing CFTC leases, GSA will consult with and advise 

Cf-TC in its administration of existing and cxlcnded leases. and GSA will procure and administer all 

new leases for CFTC consistent with GSA policies and procedures. The Parties seek to establish and 

follow o common strategy for CFTC's future housing needs with the following understanding: 

I. The Effective Date of this MOU will be the date lhis MOU is executed 

by both Parties. This MOU may be executed in counterparts, each of 

which will be deemed to be a duplicate original, and which together will 

constitute one and the same instrument. 

2. A, requested by CFTC, GSA will collaborate with CFTC in the 

development of a comprehensive strategy for CFTC's space needs; 

3. CFTC is responsible for the admirustn11ion of all existing CFTC 

leases; 

4. CFTC is responsible for procuring extensions of any existing CFTC 

leases; 

5. As requested by CFTC, GSA will advise and consult with CFTC 

regarding CITC's administration of its exiSling leases and CFTC's 

procurement and administration of any extension to existing CFTC 

leases; 

6. GSA and CFTC will negotiate a fee scltedule to reimburse GSA through a 

separate interugency agreement for advice and counxling requested by 

CFTC regarding CFTC's administration of its existing leases and in the 

procurement and administration of any extension to existing CFTC 

leases; 

7. As of the Effective Date of this MOU, GSA shall procure and administer 

all new CFTC leases consistent with CFTC's demonstrated needs and 

requirements, GSA practices and procedures u well as relevant statutes, 

Executive Orders, and supplemental agency policies and guidance; 

Pase 2ofl 

- 14 -

Section 7 - Miscellaneous Topics and Information 
8. As of the Effective Date of this MOU. GSA will work with CFTC to 

maximize and increase efficiency in its planning. for future space 

requirements and tu consider alternatives tu acquiring additionul office 

space, such as consolidation, co-location, teleworking, and hutding. GSA 

and CFTC agree that GSA may perfonn these services on a reimbursable 

basis on CFTC's current inventory of leases, ifrequestcd by CFTC; 

9. As of the Effective Dale of this '.vtOU, in the evi:nt thut existing Fcdcrnllycontmlled space is unavailable to meet CTTC sp,:icc requirements and 

leasing is required. GSA will follow policy established in the Leasing 

Desk Guide (http·11www.~sa.govipurl.il/t:untcn!Il63635); and 

10. As of the Effective Dnte of th:s YlOU, CFTC agrees 10 enter into scparJle 

intcragcncy agreements us appropriate lo pay GSA fees for sc:-v1ces 

provided by GSA 10 CFfC in proct.1ring .:md aJminbkring new CFTC 

leases as set fonh m the GSA Pricing Desk Guide. 

Each Party represents that it has authority{{} enter inlo this MOU. In the event of any matenal change 

in a f'art~'s aulhority lo enter into this :v!OU, wrillcn notification will he provided immediately to the 

other agency. 

The point of contacts from CFTC and GS/\ will he a,; follows: 

Wes French Chris Wisner 

Manager, Programs ar.d Planning Assistant Commissiancr 

Logistics and Operations Office of Leasing 

Office of the Executive Director P\lblic Bui!dings Sc:-vice 

U.S. Commodity Futures Trndrng Commission C.S. GcncrJ.l Ser-vices Administration 

Phone: (202) 418-5864 Phone: (202) 208--4947 

Email: wfrench@cftc.gov Email: chris.wisncr@gsa.gov 

The MOU, approvL'il by holh purtics in August 2016, 1s hereby revoked. 

This MOU may be tem1imncd by citlm party with ninety (90) days written notict:. In any event, th1s 

MOU will expire upon expiration oftht: CFTC leases referenced in the Al!achment lo lhis MOU. 

4/' ' . ,• ///r I /i v·/J / __ 

1 t.'"f/ _ ', 1( / I/ \_ "· { l.ci_'. +-"(~~~~•~11~,-~_-_ . . 

0 \ 

- 11 8 !6 

Ant ony Thompson (date) Nonnan Dong (datt!) 

Exccuti\·c Director Commissioner 

L'.S. Commodity Futures Trading Public Buildings Scrvi<.:c 

Commi:.sion U.S. Gt:nernl Services Administration 

Prigc 3 of3 

- 15 -

Section 7 - Miscellaneous Topics and Information 
Attachment 

laventory of CFTC Lcasu 

Rmlable Sqare Locadon Explradoa Feet u or2016 

Main Office 

(Headguarters} 

288,000 09/3012025 Three Lafayette Centre 

1155 21st Street, NW 

Washinm:on, DC 20581 

Southwestern Region 

4900 Moin Street 24,000 03/3112021 

Suite 500 

Kansas Citv, M064112 

Central Re@ion 

525 West Monroe Street 60,000 06/0312022 

Suite 1100 

Chi .......... , IL 60661 

Ea.flmJ &8iS!D 

62,000 04/3012022 140 Broadway 

New York, NY 1000S 

Page I oft 

- 16 -

Section 7 - Miscellaneous Topics and Information 
"ByPass" Authority 

Date Updated: November 25, 2020 

POC: Joel Mattingley 

Division of Administration 

BACKGROUND 

Unlike many Federal agencies 1

, CFTC has statutory authority, informally knows as "bypass" 

authority that requires that CfTC submit budget estimates or requests, or legislative 

recommendations, testimony or comments submitted by the Commission to the President or 0MB 

concurrently to both the House and Senate Appropriations and Agriculture Committees. The 

Commbsion is expressly exempt from any requirement that legislative recommem.latiorn,, testimony 

or comments be submitted for Executive Branch review prior to transmission to Congress. Where 

the Commission voluntarily seeks other agency comments, such fact is to be noted in the transmittal. 

The language also provides that if any Commissioner provides a separate opinion on a final 

commission publication on a matter, the opinion must be published in full along with the final 

commission publication of the matter. The attachment to this document provides 0MB' s internal 

analysis of agency "bypass" provisions. 

The Cf-TC statutory "bypass'" language is contained in the Commodity Exchange Act (CEA), 7 U.S. Code 

s 2(a)(10), 

Transmittal of Budget Requests and Legislative Recommendations to Congressional 

Committees 

( 10) (A) Whenever the Commission submits any budget estimate or request to the President or the Office 

of Management and Budget, it shall concuITently transmit copies of that estimate or request lo the House 

and Senate Appropriation s Committees and the House Committee on Agriculture and the Senate 

Committee on Agriculture, Nutrition, and Forestry. 

(B) Whenever the Commission transmits any legislative recommendations, or testimony, or 

comments on legislation to the President or the Office of Management and Budget, it shall 

concurrently transmit copies thereof to the House Committee on Agriculture and the Senate 

Committee on Agriculture, Nutrition, and Forestry. No officer or agency of the United States shall 

have any authority to require the Commission to submit its legislative recommendations, or 

testimony, or comments on legislation to any officer or agency of the United States for approval, 

comments, or review, prior to the submission of such recommendations, testimony, or comments 

to the Congress. In instances in which the Commission voluntarily seeks to obtain the comments or 

review of any officer or agency of the United States, the Commission shall include a description of 

such actions in its legislative recommend actions, testimony, or comments on legislation which it 

transmits to the Congress. 

(C) Whenever the Commission issues for of final publication any opinion, release, rule, 

order, interpretation, or other determination on a matter, the Commission shall provide that any 

dissenting, concurring, or separate opinion by any Commissioner on the matter be published in full 

along with the Commission opinion, release, rule, order, interpretation, or determination. 

I CFfC is among a li~t of forty four federal agencie~ that maintain some form of legi~lative and/or budget bypa~~ 

authority. 
IMPLICATIONS 

0MB Budget Submissions and 0MB Pass-back~ 

• The Commission typically provides its budget request to 0MB in mid-September of each year. 

Unlike most agencies, but similar to SEC, the Commission submits a letter to 0MB outlining the 

Commission's request, rather than the full justification document. Prior lo submission, the 

Commission budget estimate must go through the seriatim process. In the past, commissioners have 

submitted written opinions, both dissenting and concurring, about the budget submissions that have 

been published with the final submission. Copies of the letter lo 0MB are concurrently submitted lo 

the Appropriators at this time. 

• Unlike other agencies, CtTC pass-back occurs orally, per OMB's discretion. 0MB typically calls the 

Budget Office with the pass-back information and negotiations occur verbally, with the Budget Office 

coordinating the discussions with the Chairman's Office as appropriate. Because the process is oral, 

no additional disclosure outside of the agency takes place and after '·settle-out," final budget materials 

are prepared for the February budget submission to Congress. 

CFTC's Utilization of Bypass Authorih" 

• In keeping with the legi~lative language, the Commi~sion maintain~ authority for its budget 

estimates. and has the option to submit a budget that is different from the President's submission. 

This occurred with the submission of the FY 2018 Budget request when the Commission did 

not come to agreement with 0MB on the budget request amount and submitted a budget in 

excess of the published President's budget request to Congress. The disagreement centered on 

OMB's requirement that the CPTC include a provision for user fees to accommodate the 

increase in CfTC's budget request. Although the parties were not agreement. the ~ubmi~sion 

of the alternate budget request was carefully coordinated with 0MB. Nevertheless, the 

disconnect between the CFTC and the Administration's requests received press coverage and 

was not particularly well-received by the Appropriators. Bypass authority was not utilized in 

CFTC' s official requests for FY 2020 and FY 2021 budgets, both of which included a 

provision for user fees for a portion of CPTC' s budget request. 

0MB Legislative Proposal Review Processes 

• Because of the bypass provisions, 0MB rarely provides written legislative proposals to the CFTC for 

review and comment. Any such interactions typically take place informally/verbally between the 

0MB Resource Management Office and the CFTC Budget Office which typically coordinates any 

2 The 0MB "pass-back" process occurs after agcnci.::s submit their bm.lget~ to 0MB but before those budgets arc 

submitted to Congress by the Pr.::sidcnt on th.: first :\1onday in F.::bruary. Aft.::r 0MB rccciv.::s an ag.::ncy budget 

request, 0MB provides feedback and instructions to an agency about the Administration's planned adjustments to 

the agency's submission. This process, which typically takes place in late November or early December, is referred 

to as "pass-back." and with limited exceptions is provided in writing. Agencies may appeal an 0MB adjustment 

during the ·'settle-out"' process, where final numbers and provisions for each agency budget as well as the 

President's final budget submission are finalized. Adjustments are generally included in the official submission of 

the President's budget to Congress and are also reflected in the agency's individual, more detailed submissions to 

the Appropriations committee~. Becau~e of the pre-deci~ional nature of the process, and in accordance with 0MB 

direction, discus~ions during the process are not disclosed outside ofOMB and the agency. unless there are other 

~tatutory provi~ions. such as "bypas~ ... authority that require disclosure. 
verhal responses to 0MB. 

