In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Derivatives Trading Integrity Act of
2008''.

SEC. 2. REGULATION OF CERTAIN AGREEMENTS, CONTRACTS, AND TRANSACTIONS.

(a) Definitions.--Section 1a of the Commodity Exchange Act (7
U.S.C. 1a) is amended--
(1) by striking paragraphs (10), (11), (13), (14), and
(33); and
(2) by redesignating--
(A) paragraph (12) as paragraph (10);
(B) paragraphs (15) through (32) as paragraphs (11)
through (28), respectively; and
(C) paragraph (34) as paragraph (29).
(b) Exclusions.--Section 2 of the Commodity Exchange Act (7 U.S.C.
2) is amended--
(1) by striking subsections (d), (e), (g), (h), and (i);
and
(2) by redesignating subsection (f) as subsection (d).
(c) Restriction of Futures Trading to Contract Markets or
Derivatives Transaction Execution Facilities.--Section 4 of the
Commodity Exchange Act (7 U.S.C. 6) is amended--
(1) in subsection (a), in the matter preceding paragraph
(1), by striking ''Unless exempted by the Commission pursuant
to subsection (c), it shall'' and inserting ''It shall'';
(2) by striking subsection (c); and
(3) by redesignating subsection (d) as subsection (c).
(d) Exempt Boards of Trade.--Section 5d of the Commodity Exchange
Act (7 U.S.C. 7a-3) is repealed.

SEC. 3. CONFORMING AMENDMENTS.

