The United States Commodity Futures Trading
Commission (CFTC) is charged with the supervision of trading in commodity
futures. The CFTC reports directly to the United States Congress and its aim is
to protect the trading public from possible abuses by the futures industry, such
as manipulation of the market and other deceptive practices that might prevent
the market from correctly reflecting supply and demand factors. It also seeks to
ensure that the members of the exchange are financially viable.
Incidentally, exchange bylaws, rules and regulations
are statutory and therefore have the force of law. The provisions of the CFTC
Act require every intermediary who deals with members of the public investing in
futures to be registered with the National Futures Association, a
self-regulatory body created by the Act. The ICE exchanges, through the use of
electronic surveillance and professional personnel, actively monitor trading
activity and enforce trading rules and regulations.