Testimony 

• With mo!-.t federal agencies, 0MB requires a pre-review/approval of congre!-.sional committee 

testimony. Because of the '·bypass" provisions, CFfC does not submit its written budget or other 

hearing testimony to 0MB for pre-review. Any such submissions, if they do occur, occur 

concurrently with the suhmission of the testimony to the appropriate congressional committees of 

jurisdiction. 
Attachment (best copy available) 

f:XECUTlVE OFFICE OF THE PRESl  ENT 

• 

OFl'ICE. OF' MANAGEMENT AND BUl)GET 

WASHINGTON, 0,C, zo:;oa 

February 20, 200 I 

MEMORANDUM FOR OMJ POLICY OFFICERS AND DADs 

FROM: 

J;m k1ttarrt "'"' Direc:cor for a,'~ 

legi~lative R~renc:e 

SUBJECT, Age1cies with Le:isla.dve and &dget "BypaS5" Authorities -1nformatK>n 

Attached for your ir formation ls a penodic: update of the Legislative Referance (LR) Dlvislon's 

list of Federal agencies with legislative and budget "bypan" authorities. bBypass" authorities purport tD 

restrict the Presielent's review of the budgecs- and/or legislative recommendations of cen..in agencies.. 

The attached pa.pen r:ontain: (I) background iriformation on the "bypas:5" authorities: (2) a list 

of "bypass" ~cies: and (3) sunvna.ry desoiptions of agency-specific "bypaS5" ;u.rthorities. This mareri;il 

is intended for 0MB internal use only. 

For:y-four Federal a~encies currently have some form of legislative and/or budgetary "bypass". 

The attached compilation ichntifies agencies with: ( I) budgetary and legislative •bypa.s.s" authority. {2) 

budgetary •bypass~ authorit)· only; (3) legislative ~bypass• a~thority only; and() non-stacuwry (i.e., 

~nformalj legislative •bypas.;es". 

The principal additic..ns w the 1999 ve~io,i of chis document a.re: (I} excerpts from the Justice 

Department's 2000 opinion ::m the constiwtionality of legislative bypa:-.s provisions (page 1 of the 

background papef); and (2) Jpdates to rdlea st:atutory changes conct:ming the Federal Aviation 

Administration (pages 4 and 7), the Discrict of Columbia court;. (page~  and 7), and the Federal 

Housing finance Board (par-s 8 and 15). 

LR T reav,ie(1t of "Bypass" A~1mcles 

LR'! longstanding pri'°ce is to determifle, on a c:::ue-by-=e basis. whether or not ro refer 

m.wmal for review to a "bypass• ~cy. Ofcen. this decision is made In consultation with the ~s" 

agency's legislative counsel. Depending on how the •bypass" agency ircerpreu the appiia.ble s=te. it 

may have di~an regarding the treatment of OMB-r.fim-ed maten.ll. 

In general. an QMB -efen-a! is not made to a "bypass" <1.gency 1Jnless the agency agrees to rclrain 

from forwarding to Congm!s OMB-relerred mat~ial or in responsE! to an 0MB nd'e,nL If"- "bypass" 

agency cannot adhere to thi, guideline. but its views are imporcant to the OMS clearance process or for 

prepa!"lltion of an enrolled bill memorandum. the "bypil.5$" ;igency's views are obtained informally. 

Att«chment. 
TABL.B OF CONTElffS -- "BYPASS" AGENCIES 

Page No1 • Background . . . . . . . . . . . . . . . . . . . . 

• List of Bypass Agencies . . . . . . . . . . . . . 7 

Surwnary Description of Agencies• 

Statutorily-Dased Budgetary and 

Legislative I Bypass" Provisions . . . . . . . . . 9 

• Summary Description of Age~cies' 

Statutorily-l",ased Budgetary •Bypass• 

Provisions O:c::ly • • • • • . . 13 

• Summary Description of Agencies' 

Statutorily-based Legislative "Bypass• 

Provisions Or:.ly . . • . . . . . . . . 15 

Summary Description of Agencies' • 

"Informal" (i.e., non-statutory) 

Legislative Iypass ...... . 18 

• Inspectors General . . . . . . . . . . . . . . . . 22 
February 2001 

BACKGROUND -- LE.3ISLATIVE AND/OR BUDGETARY "BYPASS• PROVIS:ONS 

Introduction 

Several statutory provisions purport to rest.rict the President• s 

control over Government agencies I budgets aILd/or legislative 

recommendations. These ~bypassft provisions, which are summarized 

in the attachment~ to this paper, erode Pres:idential control over 

Executive branch :rolicies and operations. 

Most of these •bypass• provisions apply to the so-called 

"independent" reg,.:latory agencies, which have some degree of 

independence within the Executive branch. (The precise legal 

status of these a£encies within the Executive branch is a 

question that is cutside the scope of this paper.) Nevertheless, 

the statutory legislative and budgetary bypc.sses that have been 

enacted to date have established precedents for extension to 

other agencies, ttereby further undermining the Pl:"esident's 

authority and control over the Executive brc.nch. 

In addition, several other agencies without statutory bypasses 

have historically or customarily not compli~d with 0MB clearance 

requirements. Fir..ally, the various Inspectc,rs General within the 

agencies have asserted a limited statutory legislative bypass. 

§atutory Legis!ative Bypass 

0MB Circular No. A-19 requires that agency leg~slative proposals 

and views on legislation be submitted to OME- for coordination and 

clearance prior tc their transmittal to Congress. 1 The agencies, 

in turn, are required to set forth in their communications (other 

than testimony) tc Congress the advice received from 0MB 

concerning the relationship of the proposal to the 

Administration's ~rogram. 

1 Circular No. A-19 states that it applies to all Executive 

branch agencies except t..hose with a statutory bypass. Executive 

branch agencies are defined to include "a.-riy Executive departmeD.t 

or independent corrmission, boi;ird, bureau, office, agency, 

Government-owned er controlled corporatio~. or ot~er 

establishment of the Goverr.ment, including any regulatory 

commission or board . • 

-1-
Legislative bypasr, provisions enacted. :..nto }_aw usually: 

(1 J provide that : egislati ve recommendations;, testimony, or 

eomments submittec. to the President or 0MB by the affected agency 

are to be transmi~ted simultaneously to Consress without prior 

Executive branch review; and/or (2) prot::..bit. any Federal o::ficer 

or agency from rec:,1iring the affected agency to s~mit 

legislative recommendations, testimony, or c:oannents for approval 

or review prior tc, submission to Congress.~ 

These !.egislative bypass provisior..s undermine the President's 

role as Chief Executive and can depr.:.ve the President, Executive 

agencies, and Con5"Tess of the full benefits of OMB's central 

clearance process. In particular. 0MB I s cocirdination of 

legislative propoe;als, testimony, and the like on behalf of the 

Administration se1.ves several important purposes. First, it 

provides a mechanism for development of a coherent legislative 

program for the P1:esident. Sec6nd, it encotxages the variolls 

agencies to take the concerns and views of either agencies into 

accoun~. Third, :t facilitates the development of a consistent 

Administration poE:ition on legislation. Finally, it assures that 

Congress gets cool·dinated and ir.formative agency views on 

legislation under consideration. 

April 2000 Justice: Depa:!'trnent View on ConstJtutionality of 

Legislative Bypas~. In an April 2000 letter to senator 

Rockefeller, the .:·ustice Depart:men:t commentE!d on legislation that 

would have: (1) n:q, .. dred an agency component: to submit 

legislative recommendations to the Congress: and (2) provided 11 that [n] o officer or agency of the United States may require the 

Director [of the £.gency component] to submit [the legislative 

recommendations] to any officer or agency ol the Onited States 

for approval, comments, or review prior to [their submission] to 

Congress. 01 The De:partment stated that n [w] e believe that this 

provision is inva:id under the Recommendaticins Clause, 1 which 

protects the Presi.dent • s constitutional. pre1·ogative to formulate 

his awn recommendetions and proposals, and t.o control the pol!cy 

agenda of the Executive Branch. By requiring the President's 

subordiDates to provide the Congress with legisl.ative 

2 0MB will, however, as stated in circular No. A-19, honor 

requests from suclt agencies for advice on the relationship of 

particular legisle-tion, reports, er the testimony to the program 

of the President. 

3 The Recommendations Clause of the Constitution (Art. II, sec, 

3) provides that t.he Presider:.t n shall from time to time 

recommend to [Con~:ressJ . such measures as he shall judge 

necessary and expr:dient. • 

-2-
recommenda:ions, ·:be legislation infringes on the President's 

ability to decline to offer any legislative rec:>mmendation if, in 

the President's j·;.d.gment, no such recommendation is necessary or 

expedient. The i:1validity of such a congre:3sionally-comp-elled 

legislative recommendation is heightened to the extent that the 

provision at.tempt.:; to prohibit the P=-esident, or his 

subordinates, frotJ reviewing, analyzing, or approving the 

legisla':.ive recommendation before it is sen!: to Cong:cess." ~e 

!>epartment added ·:ha.t M [e]ven if the terms 'officer' or 'agency' 

are constr.ied so ,1s not to include the President himself, 

we do not believe the Congress can preclude the President from 

relying ou subord~_na.te officers in the discharge of his 

constitutional du::y to supervise legislativ1! recomme.nda.tions. n 

s~atutory Budget l!yPass 

In enacting the Budget. and Accounting Act oi 1921, Congress 

created a system i.hat clearly defined the respective 

responsibilities of the Legislative a..'ld Executive branches in 

fiscal matters. ::-~t Act recogr~ized the nef!d for the Executive 

branch to speak w:.th one voice in presenting the Federal Budget 

by ;replacing the previously fC">llawed practice of allowing each 

agency to decide ::or itself the amount of appropriations to 

request of congre!:s. An essential principlE? underlying the Act 

was -- and remainfi -- that the President's budget requests for 

individual agencies and programs should be developed wit!l.in the 

larger context of Presidential policy fo;rnru:ation and the need 

for government-wide budget totals tha::: are appropriate in terms 

of their effects on the economy and on publ:_c borrowing. 

Concurrent B\Ldget Submission geguj rement 

Most of the budget: bypass provisions enacted to date require 

agencies to submit their budgets to 0MB and congress 

concurrently. Generally, these p::-ovisions do not require the 

President to include the agency's request in the Budget that he. 

transmits to Congress . (i.e. , the President's Budget may propose 

appropriations fo:· an agency tlla: differ from the esti.mat:es that 

the agency has provided 0MB and Congre.ss) _ 

One of the funcli:lmt:!ntal difficulties with thE~se bypass provisions 

lies iD the timin~r cf the submission of buduet information to 

Congress. The individual agencies' budgets -- including the 

independent regul,.tory commissions -- have :...mportant 

relationships to t.hose of other Government agencies and programs. 

These budgets cannot be evaluated properly without an 

understanding of t.he President's overall fi:Jcal policy as 

revealed in the entire budget. Premature d;_sclosure of 

-3-
individual agency budget requests can encouJ~age a 

narrowly-focused, disjointed consideration of such requests by 

Congress -- precinely the problem that the Budget and Accounting 

Act, the Congress:.onal Budget Act. and related :egislation 

attempt to prevent. 

