Rule Enforcement Reviews of Designated Contract Markets

The Division of Market Oversight’s Market Compliance Section conducts regular reviews of each designated contract market’s (DCM) ongoing compliance with core principles through the self-regulatory programs operated by the exchange in order to enforce its rules, prevent market manipulation and customer and market abuses, and ensure the recording and safe storage of trade information. These reviews are known as rule enforcement reviews (RERs).

Periodic RERs normally examine a DCM’s audit trail, trade practice surveillance, disciplinary, and dispute resolution programs for compliance with the relevant core principles, which include Core Principle 10, Trade Information, and Core Principle 17, Recordkeeping with respect to audit trail programs; Core Principle 2, Compliance With Rules, and Core Principle 12, Protection of Market Participants with respect to trade practice surveillance and disciplinary programs; and Core Principle 13, Dispute Resolution, with respect to dispute resolution programs.

Other periodic RERs normally examine a DCM’s market surveillance program for compliance with Core Principle 4, Monitoring of Trading, and Core Principle 5, Position Limitations or Accountability. On some occasions, these two types of RERs may be combined in a single RER. Market Compliance can also conduct horizontal RERs of the compliance of multiple exchanges in regard to particular core principles.

In conducting an RER, the Division of Market Oversight (DMO) staff examine trading and compliance activities at the exchange in question over an extended time period selected by DMO, typically the twelve months immediately preceding the start of the review. Staff conduct extensive review of documents and systems used by the exchange in carrying out its self-regulatory responsibilities; interview compliance officials and staff of the exchange; and prepare a detailed written report of their findings. In nearly all cases, the RER report is made available to the public and posted on CFTC.gov.

2012 Rule Enforcement Review
NYSE Liffe Rule Enforcement Review (PDF)

2011 Rule Enforcement Review
New York Mercantile Exchange and Commodity Exchange Rule Enforcement Review (PDF)

2010 Rule Enforcement Review
Chicago Board of Trade and the Chicago Mercantile Exchange Rule Enforcement Review (PDF)

2010 Rule Enforcement Review
ICE Futures U.S. Rule Enforcement Review (PDF)

2009 Rule Enforcement Review
Minneapolis Grain Exchange Market Rule Enforcement Review (PDF)

2008 Rule Enforcement Reviews
New York Mercantile Exchange Rule Enforcement Review (PDF)
Chicago Climate Futures Exchange, HedgeStreet Exchange, and U.S. Futures Exchange Rule Enforcement Reviews (PDF)

2007 Rule Enforcement Review
Chicago Board of Trade Market Surveillance Rule Enforcement Review (PDF)

2006 Rule Enforcement Reviews
Chicago Mercantile Exchange Rule Enforcement Review (PDF)
Kansas City Board of Trade Rule Enforcement Review (PDF)

2005 Rule Enforcement Reviews
New York Board of Trade Rule Enforcement Review (PDF)
Chicago Board of Trade Rule Enforcement Review (PDF)
OneChicago Rule Enforcement Review (PDF)

2004 Rule Enforcement Reviews
Minneapolis Grain Exchange Rule Enforcement Review (PDF)
New York Mercantile Exchange Rule Enforcement Review (PDF)
Coffee, Sugar & Cocoa Exchange, Inc. Rule Enforcement Review (PDF)

2003 Rule Enforcement Reviews
Kansas City Board of Trade Rule Enforcement Review (PDF)
New York Mercantile Exchange Market Surveillance Rule Enforcement Review (PDF)
Chicago Mercantile Exchange Rule Market Surveillance Enforcement Review (PDF)
Brokertec Futures Exchange Rule Enforcement Review (PDF)

2002 Rule Enforcement Reviews
Chicago Board of Trade Follow-Up Rule Enforcement Review (PDF)
Chicago Mercantile Exchange Rule Enforcement Review (PDF)
Commodity Exchange, Inc. Division of NYMEX Rule Enforcement Review (PDF)

2001 Rule Enforcement Reviews
Cantor Financial Futures Exchange Rule Enforcement Review (PDF)
Chicago Board of Trade Market Surveillance Rule Enforcement Review (PDF)
Minneapolis Grain Exchange Rule Enforcement Review (PDF)
New York Cotton Exchange Rule Enforcement Review (PDF)

2000 Rule Enforcement Reviews
Chicago Board of Trade Rule Enforcement Review (PDF)
Kansas City Board of Trade Rule Enforcement Review
New York Mercantile Exchange Rule Enforcement Review
Commodity Exchange, Inc. Division of NYMEX Gold Options Trading Report

1999 Rule Enforcement Reviews
Commodity Exchange, Inc. Division of NYMEX Rule Enforcement Review
Minneapolis Grain Exchange Rule Enforcement Review
Chicago Mercantile Exchange Rule Enforcement Review
Coffee, Sugar & Cocoa Exchange, Inc. Rule Enforcement Review

1998 Rule Enforcement Reviews
New York Cotton Exchange Market Surveillance Rule Enforcement Review
Commodity Exchange, Inc. Division of NYMEX Market Surveillance Rule Enforcement Review
New York Cotton Exchange Rule Enforcement Review
Kansas City Board of Trade Rule Enforcement Review

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