Commodities exchanges (21 - 30 of 44 items)
Futures Markets: Strengthening Sales Practice Oversight
GGD-91-41: Published: Apr 25, 1991. Publicly Released: Apr 25, 1991.
GAO evaluated the Commodity Futures Trading Commission's (CFTC): (1) oversight of self-regulatory organizations' (SRO) compliance with sales practice requirements; and (2) monitoring of SRO sales practice audits.GAO found that: (1) CFTC oversight of futures industry sales practices needed to be strengthened to provide investors with additional protection against sales practice abuses; (2) rule enf...
Financial Markets: Active Oversight of Market Automation by SEC and CFTC Needed
IMTEC-91-21: Published: Apr 2, 1991. Publicly Released: Apr 2, 1991.
GAO assessed the Securities and Exchange Commission's (SEC) and the Commodity Futures Trading Commission's (CFTC) oversight of automated futures and securities trading and post-trading systems.GAO found that: (1) in response to several GAO reports and recommendations regarding various security and internal control weaknesses, SEC and CFTC took preliminary steps to oversee the development and opera...
Futures Markets: Use of Automation to Detect Trade Abuses
IMTEC-90-81: Published: Aug 24, 1990. Publicly Released: Sep 25, 1990.
Pursuant to a congressional request, GAO reviewed information on: (1) automation initiatives at 14 U.S. futures exchanges that recorded accurate trade times; (2) risk assessments of two automated trading systems that were being developed by the Chicago Board of Trade and the Chicago Mercantile Exchange (CME); and (3) steps taken by the Commodity Futures Trading Commission (CFTC) to assess automati...
Securities and Futures Markets: Assessment of SEC and CFTC Studies of October 1989 Market Volatilities
GGD-90-108BR: Published: Jul 17, 1990. Publicly Released: Jul 17, 1990.
Pursuant to a congressional request, GAO reviewed the Securities and Exchange Commission's (SEC) and the Commodity Futures Trading Commission's (CFTC) reports on the stock market events of October 13 and 16, 1989.GAO found that: (1) SEC and CFTC used information that did not completely or precisely reconstruct trading events, due to data problems involving accuracy, sequencing, and reporting; (2)...
Financial Markets: Oversight of Automation Used to Clear and Settle Trades Is Uneven
IMTEC-90-47: Published: Jul 12, 1990. Publicly Released: Jul 12, 1990.
GAO assessed the role played by the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Federal Reserve System in developing and maintaining a strong foundation of automated systems oversight.GAO found that: (1) during the 1987 and 1989 market declines, the clearinghouses processed trades reasonably well; (2) federal regulators and clearinghouses lack...
Futures Markets: Information on Six Foreign Automated Trading Systems
IMTEC-90-43FS: Published: Apr 27, 1990. Publicly Released: May 8, 1990.
Pursuant to a congressional request, GAO provided additional information on six foreign automated trading systems for trading futures contracts and options, focusing on: (1) when the exchanges began the futures trading; (2) their current or planned operating hours; (3) the types and volumes of contracts traded; and (4) the exchanges' automated trading processes.GAO found that: (1) the New Zealand...
Chicago Futures Market: Emergency Action Procedures
GGD-90-64: Published: Apr 9, 1990. Publicly Released: Apr 13, 1990.
Pursuant to a congressional request, GAO provided information on: (1) the Commodity Futures Trading Commission's (CFTC) and the Chicago Board of Trade's (CBT) policies, procedures, and practices related to emergency actions; and (2) how CFTC and CBT followed those policies and procedures during the July 1989 soybean futures emergency action.GAO found that CFTC and CBT regulations: (1) prohibited p...
Clearance and Settlement Reform: The Stock, Options, and Futures Markets Are Still at Risk
GGD-90-33: Published: Apr 11, 1990. Publicly Released: Apr 11, 1990.
GAO evaluated the progress made in response to the President's Working Group on Financial Markets' recommendations for clearance and settlement reforms after the October 1987 stock market crash, focusing on: (1) the processing of information about trades; (2) procedures used by clearing organizations to manage financial risks; and (3) payments to and from clearing organizations.GAO found that: (1)...
Securities Trading: SEC Action Needed to Address National Market System Issues
GGD-90-52: Published: Mar 12, 1990. Publicly Released: Mar 12, 1990.
GAO reviewed the Securities and Exchange Commission's (SEC) actions to establish a national market system for U.S. market securities, focusing on: (1) exchange-imposed trading restrictions; (2) the Intermarket Trading System (ITS); and (3) a multiple stock-options listing.GAO found that: (1) SEC has not determined whether trading restrictions that limit exchanges to the exchange floor restrict com...
Strengthening Trade Practice Oversight
T-GGD-89-39: Published: Sep 8, 1989. Publicly Released: Sep 8, 1989.
GAO discussed how the Commodity Futures Trading Commission (CFTC) and four of the exchanges it regulated could better deter, detect, and punish floor trade practice abusers in the futures markets. GAO noted that: (1) exchanges generally did not precisely time trade activities, although such audit trail information could help them to prevent floor participants from altering trading records and conc...