Early disclosure nay also affect the agencies' budget estimates. 

For example, an anency, knowing· of a dispos:.tion by key members 

of Congress to view its budget proposals more favorably than the 

President, will L"kely increase its budget t~stimate. 

Transmitting· thei:· requests to congress aheud of the President's 

Budget can enable agencies to try to build ~..xternal pressures on 

the Appropriations Committees for more spending. 

Requirement to Present Both an Agency'H and President's 

Budget Requests 

A variation of the budget bypass provision described above 

appliee: to the u.i:. Postal Service, the Social Security 

Administration, t:tie Internal Revenue Service oversight Board, the 

District of Columbia Courts, and t,he Air Tn1ffic Services 

SUbcomrnittee of t:t.e Aviation Macagement Advisory Council (with 

respect to the Feceral Aviation Administration). In these 

instances, the Pn,sident is required to present tb.e agency• s 

budget request unchanged, but may make his nwn recommendations as 

well. Th.ese requir~ents are of less practical concern than the 

budget bypass requirements described above because the agency's· 

budget is not submitted to Congress in adva:nce of the President's 

Budget. These rec:uirements are not construed to provide the 

concerned agencieE with budget bypass authority. 

Existing and longEtanding 0MB policies provide that after the 

President 1 s Budget has been transmitted to congress, the heads of 

agencies may provide information concerning the budget estimates 

they submitted to 0MB when Congress asks for this information in 

connection with its consideration of the Pnisident 's Budget .. 

They are obliged, however, to support the President's Budget 

decisions, notwitbstanding the latitude afforded them in 

communicating witb Congress. (By contrast, the heads of the 

bypass agencies ccn be expected to, and do, testify before 

congress in defenE:e of their own budget requests, rather than the 

President's Budget recommendations.} Additionally, provisions of 

the Congressional Budget Act provide Congress with statutory 

authority to obtain appropriate data and !.n:formation from 

Executive branch c.gencies that Congress may need to make and 

improve its own bl.dgetary decisions. 

-4-
-- Special Regu·yement for Ipternational Trade Cormnission 

A 1975 law direct:> that the International T::ade Comrr.ission 1 s 

{ ITC) proposed appropriations be incJ..uded i1::. the President's 

Budget "without revision". Since that time .. the ITC•s requests 

have been so included; the President has not proposed alternative 

appropriat.i.ons, a:.though there appears to be no express 

prohibition againc,t so doing. 

-- Other 

Several other agencies -- mainly regulators of financial 

institutions, such as the Federal Reserve Board -- derive their 

funds from non-gO"rernmental sources; the budgets of these 

agencies are not mlbject to Executive review. This type of 

bypass is not exat1ined in tllis paper. Similarly, under the 

Budget and Accounting Act, the budget requests of the Legislative 

and Judicial branches as received by 0MB are simply included 

without change in the President's Budget. 

Also. a number of corporations established by Federal law, but 

which are not owned or controlled by the Government, do not 

appear to be cove~~ed by A-19. 

•informal" or 11 CU.fit.omarv" {i.e .• non-statutory} Bypasses 

In addition to th(~ statutory bypasses, there exists an •informal" 

or •customary" leHislative bypass. This type of bypass is 

asserted by several "independent" agencies without any explicit 

authority, .statutory or otherwise. 0MB Circ::ular No. A-19, by its 

terms, does cover the legislative activities of these agencies; 

however, the agencies generally do not comp~y with its 

provisions. In some cases, these de facto bypasses have been in 

effect for many yuars. 

Inspectors Genera:._ 

Congress enacted ~;be Inspector General (IG) Act of 1978, in part, 

because of concerns about the inability of Executive branch 

agencies to detect: and prevent fraud, waste. and abuse in FeOeral 

programs. 

section 5 {a.) of the 1978 Act requires each IG :.o prepare a 

semi-annual report to :.he bead of the agency in which he or she 

is located concer:1.ing a number of matters (e.g., reccmmendations 

for ways to correct signi::icant problems). The agency head is, 

in turn, required to forward the report to Congress along with 

whatever comments he or she cares to make. In addition, section 

-5-
4(a) (2) of the Act states that it is the re!ponsibility of the 

IGs to "review exist~ng and proposed legislation ... a..~d to 

make recomrnendaticns in the semi-annual repc,rts concerning the 

impact of suc:h legislation . . . " 

Many members of tte :G community asse~t that these statutory IG 

reporting requirerrents provide the IGs with a limited legislative 

Oypass. Some IGs have also argued that the reporting 

requirements in tl:e Act provide a general le·gislative bypass. As 

a result, 0MB does not routinely receive IG subi:r~ssions for 

legislative clearance. 

-5-
Agencies with Statutorily-Based Bμdqetary aJld Legislative 

"Bypass• Provision, 

l. Advisory Cow:1cil o:i Historic Preservat:_on 

2 _ Chemical Sa.ft:ity and Hazard Investigation Board 

3. Commodity Futures '!'rading Commission 

4. Consumer Product safety Commission 

5- Federal Aviation Administration (Transportation) 

6. Federal :election Commission 

7. F'ederal Retirement Th.rift Investmen':. Board 

8. Merit Systemu Protection Board 

9. National Transportation Safety Board 

10- Railroad Ret~rement Board 

11. Surface Tran~portation Board (Transport:ation) 

Agencies with Statutorily-Based Budgetary 

•Bypass• Provisions OUly• 

1. Court of Appt-=als for Veterans Cla:.IllS 

2. Intero.ationa~ Trade Commission 

3. Legal Servict:is Corporation 

4. State Justict:i Institute 

5. Onited Stat.efi Institute of Peace 

* Statutory provh;ions relating to the Oni ted States Postal 

Service (39 u.s.c 2009), the Social Security Administration {42 

U.S.C. 901), the ::nternal Revenue Service Oversight Board (26 

u.s.c. 7B02), the District of colwnbia Courts (Pub.L. 105-33, 

secs. 11242-3), ar,d the Air Traffic ServiceH Subcommittee of the 

Aviation Manageme~t Advisory Council (with r.espect to the Federal 

Aviation Administration's air traffic control system budget -- 49 

U.S.C. 106{p) (7) (Cl (v)) require the President to submit these 

entities• budget requests to Congress without revision, together 

with the President's own budgec proposals for the concerned 

entities. These provisions are not construed to provide the 

concerned agencie~; with budget bypass autbori ty. 

-7-
Agencies with Statutorily-Based Legislative •Bypass 11 

Provisions OJ:ily 

1. Farm Credit 1.dmin:..st.rat::.on 

2. Federal Depof:it Insura..,ce Corporation 

3. Federal Hous~ng Fi:lance Board 

4. Fede:ra.l Reserve Board of Governors 

5. National Credit Union Administration 

6. Office of the Comptroller of the currency (Treasury) 

7. Office of Thrift supervision (Treasury} 

s. Securities and Exchange commission 

9. Federal Ener~ry Regulatory Commission 

10. Office of Fede~al Ho~sing Enterprise Oversight (HOD) 

11. Office of the National Taxpayer Advocate (Treasury~ 

Internal Revenue Service) 

12. Office of Special Counsel 

13. Small Business Administration (Chief Cc,unsel for Advocacy) 

Agencies with "Informal• (Le., non-statutond,_ 

Legislative Bypas~es 

1. Commission on Civil Rights 

2. corporation :or Public Broadcasting 

3 . Court of Appeals for Vetera."ls Claims 

4. Federal Communications Commission 

5. Federal Maritime colTIID1.ssion 

6. Federal Tradf~ Commission 

7. Internationa: Trade Commission 

8. Legal Service-:s Corporation 

9. Marine Mamma:. Commission 

10. National Rai~.road Passenger Corporation 

11. Nuclear ReguJ.atory commission 

12. State JustiCE: Insti tu.te 

13. Tennessee va:ley Authority 

14. United Statef: It.!';ltitute of Peace 

15. United States Postal Service 

Inspec;tO[P: Genera:. 

· (Amtrak) 

-8-
SOMMA,ll.Y DE(ICRIPTION DP AGENCIES' STA'.'.'ll'l'ORILY-BASID;l 

BUDGETilY A.Np LEGISLATIVE "BYPAS$n PROVISTQNS 

1. Advisory Council gn Historic Preservatlon 

P.L. 94-422, Sec. 201(9); 90 Stat. 1322, 1323; 16 USCA 

Sec. 470r, 470t(b), as amended by ?.l·. 96-515, Sec. 30l(k);. 

94 Stat. 2999 prov~des that no Federal official or agency 

can require the CoW1cil to submit for review its legislative 

recommendatic.."l.s, testimony, or comment-s prior to the 

subm~ssion of such information to Congress. Where the 

Council volW1tarily seeks other agency comments, such fact 

is to be noted _in the transmittal. 'Any budget estimate or 

request that the Council submits to the President or 0MB 

must concurrently be sent to the ApproFriations Committees 

in both Houses and the House Interior and -Senate Energy 

Committees. 

2. Chemical Safety a~d Hazard Investigaticn Board 

P.L. 101·549, Sec. 301 (a.mending Sec. 112(Fl (6) (R) of the 

Clean Air Act; 104 Stat. 2569; 42 USCA Sec. 7412 (r) 16) (R)) 

provides that any budget estimate, request, supplemental 

request, or informatior:., any legislative recommendation, or 

prepared testimony submitted to the President or a Federal 

Agency shall be concurrently transmitte•d. to Congress. No 

Federal official or agency can require prior review of the 

Board's budgetary or legislative commur..ications to the 

cong:-ess. 

3. Commodity Futures Trading commission 

P.L. 93-463, Sec. lOl(a) (3); ea Stat. l390; 7 USCA -Sec. 

4a (h) (1), {2) provides that all budget estimates or 

requests, or legislative recommendatior.s, testimony, or 

comments subtc:.itted by the Commission tc, the President or 0MB 

are to be transmitted concurrently to l:,oth the House and 

Senate Appr01=·riations and Agriculture Committees. The 

Commission iE expressly exempt from any requirement that 

legislative :recommendations, testimony, or comments be 

submitted fo:r Executive branch review prior to transmission 

to Congress. Where the Commission voluntarily seeks other 

agency commei:ts, such fact is to be not_ed in the 

transm:.ttal. 

-9-
4. Consumer Prgrlμct Sa!:ety- Commission (CP!;C) 

P.L. 92-573, Sec. 27 (k) (1), (2); 86 Stat. 1229; 15 USCA. 

Sec. 2076 {k) :1}, (2) provides that any budget estimate or 

request, or :.egislative recommendatiom;, testimony, or 

comments subnitted to the President or 0MB by CPSC be 

concurrent.ly transmitted to the Congress. No Federal 

official or agency can require prior review of CPSC 1 s 

leg_islative communications to the Congl~ess. 

