November 15, 2018

CFTC Division of Enforcement Issues Report on FY 2018 Results

Washington, DC — The Division of Enforcement (DOE) of the Commodity Futures Trading Commission (CFTC) today issued its report outlining its major priorities and initiatives during the past Fiscal Year 2018 (FY 2018).  Enforcement Director James McDonald announced the release of the report at a speech given at NYU as part of the Program on Corporate Compliance & Enforcement. 

“When I was nominated as Chairman, I made a promise that there would be no pause, let up or reduction in our duty to enforce the law and punish wrongdoing in our derivatives markets,” said Chairman J. Christopher Giancarlo.  “This report demonstrates our follow through on that commitment.”  

Consistent with the mission of DOE, and the broader mission of the CFTC, the report outlines the four major priorities that served as the focus of DOE’s enforcement efforts in FY 2018:  preserving market integrity; protecting customers; promoting individual accountability; and enhancing coordination with other regulators and criminal authorities.  The report also explains a number of key initiatives that DOE began or continued during FY 2018, including cooperation and self-reporting, data analytics, and the development of a set of specialized task forces focused on four different substantive areas — spoofing and manipulative trading, virtual currency, insider trading and protection of confidential information, and the Bank Secrecy Act.  Finally, the report details key metrics that reflect the work DOE has done during FY 2018, including statistics regarding the number of cases filed (83) and the relief obtained (more than $950 million in monetary sanctions). 

“This was an active year for the Division of Enforcement by any measure,” said McDonald.  “We believe this past Fiscal Year, particularly when viewed in light of the robust enforcement program we’ve built over the years, shows that we’ve taken significant steps toward achieving a true culture of compliance in our markets.  We’ll work hard during this next Fiscal Year and beyond to ensure this trend continues.”