The Commodity Futures Modernization Act (P.L. 106-554)

Jickling, Mark

Library of Congress. Congressional Research Service.

关键词: Finance;    Economic policy;    Derivative securities;    Government regulation;   

RP-ID  :  RS20560
RP-ID  :  RS20560_2003Feb03

美国|英语

来源: UNT Digital Library

【 摘 要 】

The last act of the 106th Congress was to pass an omnibus bill that included the Commodity Futures Modernization Act (H.R. 5660; P.L. 106-554), the most significant amendments to the regulation of derivatives trading in 25 years. Derivative financial instruments are those that gain or lose value as some underlying rate, price, or other economic variable changes. The 106th Congress approved an overhaul of derivatives regulation which codified the unregulated status of certain derivatives, permitted the exemption of other currently-regulated contracts from oversight by the Commodity Futures Trading Commission (CFTC), and permitted the trading of a new kind of contract: a futures contract/security hybrid based on the stocks of individual corporation.