5. Federal Aviation Adm:.nistration (FAA} 'Tra...."1.sport.ation) 

P.L. 97-248, Sec. 506(f); 96 Stat. 679; 49 OSCA Sec. 48109 

provides that any budget estimate or request, supplemental 

budget estimate, other budge~ informat:.on, legislative 

recommendation, or comment on legislat:i.on that is sent to 

the Secretary of Transportation, the President, or 0MB 

pertaining to funds authorized for air navigation facil:.ties 

and equipment. or for research, engineering and development 

must be conct:rrently transmitt:ed to t:he Speaker of the 

House, the House PUblic works and Appropriations Committees, 

the PresidenL of the Senate, and the Senate Commerce and 

Appropriatiot:s Committees. 4The Justice Department has 

issued a legc~l opinion on this provision that asserts that 

Sec. 506 (fl 5.s constitutional only if interpreted to pe~t 

the Secretary and the President to review the FM 

Administrator 1 s reports piior to the time that they are 

submitted to Congress.) (~so see the footnote on page 7 

concerning a separate _requirement relating to the Air 

Traffic Servi.ces Subcommittee o!: the Aviation Management 

Advisory Cow::cil. This Subcommittee is required to review 

and approve t.be FAA's budget request related to the air 

traffic cont.1·01 system.) 

6. Federal Election commission jFBC) 

P.L. 93-443, Sec. 208{a); 88 Stat. 128~-; 2 USC.A 

Sec. 437d(dl n), (2) requires that any budget estimate or 

request, or legislative recommendation, testimony, or 

comments subn~tted to the President or 0MB by the FEC be 

concurren~ly transmitted ~o the Congress. No Federal 

official or. cgency can require prior review of FEC 1 s 

legislative communications to the Cong1·ess. 

-10-
7. Fede::-al R.eti·-ernent Thrift Investment Board 

P.L. 99-509, Sec. 600l(el; 100 Stat. 1931, amended 5 o.s.c. 

8472 to add :;ubsections {i) and (j) providing, respectively, 

that the Boa:~d shall submit its annual budget concurrently 

to the President and the appropriate committees of Congress, 

and tha:. the Board may submit to tbe President, and, at the 

same time, shall submit to each House of congress, any 

legislative :~ecommendat.ions of the board relating to a::iy of 

its fu..~ctions under any provision of law. 

8. Merit SYStemr, Protection Board 

P.L. 95-454, Sec. 202(a); 92 Stat. ll2S; 5 OSCA Sec. 

1205 (j), (k) ::equires t!:Le Board to prepare and submit its 

annual budget concurrently to the Presj.dent and to the 

appropriate committees of Congress. The Board's budget, nas 

revised,• is required to be included af; a separate item in 

the President's Budget. Any legislative recommendations of 

the Board re:.ating to its functions ar1:~ required to be 

submitted concurrently to the President and both Houses of 

Congress. 

9. National Trap.sportatiqn Saf-etv Board {NTSB) 

P.L. 93-633, sec. 304(b) (7); 88 Stat. 2l70; 49 USCA App. 

Sec. 1903 (b} (7) provides that any budget estimate, request 

or supplement aJ. estimate or legislativE~ recommendation, 

prepared testimony, or comments submitted to the President 

or 0MB shall be concurrently transmitted to the Congress. 

No Federal o1ficial or agency can require prior review of 

NTSB's budgetary or legislative communications to the 

Congress. 

10. Railroad Retirement Board 

P.L. ~8-76, ~ec. 416; 97 Stat. 436; 45 USCA sec. 231f(f) 

provides that any budget estimate, request, or supplemental 

estimate, or legislative recommendation, prepared testimony, 

or comment or. legislation submitted to the President or 0MB 

shall be concurrently transmitted to the Congress. No 

Federal official or agency can require prior review of the 

Board's budgetary or legislative coroniu.r,ications to tbe 

congress. 

-11-
1:. Surface Transpo~::t;atign Boarg jST.,tj/ 

P.L. 104-86 abolished the Interstate Commerce Commission 

(:CC) and t~ansferred some of its fu:ictions to the Surface 

Transportation Board (5TB), a new entity within the 

Department of Transportation. Sypass provis~ons similar to 

those that a~plied to the ICC apply to the STB. 

Specifically, F.L. 104-88, sec. 201, 109 Stat. 934, 49 

U.S.C. 703(g) provides that any budget estimate, request, or 

budget information (including personr.el needs), or 

legislative comment, recomme..~dation, or prepared testimony 

for congressional hearings submitted tc the Secretary of 

Transportation shall be concurrently transmitted to the 

Congress. No officer of an agency may impair cOIIDI\unications 

between the STB and the Congress concerning budget estimates 

or requests. 

-12-
SUMMARY DEBCRJPTIQN OF AGENCIES' STA'.ruTORILY-AASEP 

EIYPGETARY "BYPASS~ PROVISIQNi; ONLX 

1. C2urt of Appeals for Veteran~ Claims 

The United States Court of Appeals for Veterans Claims was 

established ty the Veterans J~dicial Review Act, 3B u.s.c. 

Sections 7251-7292, under Article I of tbe constitution. 

Section 7282 of the Act authorizes the Court to submit its 

budget for ii::.clusion in the Presider.:!:' s budget without 

review withir. the Bxecutive branch. 

2. Jnte~national Trade commission 

P.L. 93-618, Sec. l75(a) (1) i 88 Stat. 2011; 19 USCA Sec. 

2232 specific.ally excludes the Commission from the 

provisions of the Budget and AccO'LUlting Act of 1921 and 

directs that the Commission's estimateC. expenditures and 

proposed appxopriations be included without revision in the 

President's Eudget. 

3. Legal services Corporation (LSC) 

The LSC is a private nonprofit corporation largely funded 

through Federal appropriations. Its Bc:,ard Members are· 

appointed by the President subject to ,Senate confirmation. 

P.L. 93-355, sec. lOOS(e) (1); 88 Stat. 380; 42 USCA sec. 

2996d (e) pro..-ides that the LSC is generally not to be: 

considered a department, agency or instrumentality of the 

Federal Government. [There is no explicit statement in 

P.L. 93-355 that the t.sc is outside the regular budget 

process, but the cocyoration has so ~nterpreted Sec. 

lOOS(e) (2) of the Act (88 Stat. 380, 42 USCA Sec. 

2996d(e} (2)), which states that •nothing in this title shall 

be construed as limiting the authority of the Office of 

Management a.rtd :Budget to review and submit comments upon the 

Corporation'E: annual budget r~quest at the t::.me it is 

transmitted to the Congress.• ' LSC has been submitting its 

budget requests conct:.rrently to 0MB ancl the Congress. 

4. State Justice, Institμt~ 

The State Justice Institute is a private nonprofit 

corporation Eistablished to further the development and 

adoption of ::'.mproved judicial administration in State 

courts. It.s Board of Directors is appoir.ted by the 

President with the advice and consent of. the Senate. 

-13-
P.L. 98·620, Sec. 203; 98 S':at. 3336; {2 USC 10704{c} states 

that 0MB may •review and submit comments• on the State 

J-..istice !nst:.tute' s budget request when it is transmitt.ed to 

congress, implying a budgeta:ry b)'pass. The same provision 

also states that otherwise the Institute "shall not be 

considered a department, agency, or i.nstr..:unentality of the 

Federal Gove:-nment. • · 

5. United States I:is~itute of Peace {OSIP) 

P.L. 98-525; 98 S1:at. 2651; 22 USCA See. 4601, et seq., 

established t.be USIP as an independent, nonprofit 

corporation i::.nd generally provides that officers and 

employees of the OSIP are not to be considered officers or 

employees of the 0:.1.i ted States Government. ( ·There is no 

explicit pro,.rision contained :.n P.L. 9!1-525 stating the OSI? 

is outside the regular budget process; however, USIP has so 

interpreted !;ec. 1709(a) of P.L. 98-52!;, 22 USCA Sec. 

4608 (a), whic:h states that "[n] othing :.n this title may be 

construed as limiting the authority of the Office of 

Management ai:1d Budget to review and sullmit comments on the 

Institute 1 s budget request at the time it is transmitted to 

the Congress 11 ) 

-1 ;.-
SUMMARY DE3CRIPTION OF AGENC:IES' STATOTORILY-BASED 

LEG'ISLATIVE "BYPASS• PRQVIS!ON"S ONLY 

1. Farm C:-edit Jl.drni!l.istratigp (FCAJ 

P.L. 92-1.81, Sec. 5.18(3); 85 Stat. 62~1; 12 USCA Sec. 

2252(al (3) piovides tha!: from •time to time" the FCA may. 

recommend :e~islative changes directly to Congress. 

2. Federal nepcs:it Insurans;;e corporation I FD!Cl 

3. Federal Housing Finance Board 

4. federal Reserve Board of Governors 

5. National CreCit Union Administratio~ 

6. Office of thE comptroller of the Currency (Treasury) 

7. Office of Thrift Sμpervision (Tr:easu;:vJ 

8. Securities ap.d Exchange Commission (SE~J_ 

P.L. 93-495, sec. 111; 88 Stat. 1506; ,.2 USCA Sec. 250 

prohibits any Federal officer or agency from requiring the 

SEC or tbe preceding five (item nos. 2-6 above) agencies to 

submit legislative recommendations, testimony, or comments 

for approval or rev~ew prior to their submission to 

Congress, provided that such communications include a 

statement to the effect that the views expressed therein 

do not necessarily represent the views of the President. 

9. Federal Enercry Regulatorv Commission 

P.L. 95-91, E:ec. 401(j); 91 Sta.t. 583; 42 USCA Sec. 7171(j) 

provides that: whenever the Federal Energy Regulatory 

Commission submits to the Secretary of Energy, the 

President, 01: the Office of Management and BuOget, any 

legislative recommendation or testimony, or comments on 

legislation, prepared for submission t(J Congress, the 

Commission shall concurrently transmit a copy thereof to the 

appropriate c:ommittees of Congress. 

10. Office of Fecleral Housing Enter::irise over§iqht (HOD) 

P.L. 102-550 sec. 1313 allows the Office of Federal Housing 

Enterprise Q-<rersight in HUD to provide Congress with 

recommendaticms ;,.nd reports without "the prior approval, 

comment, or 1:eview of a..."1y officer or a~Jency of the United 

States.• 'I'ht"i office must include a statement indicating 

that the vievs expressed do :μot necessarily represent the 

views of ·the HOD Secretary or the President. 

-15-
11. Office of thE Natio~al Taxpayer Advocate (T~easury -

Internal Revenue Service) 

Tlle Office of the National Taxpayer Advocate was established 

by the Interr:al Rever.ue Service Reform and Restructuring 

Act, P.L. 10~-206, sec. 1102{a), 112 Stat. 697 et. seq .. 

