Futures Commission Merchant Account Discretion Quiz

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10 Questions

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

Establishing minimum financial and ethical standards for commodity firms

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

Commodity Futures Trading Commission (CFTC)

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

Self-regulatory organization

Which entity has overall responsibility to regulate futures and options?

Commodity Futures Trading Commission (CFTC)

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

Carries them out

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

Enforcing customer protection rules

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

Preventing price manipulation

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

'Subject to supervision and review' basis

What does the NFA assist in within the commodities industry?

'Self-regulation'

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

Regulating floor members

Test your knowledge on the rules surrounding account discretion held by futures commission merchants and customers, including the necessity of written documentation and the effects of revocation or death. Explore the definition of discretion in trading accounts and the rights and obligations outlined in the account agreement.

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