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Futures Commission Merchant Account Discretion Quiz

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Futures Commission Merchant Account Discretion Quiz

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Questions and Answers

What is the principal function of the Commodity Futures Trading Commission (CFTC) in relation to customer protection rules?

Approving new futures and options contracts

Regulating exchanges and floor members

Enforcing the maximum investment amount per client

Establishing minimum financial and ethical standards for commodity firms (correct)

Which organization was established as part of a major revision of the Commodity Exchange Act in 1975?

Commodity Futures Trading Commission (CFTC) (correct)

Federal Reserve System

Self-Regulatory Organization

National Futures Association (NFA)

What is the role of the National Futures Association (NFA) in relation to the commodities industry?

Regulating exchanges

Monitoring futures and options prices

Self-regulatory organization (correct)

Enforcing margin requirements

Which entity has overall responsibility to regulate futures and options?

Commodity Futures Trading Commission (CFTC) Signup and view all the answers

What does the National Futures Association (NFA) do with the responsibilities delegated by CFTC?

Carries them out Signup and view all the answers

Which function is carried out by both the CFTC and the NFA in regulating commodities?

Enforcing customer protection rules Signup and view all the answers

What is one of the functions of the CFTC regarding manipulation of futures and options prices?

Preventing price manipulation Signup and view all the answers

How do exchanges and floor members fall under the regulation of the CFTC?

'Subject to supervision and review' basis Signup and view all the answers

What does the NFA assist in within the commodities industry?

'Self-regulation' Signup and view all the answers

What is one specific duty performed by the CFTC to regulate exchanges?

Regulating floor members Signup and view all the answers