26 U.S.C. 78(3 (c). Among other things, section 1102 

requires the Office of the Taxpayer Advocate to submit 

certai~ an..,u~l reports directly to the House Ways and Means 

Committee anC the Senate Finance Committee, without any 

prior review or comments by the IRS Commissioner, the 

Secretary of the Treasury, the IRS oversight Board, any 

other Treasury Department officer or eri~loyee, or the Office 

of Mar .. agernent· and Budget. The reports are to contain, among 

other things, such legislative recommer:.dations as may be 

appropriate to resclve problems encountered by taxpayers. 

12. Office of Special counsel (OSC) 

P.L. 101-12, Sec. 3 (5 o.s.c. Sec. 1217) pertains to osc•s 

transmittal cf information to the Congress. This section 

states:_ "ThE Special counsel or any employee of the Special 

Counsel designated by the Special Counsel, shall transmit to 

the Congress on the request of ar.y committee or subcommittee 

thereof, by report, testimony, or otherwise, information and 

the Special Counsel's views of functior.E, responsibilities, 

or other matters relating to the Office. such information 

shall be transmitted concurrently to tt.e President and any 

other appropriate agency in the executive branch.• 

13. Small Businei::::s Adminfstration (Chief Cc,unsel for Advocacy) 

P.L. 94-305, Sec. 201; 90 Stat. 668; 15 OSCA Sec. 634a 

requires the Pr~sident to appoint, subject io Senate 

confirmation, a Chief Counsel for Advocacy. 15 USCA 634! 

pro-vides, in pertinent part, that 

The Chief. Counsel may from time to time prepare and 

publish such reports as he deems appropriate. Not 

later than one year after June 4, 1976, he shall 

transmit to the Congress, the President, and tb.e 

(Small Bl;siness] Administratior., a full ~eport 

containing . . . specific recommenC.ations . 

including specific legislative proposals and 

recommenC-ations .... Not later than 6 months 

after Jui::.e 4, 1976, he shall prepare and transmit a 

preliminary ~eport on his activities. The reports 

shall not be submitted te [OM3! . for any 

purpose ~rior to transmittal to the Congress and the 

President. 

-16-
SBA' s Advocacy Office has contended thc:.t these reporting 

provis~ons p~ovide it with a ·permanent and general 

legislative typass. 0MB bas not insisted on compliance by 

the Advocacy Office with legislative clearance requirements. 

-!.7-
SUMMARY DESCRIPTION QF AGENCIES' "INFO~• 

(I.E., NON-STATUTORY) LEGISLATIV~ BYPASSES 

l. Conuni~~io~ on Civil Rights 

The Commissirn:: was created by the Civil Rights Act 

of 1957, P.L. 85-315, which was later amended by P.!.. 103-

419. Although the Act. has never provided statutory bypass 

authority, th1::i Commission asserts that it has implied 

legislative b)~ass authority si~ce four of its eight 

Commissioners are appointed by Congx-ess. 

2. Corn,o:ratjon for Public Broadcasting (CPIU. 

P.L. 90-129, section 201(9), a1 Stat. 368; 47 use 396 

establishes t:he CPB as a nonprofit corpciration not to "be an 

ager..cy or establishment of the United States Government." 

The President appoints the Board of Directors of the CPB with 

the ~dvice and consent of the Senate. 'l~he CPB generally does 

not submit le~rislative materials for clEiarance. 

The CPB submits its budget request directly to the Congress. 

However, this request is first sent to 0MB and 0MB provides 

recommended cbanges. C?B Ca.D. ignore these recommendations in 

its request tci Congress but the President's budget includes 

OMB's recommended CPB funding. 

3. Court of Appeacls for Veterans Claims 

In addition to the statutory budget bypass previously noted, 

the Court views i t:self as an independent: judicial body and 

does not submit legislation or testimony to 0MB for 

clearance. This view is not based on statutory authority. 

4. Federal Communications Commission (FCC) 

sec:tion .154 (k;· of the Communications Act of l.934, 41 OSCA 

sec:. 154(k), requires the FCC to submit an annual report to 

Congress addressing several matters, including •specific 

recommendatioElS to Congress as to addi t;~onal legislation 

which the Commission deems necessary o~ desirable, including 

all legislati,~e proposals submitted for approval to the 

Director of the Off:.ce of Mar.agement and Bud.get.n (Absent 

specific bypass :aD.guage, 0MB does not interpret reporting 

requirements of this nature as authoriz:i.ng a bypass.) 

-1B-
The Comrnissior. acts as if it has a bypass and does not 

ordinarily sut.-mit legislation or report.!!:- or testimony on 

legislation ir .. advance to 0MB fo"!: clearance. Moreover, 0MB 

has made no etfo~t in recent memory to subject the FCC to the 

requirements of Circular A-19. 

5. ?edera,l Maritime commission {FMC} 

Reorganizatior:. Plan No. 7 of 1961, 75 St.at:. 840; 26 F.R. 7315 

established tbe FMC and stated that it 'shall not be a part 

of any executive d.epartment or under the: a,;thori ty of the 

head of any executive department.• The FMC gene.rally does 

not submit lef·islative materials for clE:arance. 

6. Federal +ratle commission (FTC) 

The FTC has no statutory legislative bypass but acts as if it 

does: it doe~: not ordinarily submit legislation or reports 

or testimony eon legislation to 0MB for cleara..-,,ce. 0MB has 

made no effort in recent memory to subject the FTC to the 

requirements c,f Circular A-19. 

0MB does refer legislative materials t.o the FI'C on a 

case-by-case baJ!!:is, however, particularly w-ith respect to 

matters likelJ· to have a dire.ct impact cm tha: agency (e.g., 

concerning re,"'isions of the laws governing unfair trade 

prai::tices) . 

7. International Trade Commission (ITC) 

In addition tc) the formal :budgetary bypass enacted on behalf 

of the ITC. nc)ted previously, the ITC asserts an informal 

legislative bypass and does not clear legislative materials 

through 0MB. This assertion could be based on 19 USCA 2232, 

which, besideE: providing ITC with a budgetary bypass, states 

that the ITC 'shall not be considered to be a department or 

establishment for purposes of the {Budget and Accounting Act 

of 19211 . • 

B. Legal Sezyice~ Corporation (LSCJ 

In addition to the budget bypass for LSC, previously 

described, LSC has never participated ill 0MB' s Circular No. 

A-19 legislat;.ve clearance process. 

-19-
9. Marine Mammal Commission 

P.t. 92-522, t;ec. 204; 86 Stat. 1045; 16 CSCA Sec. 1404, 

requires the commission to transmit. an ".n.."lual report to 

Congress, which must include, among othE~r things, various 

recommendations made to the Secretary of the Interior and 

other Federal off~cials with respect to matters concerning 

marine mammalu. Under section 202, the report must be 

furnished •for comment" to the Interior Secretary before it 

is transmitted to Congress. 

The Commission has no statutory legislat:ive bypass but 

behaves as if it does. :t generally does not submit 

legislative materials to 0MB for review and clearance in 

accordance with 0MB Circular A-19. 

10. National Railroad Passenger corporation (Amtrak} 

Amtrak is a for-profit corporation that is largely owned by 

the Federal Gc,vernment. P.L. 95-421, Sec. 3; 92 Stat. 923, 

repealed the budgetary and legislative bypass provisions 

previously applicable to Amtrak (contained in P.L. 93-146, 

Sec. 12; 87 St.at. 553). Notwithstanding that repeal, 

howeve:r:, Amtrak does not currently submit budget information 

or legislative· proposals and comments te> O~ for clearaoce. 

Consequently, Amtrak's infonnal bypass is both budgetary and 

legislative ir. nature. 

11. Nuclear Regulatory Commission (NRC) 

NRC has no st;;;.tutory legislative bypass but asserts one 

nonetheless. NRC does submit its appropriation authorization 

legislative ma.terials for clearance unde:r Circular A-19. In 

virtually all other cases, however, including testimony and 

legislative reoports, it does not acknowledge OMB 1 s central 

clearance autr.ority. 

12. State Justice Institute 

:n addition tc the budget bypass noted previously, the 

Institute generally does not submit legislative materials for 

cleara.oce. 

13. Tennessee Valley A,uthority (TVA) 

TVA has no statutory legislative bypass but frequently acts 

as if it does~ 

-2 0-
H. U!lited States. Institute gf Peace (USI?} 

In addition t:, the budget bypass enaCte-:i for the OSIP, noted 

previously, t~e USIP has asserted an infomal legislative 

bypass, for w,ich there is no statutory o= other authority. 

15. United States Postal Service (USPS) 

In addition ti) the USPS budget provis::.0~1.s described in the 

footnote on page 7, the Postal Service ::i.as generally not 

submitted leg:Lslative items for clearan,::e. 

-21-
THE :!:NSPECTDRS GENERAL (!Gs) 

Section 5 (a) of tt.e Inspector General Act of 1978; P. L. 95-452; S 

USCA App. 3, Sec. S(a), requires each IG to prepare a sen:i-annual 

report to the heat of the agency in which be or she is located 

co~cerning a number o! matters {e.g., a description of the 

reconunendations made by the !Gs to their agencies for corrective 

action with respect ~o significai:.t problems, abuses, or 

deficiencies). Section 4{a) {2) of the Act Expressly states that 

it is the respocsibility of the IGs "to review existing and 

proposed legislation ... and to make recoa1111endations in the 

semi-anr.ual reports co~cerning the impact of such 

legislation . . . . • 

In addition, Sect:on S(d) of the Act requir~s the IGs to report 

to their agency heads ~immediatelyn when th~ IGs become aware of 

especially seriou£ abuses, problems, or deficiencies. In both 

cases, the agency heads are, in tutn, requiI·ed to forward these 

reports -- semi-ar..nual or otherwise -- to Ceongress, along with 

whatever comments they care to make. These requirements 

constitute a legislative bypass for the IGs with respect to the 

specified reports. (The agency head comments on tbe IG reports 

are, however, subject to the requirements of 0MB Circular A-19.} 

Some of the IGs have argued that, taken toge-ther, the IG 

reporting requirements.provide the IGs with a general legislative 

bypass, applicable. to all legislative recommendations and 

materials. As a :z::·esult, 0MB rarely receives. any IG submissions 

for legislative clearance. 

-22-
Agency Reform Plan Efforts 

Date Updated: November 25. 2020 

POCs: Tony Thompson, Tomeka Gilbert, KerriLaine Prunella 

Division of Administration 

• January 13, 2020 Chainnan Heath Tarbert approved an Agency-wide reform to realign key 

functions of the Commission. 

• The reorganization sought to: 

o create a new Division of Data (DOD) formed from the data-centric components in the 

Division of Market Oversight (DMO) and the Office of Data and Technology (ODT); 

o enhance structural and operational efficiency by adding the operational functions in 

ODT into OED, and create the Division of Administration; 

o reassign the Executive Secretariat Branch from OED to the Office of General Counsel 

(OGC) and renamed OGC the Legal Division (LD); 

o rename and realign the Division of Swap Dealer and Intermediary Oversight (DSIO) 

and the Office of Customer Education and Outreach (OCEO) to Market Participants 

Division (MPD); 

o realign the Division of Clearing and Risk (DCR) and Division of Swap Dealer and 

Intermediary Oversight to provide a clearing examinations presence in the New York 

Regional Office: and 

o realign the web services and AV studio in ODT under the Office of Public Affairs 

(OPA). 

