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The U.S. Commodity Futures Trading Commission (CFTC) announced today that its enforcement program filed 25% more cases in Fiscal Year (FY) 2009, which ended on September 30, 2009, than in the prior fiscal year. During FY 2009, the CFTC’s Division of Enforcement filed 50 enforcement actions involving manipulation, fraud and other unlawful conduct and was awarded more than $280 million in civil monetary penalties, restitution and disgorgement from respondents and defendants in CFTC enforcement actions. Over the past five years, the CFTC has filed a total of 238 enforcement actions and has been

The U.S. Commodity Futures Trading Commission (CFTC) announced today that its enforcement program filed 57 enforcement actions in Fiscal Year (FY) 2010 – 14 percent more than in FY 2009 and 42 percent more than in FY 2008. The Division of Enforcement’s filings involve allegations of manipulation, fraud, abuse and other violations of the Commodity Exchange Act. The Commission was awarded more than $200 million in civil monetary penalties, restitution and disgorgement from respondents and defendants in CFTC enforcement actions. Additionally, the Division of Enforcement opened 419 investigations

Asking "what are position limits supposed to do, exactly, and how?" economist Craig Pirrong explains why limits currently being considered by the CFTC appear to be "the financial equivalent of leeches or faith heeling." In particular, Pirrong argues that the rationale for the imposition of limits to control "excessive speculation" is "dubious theoretically and empirically," and "will have little, if any effect, on the size, strength, or price impact of [speculative] waves." Pirrong also points out that the concerns with positions held by large funds such as ETFs " is misplaced": "If prices

Citing a letter from Senator Harkin, stating the that position limit requirement is "mandatory rather than 'permissive,' and has a specified deadline," CFTC Commissioner Bart Chilton declares that the "right" path for the Commission is to head "True North," and put in place the limits within the statutory deadline as Congress intended. Date December 16, 2010 Cross Reference (links require a Cabinet subscription) Dodd-Frank Act, Title VII, Sec. 737

Funding boosts for U.S. federal securities and futures regulators working to implement the new Dodd-Frank financial law are now in doubt after a Senate spending measure collapsed late Thursday. The SEC and CFTC were set to get big funding increases to hire hundreds of staff and make technology upgrades. But time is running out on a Senate deal to approve the increases, making it likely that the two agencies' funding will remain frozen at 2010 levels, along with the rest of the federal government, until next year. Date December 17, 2010