Table Of Contents

November 1991—The CFTC and the SEC concurrently approve proposed rule changes by the OCC and the CME intended to improve coordination in the clearance and settlement of futures and options. The rule changes expand the existing cross-margining programs between the OCC and CME to permit clearing members to include intermarket futures and option positions held in certain non-proprietary accounts.

October 28, 1992—President Bush signs the CFTC’s reauthorization legislation, The Futures Trading Practices Act of 1992 (FTPA), expanding the CFTC’s regulatory authority and reauthorizing the agency until October 1994. The FTPA, among other things, granted the Commission the authority to OTC derivative and other transactions for CFTC regulation and provided for registration of local traders.

March 1993—Futures trading in New York is disrupted and the CFTC’s New York office is temporarily relocated due to the explosion of a bomb placed by terrorists in the basement of the World Trade Center.

April 9, 1993—The CFTC adopts rules requiring the registration of FBs and ethics training for all individual registrants, as mandated by the FTPA. The Commission also adopts rules permitting the suspension of registrants charged with felonies under authority granted by the FTPA.

January 10, 1994—The CFTC files an administrative complaint against two former CBOT members, Anthony Catalfo, and Darrell Zimmerman, alleging that the respondents engaged in a scheme to manipulate Treasury bond futures and put options on the CBOT.

June 28, 1994—The CFTC approves final rules permitting registrants to provide to customers a “generic” risk disclosure statement that will satisfy risk disclosure requirements applicable to both domestic and foreign commodity futures and options transactions.

December, 1994—CFTC, in coordination with the SEC, files and simultaneously settles, for a fine of $10 million, an administrative complaint against BT Securities, a subsidiary of Bankers Trust. The Commission’s complaint alleges that BT Securities committed fraud in its Dodd-Frank Act transactions with Gibson Greetings.

February 29, 1996—The CFTC’s Division of Trading & Markets issues a no-action letter to permit the Deutsche Terminborse (DTB) [predecessor to Eurex] to install and utilize DTB computer terminals in the United States in connection with the purchase and sale of certain futures and options contracts—the staff’s first consideration of a request to place computer terminals of an off-shore exchange in the United States.

July 10, 1996—A CFTC order imposes a $600,000 civil monetary penalty against Fenchurch Capital Management Inc. of Chicago, on charges of market manipulation and cornering of the cheapest-to-deliver note deliverable against the CBOT 10-year Treasury note futures contract.

December 19, 1996—The CFTC notifies the CBOT that the delivery terms of its corn and soybean futures contracts do not satisfy the statutory objectives of Section 5a(a)(10) of the CEA of “permit[ting] the delivery of any commodity . . . at such point or points and at such quality and locational price differentials as will tend to prevent or diminish price manipulation, market congestion, or the abnormal movement of such commodity in interstate commerce” and gives the CBOT 75 days to respond.

November 7, 1997—The CFTC orders the CBOT to change the delivery specifications for its corn and soybean futures contracts pursuant to Section 5a(a)(10) of the CEA. The Commission notes that the CBOT can propose alternate specifications that meet the requirements of the CEA.

December 4, 1997—The SEC vetoes the proposed CBOT’s futures and futures options on the Dow Jones Transportation Average and the Dow Jones Utilities Average, stating that these contracts are too narrow-based to meet the requirements of the 1982 Shad-Johnson Accord. This is the only time the SEC exercised its veto power under the Accord. A court decision subsequently overturns the SEC veto and the CFTC approves the contracts on October 27, 1999.

May 7, 1998—The CFTC approves the CBOT’s new corn and soybean futures contracts with delivery specifications that supersede those ordered by the CFTC on November 7, 1997.

May 11, 1998—The CFTC enters into a settlement with Sumitomo Corporation to resolve allegations of manipulating the copper market in 1995 and 1996 that includes a civil monetary penalty of $150 million.

November 4, 1999—The CFTC staff issues a report comparing the global competitiveness of U.S. futures and option markets to their counterparts abroad. The report, entitled The Global Competitiveness of U.S. Futures Markets Revisited, updates a 1994 CFTC study, using the same methodology as the earlier study.

November 9, 1999—The PWG issues a report unanimously calling for legislation creating greater legal certainty for Dodd-Frank Act.

Appropriation and Employment History FY 1990-1999
($ in millions)

	FY 1990	FY 1991	FY 1992	FY 1993	FY 1994	FY 1995	FY 1996	FY 1997	FY 1998	FY 1999
Actual FTE	527	551	592	568	543	542	541	553	560	567
Approved Appropriation	$39	$44	$47	$47	$47	$49	$54	$55	$58	$61

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