• The reorg became effective on November 8, 2020 after completing our bargaining agreement 

to NTEU. 

• Attached please find signed memo attached. 
Aluminum Market Issues 

Rackground 

The physical aluminum market is mainly driven by industrial demand. China is the world"s 

largest producer (55°/41) and consumer (50%) of primary aluminum. Russia's Rusal is also a 

major producer of aluminum. 

The London Metals Exchange (LME), Shanghai Futures Exchange (SHFE), and Comex (CME) 

are the leading futures exchanges in the metal. The LME contract is considered the world's 

benchmark - and can be thought of as a global price. The LME contract can be physically 

delivered at any one of the over 700 LME approved warehouses throughout world. at the 

discretion of the short. Given the uncertainty of the delivery location the LME contract is not 

very useful as a delivery mechanism. 

Premiums 

Each delivery market has one or more local pricing points that are priced as differentials to the 

LME cash price. This component is known as the premium. In well-functioning markets, the 

premium can be thought of as a differential reflecting local supply-demand conditions and 

transportation costs relative to the global conditions. Premiums affect the all-in price paid for 

delivered metal, even when end-users buy their metal directly from producers. In the U.S., the 

predominant premium is called the Midwest Premium and is specifically for transactions at 

Detroit (transactions at other locations have an additional component for transportation. etc.). 

There are several organizations that publish Midwest premium prices: Platts is a leading 

publisher, but there are others as well. Platts is a price repmting agency and is not registered 

with. or regulated by. CFTC. Starting in August 2013. CME (Comex) listed a futures contract for 

U.S. Midwest Premium that settles to the Platts published premium price. This contract has an 

open Interest of 30-35,000. On occasion, concerns have been raised about these benchmarks, 

both regarding the opacity of the process as well as depth of the underlying cash markets to 

support the formation of reliable indices. 

CFTC has oversight of the CME as a registered Designated Contract Market (DCM). DCMs are 

self-regulatory organizations responsible for monitoring trading on their platfonn. When a DCM 

lists a cash settled contract such as the Platts Midwest premium. the CME must demonstrate that 

they monitor the pricing of the cash settled contract and amend contract terms if there is a threat 

of manipulation, disruption or distortion. In addition, to ensure that markets are sound and fair; 

the Commodity Exchange Act requires DCMs to comply with core principles, including the 

requirement that DCM listed futures contracts are "not readily susceptible to manipulation" 

CFTC also has enforcement authority for commodities in interstate commerce to bring actions, 

as appropriate, for manipulative activity, including false reporting, and fraud. Since the 

1 
beginning of this year, the U.S. Midwest Premium has increased from being about 6% of total 

price at Detroit, to currently being in the 16°/41 range. Many factors related to changes in 

supply and demand affect the Midwest premium. 

LME 

A number of consumers indicated the relationship between market balance, premiums and the 

LME cash price had broken down in 2014-15. There were two main reasons cited: carry trades 

and warehouse delivery backlogs. 

Carry trades 

CaITy trades, or longer term inventory financing deals, take advantage of cheap financing, low 

storage rates and a forward curve in contango. These trades tend to lock up inventory, 

effectively competing against stocks required by end users. As a consequence, aluminum may 

not be as available for physical consumption; the financial demand for metal may drive up 

incentives, tighten the market for physical metal, and raise premiums. 

Warehouse load-out queues 

LME warehouses has had significant backlogs in releasing metal from storage. Delivery 

load-out times approached 20 months during 2013. Consumers alleged the load-out 

delays led to increased premiums for delivered metal. The issue drew political and 

regulatory scrutiny in the United States. At that time, Detroit's Metro warehouse was 

owned and operated by Goldman Sachs. 

CFTC dialogue with LJ\.1E and UK regulators 

In 2014-15, CFTC staff held frequent dialogue with LME" s senior leadership, as well as with UK 

regulatory authorities, to understand LME's perspective on aluminum contract and warehouse 

issues, and to assess LME's proposals for resolving such issues. 

Within the limits of its jurisdiction over LME as a foreign board of trade (FBOT), CFTC staff 

made recommendations for addressing issues in the aluminum contract and related warehouse 

practices, and encouraged LME to move promptly to address problem areas. 

CFfC staff monitored market conditions, LME' s implementation of responsive measures, and 

legal developments in UK courts that impacted the scope and timing of any responsive measures 

to be undertaken by LME. 

LJ\.1E policy changes 

The CFfC consulted with LME as the Exchange implemented new operational procedures that 

cut delivery queues and increased transparency regarding delivery data and processes. Since 

then, load-out queues at Detroit warehouses have steadily declined and are currently at zero. 

Examples of some new LME policies include: 

• LME passed rules requiring load-outs to be greater than load-ins for warehouses with 

queue over 50 days. 

To stop the so-called "merry-go-round" practices utilized by warehouses, a rule was 

2 
introduced so that metal must be shipped to a different warehouse operator or to a 

consumer in the same LME location, or it must physically leave the location 

altogether. 

• The LME began publishing a Commitment of Traders report. 

CFTC Jurisdiction 

• US Futures and Sivaps are under CFTC jurisdiction. Current aluminum futures 

products listed by CME: 

Contract Open Interest 

(Oct 12, 2020) 

Aluminum Futures 205 

Aluminum A380 Alloy (Platts) Futures 

Aluminum MW U.S. Transaction Premium Platts (25MT) Futures 34,749 

Aluminium European Premium Duty-Unpaid (Metal Bulletin) futures 13,264 

Aluminium European Premium Duty-Paid (Metal Bulletin) futures 10,983 

Aluminum Japan Premium (Platts) futures 4,475 

• CFTC Jurisdiction over the LME FBOT 

LME has been able to offer the aluminum contract for direct access trading since rece1vmg 

a staff no-action relief letter on March 12, 200 I (CFfC Letter No. 01-11 ). That letter was 

superseded by an Order of Registration issued pursuant to Commodity Exchange Act 

section 4(b )(I) and Part 48 of the Commission's regulations on October 31, 2016. LME is 

not a registered entity and remains regulated by the FCA in the UK. It is registered with 

the CFfC only for the purpose of permitting direct access trading. and the Commission's 

oversight of LME is limited to the aspects of direct access trading. Should it be deemed 

necessary, the CFTC, under Part 48, can impose additional requirements and conditions on 

the direct access trading and could, under the worst scenario, revoke the Order, thereby 

prohibiting trading by direct access. It should be noted that prohibiting direct access 

trading does just that, and U.S. persons could continue to trade LME contracts by other 

means. Note that LME has three markets: the ring, a phone market and LMESelect, the 

electronic market. Generally, U.S. trading by direct access in aluminum accounts for 

approximately 1.5% of the worldwide volume in aluminum traded on LMESelect. 

• CFTC Jurisdiction in Connection to Warehouses and S&P Global Platts 

Neither commodity warehouses nor Platts are registered with the Commission in any 

category of registration or oversight. The Commission, therefore. has no direct 

3 

0 
regulatory authority over warehouses, wherever located, or Platt's provision of energy 

and commodities infonnation. CFTC-registered designated contract markets (DCMs) 

and swap execution facilities (SEFs), however, may have contractual arrangements with 

both warehouses and Platts in connection with their marketplaces. If such arrangements 

were to impact the ability of a DCM or SEF to comply with its respective regulatory 

obligations, such compliance issues would come within the Commission's authority and 

oversight responsibility. 

4 
LabCFTC Overview 

In service to the CFTC's Goal of encouraging innovation and enhancing the regulatory 

experience for market participants at home and abroad, LabCFTC's mission is to be the FACE 

of innovation for the Commission and promote responsible innovation among financial 

industry, stakeholders, and policymakers by: 

• facilitating dialogue between innovators and those within the CFTC on financial 

and technological innovations; 

• ~dvancing policy and regulation in financial innovation; 

• ~oordinating internally and externally with International, Federal, and State 

regulators, organizations, and associations; and 

• ~ducating internal and external stakeholders on financial technology and 

innovation in the financial markets to identify how innovations are being used. 

In 2019, the Chairman elevated LabCFTC to an official operating office in the Commission, 

reporting directly to him. This elevation underscores the commitment of the Agency to 

innovation - and solidifies LabCFTC's role to be the link between the Agency and innovators for 

years to come. 

Facilitating Dialogue: 

• Office Hours: Since its inception, LabCFTC regularly engages with the fintech 

community (including startups, firms, academics, market participants and interested 

parties,) through office hour sessions every Tuesday in Washington DC. In the past, 

these meetings were also held in New York, Chicago, Atlanta, and Singapore. Likewise, 

we have continued to make available a dedicated webpage, an Innovator Intake form 

Email Distribution lists and Point-of-Contact (phone and email) for public outreach. To 

date, LabCFTC has had about 430 meetings over the past 3 years. 

• Innovation Competition. LabCFTC launched its inaugural fintech competition, Project 

Streetlamp, in April. The contest challenges innovators to leverage artificial intelligence 

(Al) and other technologies to help innovate the Commission's Registration Deficient, or 

RED List. The RED List is designed to promote market integrity by identifying foreign 

entities that appear to be illegally soliciting and accepting funds from U.S. customers to 

trade binary options, foreign currency, or other products, but are not registered with 

the CFTC. The RED List helps customers make informed decisions about whether to 

trade with or through such an entity. The CFTC is the first financial regulator to sponsor 

a contest under the SPCA. The winner was announced at the November 17th Empower 

Innovation 2020 event as the CFTC Innovator of the Year and received a 

commemorative award. 
• Empower Innovation Fall Virtual Series: Because of the pandemic, LabCFTC reimagined its Annual Fintech Forward conference (described below) for 2020. Instead of 

a one-day event, LabCFTC hosted a three-part virtual interactive series, convening 

innovators, regulators, and thought-leaders with a focus on issues pertaining to financial 

innovation, and leading change during crisis. The first of this series was on September 

24th and was focused on technology and innovation during the pandemic. The second 

session was held on October 2P1 (focusing on the view of regulators on technology and 

innovation) and the third on November 17th (how technology and innovation impact the 

future of finance). Access to these sessions is available to the public on the CFTC 

You Tube Channel.. 

• Fintech Forward conferences (2018 and 2019). Since 2018, LabCFTC annually hosted 

Fintech Forward conferences to offer intersectional thinking and conversation around 

emerging financial innovation and fintech policy. Panels discussed a wide range of 

topics: artificial intelligence in the 21st century marketplace, digitization and custody, 

big data and cloud computing, and global perspectives on fintech issues. The 

conference also featured a "Meet the Regulators" exhibit where attendees had the 

opportunity to connect with regulators one-on-one and discuss innovation initiatives 

and other fintech topics. 