(a) Section 1a of the Commodity Exchange Act (7 U.S.C. 1a) (as
amended by section 2(a)(2)) is amended--
(1) in paragraph (10)(A)(x), by striking ''(other than an
electronic trading facility with respect to a significant price
discovery contract)'';
(2) in paragraph (25)--
(A) in subparagraph (C), by inserting ''and'' after
the semicolon at the end;
(B) in subparagraph (D), by striking ''; and'' and
inserting a period; and
(C) by striking subparagraph (E); and
(3) in paragraph (27), by striking ''section 2(c), 2(d),
2(f), or 2(g) of this Act'' and inserting ''subsection (c) or
(d) of section 2''.
(b) Section 2(c) of the Commodity Exchange Act (7 U.S.C. 2(c)) is
amended--
(1) in paragraph (1)--
(A) in the matter preceding subparagraph (A), by
striking ''5d,''; and
(B) in subparagraph (F), by striking ''in an
excluded commodity''; and
(2) in paragraph (2)(B)(i)(II)--
(A) in item (cc), by striking ''section 1a(20) of
this Act'' each place it appears and inserting
''section 1a(16)''; and
(B) in item (dd), by striking ''section
1a(12)(A)(ii) of this Act'' and inserting ''section
1a(10)(A)(ii)''.
(c) Section 4a of the Commodity Exchange Act (7 U.S.C. 6a) is
amended--
(1) in subsection (a)--
(A) in the first sentence, by striking ''or on
electronic trading facilities with respect to a
significant price discovery contract''; and
(B) in the second sentence, by striking ''or on an
electronic trading facility with respect to a
significant price discovery contract,'';
(2) in subsection (b)--
(A) in paragraph (1), by striking ''or electronic
trading facility with respect to a significant price
discovery contract''; and
(B) in paragraph (2), in the matter preceding the
proviso, by striking ''or electronic trading facility
with respect to a significant price discovery
contract''; and
(3) in subsection (e)--
(A) in the first sentence--
(i) in the matter preceding the proviso--
(I) by striking ''or by any
electronic trading facility'';
(II) by striking ''or on an
electronic trading facility''; and
(III) by striking ''or electronic
trading facility''; and
(ii) in the proviso, by striking ''or
electronic trading facility''; and
(B) in the second sentence, in the matter preceding
the proviso, by striking ''or electronic trading
facility with respect to a significant price discovery
contract''.
(d) Section 4g(a) of the Commodity Exchange Act (7 U.S.C. 6g(a)) is
amended by striking ''and in any significant price discovery contract
traded or executed on an electronic trading facility or''.
(e) Section 4i of the Commodity Exchange Act (7 U.S.C. 6i) is
amended--
(1) in the matter preceding paragraph (1), by striking ''or
any significant price discovery contract traded or executed on
an electronic trading facility''; and
(2) in the matter following paragraph (2), by striking ''or
electronic trading facility''.
(f) Section 5a of the Commodity Exchange Act (7 U.S.C. 7a) is
amended--
(1) in subsection (b)(2)--
(A) in subparagraph (D)(ii), by inserting ''or''
after the semicolon at the end;
(B) in subparagraph (E), by striking ''; or'' and
inserting a period; and
(C) by striking subparagraph (F); and
(2) in subsection (g)--
(A) in the heading, by striking ''Election To Trade
Excluded and Exempt Commodities'' and inserting
''Excluded Securities''; and
(B) in paragraph (1)--
(i) by striking ''excluded or exempt
commodities other than'' and inserting
''commodities other than an agricultural
commodity enumerated in section 1a(4) or''; and
(ii) by striking '', 2(d), or 2(g) of this
Act, or exempt under section 2(h) of this
Act''.
(g) Section 5b of the Commodity Exchange Act (7 U.S.C. 7a-1) is
amended--
(1) in subsection (a)(1), by striking ''section
2(a)(1)(C)(i), 2(c), 2(d), 2(f), or 2(g) of this Act or title
IV of the Commodity Futures Modernization Act of 2000, or
exempted under section 2(h) or 4(c) of this Act'' and inserting
''subsection (a)(1)(C)(i), (c), or (d) of section 2 or title IV
of the Commodity Futures Modernization Act of 2000 (Public Law
106-554; 114 Stat. 2763A457)''; and
(2) in subsection (b), by striking ''section 2(c), 2(d),
2(f), or 2(g) of this Act or title IV of the Commodity Futures
Modernization Act of 2000, or exempted under section 2(h) or
4(c) of this Act'' and inserting ''subsection (c) or (d) of
section 2 or title IV of the Commodity Futures Modernization
Act of 2000 (Public Law 106-554; 114 Stat. 2763A457)''.
(h) Section 5c of the Commodity Exchange Act (7 U.S.C. 7a-2) is
amended--
(1) in subsection (a)(1), by striking ''and section 2(h)(7)
with respect to significant price discovery contracts,'';
(2) in subsection (b)--
(A) in paragraph (1), by striking '', derivatives
transaction execution facility, or electronic trading
facility with respect to a significant price discovery
contract'' and inserting ''or derivatives transaction
execution facility''; and
(B) in paragraphs (2) and (3), by striking '',
derivatives transaction execution facility, or
electronic trading facility'' each place it appears and
inserting ''or derivatives transaction execution
facility''; and
(3) in subsection (d)(1), in the matter preceding
subparagraph (A), by striking ''or 2(h)(7)(C) with respect to a
significant price discovery contract traded or executed on an
electronic trading facility,''.
(i) Section 5e of the Commodity Exchange Act (7 U.S.C. 7b) is
amended by striking ''or revocation of the right of an electronic
trading facility to rely on the exemption set forth in section 2(h)(3)
with respect to a significant price discovery contract,''.
(j) Section 5f(b)(1) of the Commodity Exchange Act (7 U.S.C. 7b-
1(b)(1)) is amended in the matter preceding subparagraph (A), by
striking ''section 5f'' and inserting ''this section''.
(k) Section 6(b) of the Commodity Exchange Act (7 U.S.C. 8(b)) is
amended--
(1) in the first sentence--
(A) by striking ''or to revoke the right of an
electronic trading facility to rely on the exemption
set forth in section 2(h)(3) with respect to a
significant price discovery contract,''; and
(B) by striking ''or electronic trading facility'';
and
(2) in the second sentence, in the matter preceding the
proviso, by striking ''or electronic trading facility''.
(l) Section 12(e) of the Commodity Exchange Act (7 U.S.C. 16(e)) is
amended by striking paragraph (2) and inserting the following:
''(2) Effect.--This Act supersedes and preempts the
application of any State or local law that prohibits or
regulates gaming or the operation of bucket shops (other than
antifraud provisions of general applicability) in the case of
an agreement, contract, or transaction that is excluded from
this Act under--
''(A) subsection (c) or (d) of section 2; or
''(B) title IV of the Commodity Futures
Modernization Act of 2000 (Public Law 106-554; 114
Stat. 2763A457).''.
(m) Section 15(b) of the Commodity Exchange Act (7 U.S.C. 19(b)) is
amended by striking ''4(c) or''.
(n) Section 22(b)(1)(A) of the Commodity Exchange Act (7 U.S.C.
25(b)(1)(A)) is amended by striking ''by section 2(h)(7) or sections 5
through 5c'' and inserting ''under sections 5 through 5c''.
(o) Section 13106(b)(1) of the Food, Conservation, and Energy Act
of 2008 (7 U.S.C. 2 note; Public Law 110-246) is amended by striking
''section 1a(32)'' and inserting ''section 1a''.
A:
Derivatives Trading Integrity Act of 2008 - Amends the Commodity Exchange Act to: (1) repeal the exemption or exclusion from regulation by the Commodity Futures Trading Commission (CFTC) of specified derivative transactions, swap transactions, and related electronic trading facilities; (2) restrict futures trading to contract markets or derivatives transaction execution facilities; and (3) abolish exempt boards of trade.