The agreement also provides objective standards for determining whether a particular group of securities constitutes a broad-based stock index. The Commission has exclusive jurisdiction over broad-based stock index futures. The CFMA also reauthorized the Commission for five years. FY 2000 marks the CFTC's transition from front-line regulator to oversight agency. The work of the past year, however, does not signal the end of the reform process at the Commission.
Much work lies ahead.
On a personal note, I would like to thank my colleagues Barbara P. Holum, David D. Spears, James E. Newsome, and Thomas J. Erickson for their invaluable assistance and support. I extend thanks and admiration to the members of the staff of the CFTC for their unflagging creativity, professionalism and hard work. With pleasure, I submit this Annual Report of the Commodity Futures Trading Commission to the U.S. Congress.