• Technology Advisory Committee LabCFTC serves as the Designated Federal Officers for 

the agency's Technology Advisory Committee, Virtual Currency Subcommittee and the 

FSOC committee on Digital Assets. In this role, LabCFTC facilitates dialogue on topics 

surrounding emerging fintech in the derivatives markets. 

Advancing Policy: 

• Financial Innovation Working Group (FWG) 

In 2020, LabCFTC developed the agency's first Financial Innovation Working Group, an 

interdepartmental liaison, held monthly with the agency's top fintech stakeholders. 

Each month FWG leverages experts within its network to discuss fintech issues with 

speakers ranging from NYDFS, to SEC, and the Hill to name a few. Most recently, the 

working group has met on a virtual basis, to discuss challenges as a result of the 

pandemic and the technology that can support the Commission's response to the 

changing marketplace. 

• View of innovators: One of the advantages of reorganizing LabCFTC as a stand-alone 

office, is that it increases the visibility of innovators and cutting-edge tech for the 

Chairman and Senior staff. This forward-thinking approach connects agency decision 

makers with industry experts in real-time, revealing what's on the horizon and fostering 

informed policy and improved Commission plans. 
• Legislative initiatives: LabCFTC works closely with OLA on legislative initiatives and/or 

comments from Capitol Hill. These initiatives could include legislation relating to 

technology or innovation or could be focused on the role the Commission plays in the 

ever-changing financial services industry. 

Collaboration with other Regulators: 

• GFIN: In 2019, the agency joined the CFTC joined the Global Financial Innovation 

Network (GFIN) along with several other US financial agencies (SEC, FDIC, and 

OCC). Since GFIN's launch in January 2018, it has grown to include 50 financial 

regulators and related organizations from across the globe. 

• International bodies: Additionally, CFTC sits on the Financial Stability Oversight Council 

(FSOC) committee on Digital Assets and IOSCO's Fintech advisory committee. 

• MOUs/501s: The Commission has entered into memorandums of understanding 

relating to financial innovation with the Australian Securities and Investments 

Commission (ASIC), the European Securities and Markets Authority (ESMA), the 

Monetary Authority of Singapore (MAS), and the UK's Financial Conduct Authority (FCA). 

The Commission recently approved a Statement of Intent with the South Africa Reserve 

Bank on the coordination of financial innovation. 

Educational materials. 

• Primers: Since its inception, LabCFTC has released three primers addressing significant, 

emerging fintech developments within the financial markets. These primers are 

intended to be an educational resource for the public about fintech innovation. The 

most recent primer focused on the potential of artificial intelligence (Al) to transform 

our financial markets. Earlier primers included overviews of smart contracts and virtual 

currencies. 

• Internal Training: LabCFTC's educational efforts also focus on the internal training and 

education of Commission staff. LabCFTC partnered with the HR department to ensure 

that this training is accounted for in each employee's learning management plan. 

During the pandemic, LabCFTC has held over 60+ trainings on technology and innovation 

topics since March including topics on blockchain, bitcoin, and ethereum. Over the past 

year, LabCFTC also conducted a dozen internal 'Lunch and Learn' education sessions for 

over 300 employees. 
Advisory Committees Overview 

Date Updated: November 25, 2020 

POCs: John Einstman (Legal Division), Michelle Ghim (Legal Division), and Designated 

Federal Officers ("DFOs") as listed in this document 

Legal Division et al. 

The CFfC has five active advisory committees that provide the CFTC with advice and 

recommendations on various issues relevant to the CFfC's regulatory mission. 

Unless specifically exempted, advisory committee activities are governed by the Federal 

Advisory Committee Act ("FACA"). The FACA formalized a process for establishing, 

operating, overseeing, and terminating these advisory bodies, and the Committee Management 

Secretariat was created within the U.S. General Services Agency ("GSA'') to monitor 

compliance with the Act. 

Four of the CFTC's advisory committees, the Technology Advisory Committee ("TAC"), the 

Market Risk Advisory Committee ("MRAC"), the Agriculture Advisory Committee ("AAC'') 

and the Global Market Advisory Committee ("GMAC'') are subject to the FACA, while the 

Energy and Environmental Markets Advisory Committee ("EEMAC") is exempted from the 

FACA requirements by the Commodity Exchange Act ("CEA"). See 7 U.S.C. s 2(a)(15)(E). A 

listing of advisory committees and their members is provided below. 

The CFTC's Chairman and Commissioners sponsor but do not chair the various advisory 

committees to ensure the independence of the committees' advice and recommendations to the 

Commission. F ACA meetings are coordinated by appointed DFOs, and EEMAC meetings are 

coordinated by the appointed ''Secretary" within the Commission, in consultation with the Legal 

Division, General Law Branch. The CFTC's Advisory committee meetings are generally live 

streamed and transcripts of the meetings are available to the public on the CFfC website. 

FACA Requirements 

The FACA governs the operation of federal advisory committees and emphasizes public 

involvement through open meetings and reporting. Generally, FACA committee meetings must 

be open to the public, and meetings must be announced in the Federal Register fifteen days in 

advance. Reports, transcripts, working papers, and other materials made available to or prepared 

for or by the committees must be made available to the public. 

The FACA calls upon federal agencies to carefully consider the necessity of a new committee 

before establishing it. Under the F ACA, a discretionary committee is terminated after two years 

unless the agency renews the committee's charter prior to the two-year expiration date. Further, 

the F ACA requires agencies to terminate a committee once it has completed its function. 
The FACA applies whenever an agency has established, or is utilizing, a group and seeks 

consensus advice or recommendations from a group that includes at least one person who is not a 

regular federal employee, and obtains input for its own operations or activities. 

When the FACA Does Not Apply 

The FACA does not apply to meetings solely involving federal employees or groups that 

Congress has explicitly designated as FACA-exempt, such as the EEMAC. The FACA also does 

not apply to groups 1) that are not managed or controlled by an agency, 2) that meet for the 

purpose of exchanging facts or information, or) where the agency is seeking advice from 

attendees on an individual basis. 

Federal Agency Responsibility 

Any advisory group, with limited exceptions, that is established or utilized by a federal agency 

for the purpose of providing consensus advice or recommendations and that has at least one 

member who is not a federal employee, must comply with the FACA, its implementing 

regulations, and administrative guidelines provided by the GSA' s Committee Management 

Secretariat. 

Agency Committee Management Officer and DFOs 

The FACA also provides that each agency with a federal advisory committee must appoint a 

Committee Management Officer to oversee the administration of the FACA's requirements 

within the agency. In addition, a DFO must be appointed for each committee to: 

• Approve or call committee meetings; 

• Approve agendas; 

• Attend meetings: 

• Adjourn any meeting when he or she determines it to be in the public interest; and 

• Chair meetings when so directed by the Sponsor. 

Open Access to Committee Meetings and Operations 

The FACA requires that federal agencies with advisory committees must: 

• Arrange meetings for reasonably accessible and convenient locations and times: 

• Publish fifteen days' advance notice of meetings in the Federal Register; 

• Open advisory committee meetings to the public (unless an exemption from the 

"Government in the Sunshine Act" applies); 

• Make available for public inspection, subject to the Freedom of Information Act, papers 

and records, including detailed minutes of each meeting; and 

• Maintain records of expenditures. 

2 
Advisory Committee Members 

The FACA requires that committee memberships be "fairly balanced in terms of the points of 

view represented and the functions to be performed." Selection of committee members is made 

based on the F ACA · s requirements and the potential member's background and qualifications. 

Some members are subject to criminal conflict of interest laws. regulatory standards of ethical 

conduct, financial disclosure requirements, and other Federal ethics laws and regulations. 

CFTC Advisory Committees 

Agricultural Advisory Committee 

The AAC was created to assist the Commission in assessing issues affecting agricultural 

producers. processors. lenders and others interested in or affected by the agricultural 

commodity derivatives markets through public meetings, and Committee reports and 

recommendations. 

Committee Sponsor: Chairman Heath P. Tarbert 

AAC DFO: Summer Mersinger 

Agricultural Futures Contracts with Open Interest Subcommittee Alternate DFO: Christa 

Lac hen ma yr 

Last AAC meeting: September 24. 2020 

Committee website: 

Members include representatives of national farm organizations. major commodity groups. 

agribusiness concerns, and agricultural bankers. There is no chair currently serving for this 

committee, but it is assumed that the next Sponsor will appoint. 

On September 23, 2020. the Commission approved the formation of an AAC subcommittee 

for the purpose of making recommendations to the Committee on policy related to its 

evaluation of implementation plans for amendments to agricultural futures contracts with 

open interest (Ag-O1 Subcommittee). 

As of September 24, 2020, AAC members included: 

I Name II Entity Representing 

!Buddy Allen IIAmerican Cotton Shippers Association 

lioe Barker IINational Council of Farmer Cooperatives 

lchris Betz IIMichigan Agri-Business Association 

I Larry B irgen IINational Farmers Union 

!Robbie Boone IIFarm Credit Council 

!Amanda Breslin llcoalition for Derivatives End Users 

!Patrick Coyle IINational Grain and Feed Association 

IRob Creamer I Futures Industry Association/Principal Traders 

Group 

3 
!Robert Crosby IIManaged Funds Association 

!Neil Dierks IINational Pork Producers Council 

IEct Elfmann IIAmerican Bankers Association 

!Jim Fryer IINational Cattlemen's Beef Association 

!Edward Gallagher IINational Milk Producers Federation 

IH. Thomas Hayden, Jr. llcommodity Markets Council 

!Matt Hines IIAmerican Fann Bureau Federation 

!Thomas Hogan llcocoa Merchants Association of America 

!Ashley Hungerford llusDA Office of the Chief Economist 

IT om Kadlec IIFutures Industry Association 

ICl1ris Klenklen I National Association of State Departments of 

Agriculture 

Ron Lee !National Cotton Council of America 

!Randy Melvin IINational Corn Growers Association 

!Erin Morris IIUSDA Agricultural Marketing Service 

!John Owen llusA Rice Federation 

!Monte Peterson IIAmerican Soybean Association 

!Paul Riniker IINational Farmers Organization 

!Mark Scanlan IIIndependent Community Bankers of America 

lstephen Strong IINorth American Export Grain Association 

!Justin Tupper llus Cattlemens Association 

!Hayden Wands IIAmerican Bakers Association 

!Ryan Weston IIAmerican Sugar Alliance 

IChris Young I International Swaps and Derivatives 

Association. Inc. 

Energy & Environmental Markets Advisory Committee 

Pursuant to the CEA, specifically 7 U.S.C. S 2(a)(l5)(A)(iii)). the EEMAC's objectives and 

scope of activities shall be to conduct public meetings; submit reports and recommendations 

to the Commission (including dissenting views or minority views, if any); and otherwise 

serve as a vehicle for discussion and communication on matters of concern to exchanges, 

firms, end users, and regulators regarding energy and environmental markets and their 

regulations by the Commission. 

In conformance with the CEA. the Commission is required to appoint nine Members with a 

wide diversity of opinion and who represent a broad spectrum of interests. including hedgers 

and consumers. The EEMAC holds at least two annual meetings with its Members and the 9-

20 Associate Members as provided in the EEMAC Chatter. Per the EEMAC Charter, the 

4 
Members and Associate Members may represent exchanges, derivatives clearing 

organizations, swap data repositories, firms, end-users, consumers, regulators, and academics. 

Committee Sponsor: Commissioner Dan M. Berkovitz 

Secretary: Abigail S. Knauff 

Last EEMAC meeting: October 16, 2020 

Committee website: hllp\:/..-\\ \\ \\ .cftc.gov. AhuutiA,h i~urvCornmittcc~iEEl\1AC 

As of November 25, 2020, EEMAC Members included: 

I Name II Entity Representing I 

Trabue Bland ICE Futures U.S. 

Rob Creamer FIA Principal Traders Group 

Demetri Karousos Nodal Exchange, LLC 

William F. McCoy Morgan Stanley 

Lopa Parikh Edison Electric Institute 

Jacqueline Roberts Consumer Advocate Division of West Virginia 

Derek Sammann CME Group 

Tyson T. Slocum Public Citizen 

Dena E. Wiggins (Chair) Natural Gas Supply Association 

Associate Members included: 

!Matthew Agen IIAmerican Gas Association 

lsusan B. Bergles IIExelon Company 

!Jessica Bowden IIMillennium Management LLC 

!Paul Cicio IIIndustrial Energy Consumers of America 

lsean Cota IINational Energy and Fuels Institute 

!Daniel Dunleavy IIIngevity Corporation 

!Katherine Delp IIDTCC Data Repository (U.S.) LLC 

!Erik Heinle II office of the People ·s Counsel 

!Paul Hughes llsouthern Company 

!Jeff B. Hume llcontinental Resources, Inc. 

!Kaiser Malik llcalpine Corporation 

IDr. John Parsons llspecial Government Employee 

IDetia Patterson IIAmerican Public Power Association 

!Matthew Picardi llcommercial Energy Working Group 

!Malinda Prudencio IIThe Energy Authority, Inc 

lsarah Tomalty IIBP Energy Company 

!Richard Sandor IIEnvironmental Financial Products, LLC 

5 
INoha Sidhom IIEnergy Trading Institute 

!Jeffrey L Walker IACES 

Global Markets Advisory Committee 

The GMAC was created to assist the Commission on assessing the impact on matters of 

public concern to the exchanges. firms, market users, other market participants. and the 

Commission regarding the regulator challenges of a global marketplace, which reflect the 

interconnectedness of markets and the multinational nature of business. 

Committee Sponsor: Commissioner Dawn D. Stump 

GMAC DFO: Andree Goldsmith 

Subcommittee on Margin Requirements for Non-cleared Swaps ADFO: Warren Gorlick 

Last GMAC meeting: May 19, 2020 

Committee website: http~:iiwww .l·lk. Qm·/;\bouti.-\d\ i:--oryC\1mrnittcc:--iGI\-L\C 

Members include representatives of end-users. exchanges, swap execution facilities. swap 

data repositories, clearinghouses, asset managers. intermediaries, swap dealers, service 

providers, public interest groups, and regulators. 

On October 22. 2019, the Commission approved the formation of the GMAC Subcommittee 

on Margin Requirements for Non-cleared Swaps. 

As of November 25, 2020, GMAC members included: 

Name Entity Representing 

lchris Allen llstandanl Chartered Bank 

ITed Backer IIMorgan Stanley 

!Ashley Belich IIRBC Capital Markets 

lshawn Bernardo IITP ICAP SEF 

!Darcy Bradbury IID.E. Shaw & Co .. LP. 

!Maria Chiodi llcredit Suisse Securities (USA) LLC 

lclive Christison IBP 

!Joseph Cisewski IIBetter Markets 

!Jim Colby llcoalition for Derivatives End-Users 

!Gerry Corcoran IIR.J. O'Brien & Associates, LLC 

lsunil Cutinho IICME Clearing 

!David Goone IIIntercontinental Exchange, Inc. 

!Paul Hamill llcitadel Securities 

IAmyHong IIGoldman Sachs 

!John Horkan IILCH Group 

6 
!Adam Ka11Sler IIIHS Markit 

!Angie Karna (Chair) IINomura Securities International. Inc. 

!Robert Klein llcitigroup Global Markets 

!Agnes Koh llsingapore Exchange Limited 

IBen MacDonald IIBloomberg LP 

!Erik Tim Millier IIEurex Clearing AG 

!Joseph Nicosia IILouis Dreyfus Company 

!Murray Pozmanter IDTCC 

!Thomas Sexton IINational Futures Association 

!Jessica Sohl IIHc Technologies 

!Thane Twiggs llcargill Risk Management 

lsupuma VedBrat IIBlackRock 

IMasahiro Yamada IIJP Morgan Securities LLC 

Market Risk Advisory Committee 

The MRAC advises the Commission on (I) systemic issues that impact the stability of the 

derivatives markets and other related financial markets, and (2) the impact and implications of 

the evolving market structure of the derivatives markets and other related financial markets. 

Committee Sponsor: Commissioner Rostin Behnam 

MRAC and Interest Rate Benchmark Reform, CCP Risk and Governance. and Market 

Structure Subcommittees DFO: Alicia Lewis 

Climate-Related Market Risk Subcommittee ADFO: David Gillers 

Last MRAC meeting: July 21, 2020 

Committee website: http\:/..-\\\\\\ .c1'tc.gov/Ah(lut/Ad, i~(lrvCornmittcc~il'vlRAC 

Members include representatives of end-users, exchanges, swap execution facilities, swap 

data repositories, clearinghouses, asset managers. intermediaries, market makers. service 

providers, academia, public interest groups, and regulators. 

The Commission approved the formation of the MRAC Interest Rate Benchmark Reform 

Subcommittee on September 27, 2018: the Climate-Related Market Risk Subcommittee on 

July 3, 2019; and the CCP Risk and Governance, and Market Structure Subcommittees on 

November 12. 2019. 

As of November 25, 2020, MRAC members included: 

Name Entity Representing 

Is. Salman Banaei IIIHS Markit 

lstephen Berger IICitadel 

!Richard Berner llspecial Government Employee 

ILee Betsill llcME Group 

7 

II 
!Peter Borish 

IBiswarup Chatterjee 

!Alicia Crighton 

lchris Dickens 

lshelly Goodwin 

!Matthias Graulich 

!Graham Harper 

!Frank Hayden 

!Lindsay Hopkins 

!Annette Hunter 

!Demetri Karousos 

!Eileen Kiely 

!Derek Kleinbauer 

!Laura Klimpel 

IRobe11 Mangrelli 

!Kevin McClear 

!Dennis McLaughlin 

lcraig Messinger 

IDale Michaels 

!John Murphy 

Isam Priyadarshi 

!Jonathan Raiff 

!Marnie Rosenberg 

!James Shanahan 

ILisa Shemie 

IBetty Simkins 

!Tyson Slocum 

lsujatha Srinivasan 

!Marcus Stanley 

!Robert Steigerwald 

!Janine Tramontana 

INadia Zakir (Chair) 

IIQuad Group 

llcitigroup 

IIFutures Industry Association 

IIHSBC Global Markets, EMEA 

IIBP 1ST Global Americas 

IIEurex Clearing AG 

Futures Industry Association - Principal 

. Traders Group I 

llcalpine Corporation 

IIMinneapolis Grain Exchange 

IIFederal Home Loan Bank of Atlanta 

IINodal Exchange, LLC 

11B lackrock 

IIBloomberg SEF LLC 

IIThe Depository Trust & Clearing Corporation 

llchatham Financial 

IIIntercontinental Exchange, Inc. 

IILCH Group 

llvirtu Financial 

IIThe Options Clearing Corporation 

llcommodity Markets Council 

llvanguard 

IINomura Securities International, Inc. 

IIJP Morgan 

llcoBank ACE 

llcboe Global Markets 

Head of Finance Department, Professor and 

Williams Companies Chair in Business, 

Oklahoma State University. Spears School of 

Business I 

IIPublic Citizen 

IIGoldman Sachs 

IIAmericans for Financial Reform 

II Federal Reserve Bank of Chicago 

II Federal Reserve Bank of New York 

Pacific Investment Management Company 

LLC (PIMCO I 

8 
llscott Zucker IITradeweb 

Technology Advisory Committee 

The TAC was created to advise the Commission on the impact and implications of 

technological innovations on financial services and the futures markets, and the appropriate 

legislative and regulatory response to increasing use of technology in the markets. 

Committee Sponsor: Commissioner Brian D. Quintenz 

TAC DFO: Meghan Tente 

Automated and Modern Trading Markets Subcommittee ADFO: John Coughlan 

Cybersecurity Subcommittee ADFO: Scott Sloan 

Distributed Ledger Technology and Market Infrastructure Subcommittee ADFO: Philip 

Raimondi 

Virtual Currencies Subcommittee ADFO: Jorge Herrada 

Last TAC meeting: July 16. 2020 

Committee website: https//www .dk. e,n /,\bout/ :\ch isur1Cummittccs1 l:\C 

Members include representatives of industry. exchanges, regulatory organizations. academia, 

and think tanks and public interest groups. 

On June 4. 2018, the Commission approved the formation of the Automated and Modern Trading 

Markets, Cybersecurity. Distributed Ledger Technology and Market Infrastructure, and Virtual 

Currencies Subcommittees. 

As of November 25, 2020. TAC members included: 

Name I 

!Erik Barry 

!Daniel CaITigan 

!Christopher Chattaway 

!Thomas Chippas 

lcharley Cooper 

I Gary De Waal 

IRichanl Gorelick (Chair) 

!Christopher Hehmeyer 

!Julie Holzrichter 

IMayur Kapani 

!Derek Josef Kleinbauer 

!John Lothian 

!Timothy McHenry 

ILee Olesky 

!Jennifer Peve 

II Entity Representing I 

llcredit Suisse I 

I Nasdaq 

IIGoldman Sachs I 

I ErisX 

IR3 

IIKatten Muchin Rosenman LLP I 

IIDRW Holdings, LLC I 

IIHehmeyer Trading and Investments I 

llcME Group I 

IICE 

IIBioomberg I 

IIJohn J. Lothian Co. Inc. I 

INFA 

IITradeweb I 

IDTCC 

9 
!Jeffrey A. Trahan IIDeere & Company 

lsupurna VedBrat IIBlackRock 

IEctdie Wen IIJP Morgan Chase 

IHaimera W orkie IFINRA II 

!Aaron Wright llspecial Government Employee 

IYesha Yadav llspecial Government Employee 

10