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Performance and Accountability Report COMMODITY FUTURES TRADING COMMISSION PERFORMANCE AND ACCOUNTABILITY REPORT FiscaL Year 2006 COMMODITY FUTURES TRADING COMMISSION Reuben Jeffery III Chairman Madge Bolinger Gazzola Executive Director Mark Carney Chief Financial Officer November 2006 This report is in the public domain. Authorization to reproduce it in whole or in part is granted. While permission to reprint this publication is not necessary, the citation should be: Commodity Futures Trading Commission, FY 2006 Per- formance and Accountability Report, Washington D.C., 20581. All photographs in this document are proprietary and prior permission from the photographer is required for any use or reproduction of the photographs. TABLE OF CONTENTS Message from the Chairman . 1 FY 2006 Commissioners . .2 How This Report is Organized . .3 MANAGEMENT’S DISCUSSION AND ANALYSIS Commission at a Glance . .5 Performance Highlights. 14 Financial Highlights. 26 Management Challenges . .30 Inspector General’s FY 2006 Assessment. 33 PERFORMANCE SECTION Introduction to the Performance Section . 41 Strategic Goal One: Economic Utility . 42 Strategic Goal Two: Market User and Public. 54 Strategic Goal Three: Industry . 71 FINANCIAL SECTION Message from the Chief Financial Officer . 95 Limitations of Financial Statements . 96 Principal Financial Statements. 97 Report of the Independent Auditors . 117 APPENDICES FY 2006 Commissioners . 133 Enforcement Litigation by Strategic Goals. 136 CFTC Information Technology Systems . 153 Glossary of Abbreviations and Acronyms . 154 In the Tradition of Quality Reporting, the Commodity Futures Trading Commission Proudly Presents the FY 2006 Performance and Accountability Report A MESSAGE FROM THE CHAIRMAN It is a pleasure to present to you the Commission’s third consequence, the auditors reported a material weakness in annual Performance and Accountability Report. This re- the controls over financial reporting. Included in this find- port presents our accomplishments and audited financial ing was another significant deficiency related to how the statements for Fiscal Year (FY) 2006. custodial fines and interest receivable balance was deter- The Commodity Futures Trading Commission (CFTC mined. A full discussion of the material weakness can be or Commission) oversees the commodity futures and op- found in the Financial Section of this report, which also tion markets in the United States (U.S.). These markets are highlights actions the Commission is taking to resolve it. the key source of commodity price discovery and are used Over the last year, the Commission focused its as a tool by participants in the global economy to offset resources: to help ensure that customers were protected price risk. In recent years these trillion dollar markets, with when a futures brokerage firm collapsed amid an account- massive economic force, have grown faster than almost ing fraud; to take action against an energy company in any other asset class. The markets are expanding steadily response to allegations of manipulation; and to actively in both volume and new users and their complexity is address governance conflicts at publicly listed exchanges. rapidly evolving with new technologies, globalization, We also addressed how best to disclose the impact of product innovation, and greater competition. hedge funds and other speculators on our markets. Inter- The Commission accomplishes its mission through nationally, we engaged our regulatory counterparts and three strategic goals, each focusing on a vital area of stakeholders on whether it is appropriate for an exchange regulatory responsibility. They are: to ensure the economic based outside of the U.S. to be designated as a U.S. ex- vitality of the commodity futures and option markets; to change. protect market users and the public; and to ensure market Although these accomplishments are very significant integrity in order to foster open, competitive, and finan- in themselves, they are only part of the important contri- cially sound markets. butions made daily by the dedicated staff of the Commis- In the audit report issued today, the public account- sion. We hope you will join us in applauding their efforts, ing firm, KPMG LLP, on behalf of our Inspector General, which are highlighted in the pages to follow using data, reports that our financial statements were presented fairly, both financial and performance, that is reliable and com- in all material respects, and in conformity with U.S. gener- plete. ally accepted accounting principles for Federal agencies. However, to achieve this result, the FY 2005 financial statements, which reflected no material weaknesses, were Reuben Jeffery III restated. This was necessary to conform with the Finan- Chairman cial Accounting Standards Board’s Statement of Financial Accounting Standards No. 13, Accounting for Leases. As a November 15, 2006 CFTC 1 FISCAL YEAR 2006 COMMISSIONERS From left; Sharon Brown-Hruska1, Commissioner; Walter L. Lukken, Commissioner; Reuben Jeffery III, Chairman; Frederick W. Hatfield, Commissioner; Michael V. Dunn, Commissioner 1 Sharon Brown-Hruska resigned from the Commission on July 28, 2006. 2 CFTC HOW THIS REPORT IS ORGANIZED The CFTC’s FY 2006 Performance and Accountability Report is the third such report published by the Commission. This document is comprised of three primary sections: Management’s Discussion and Analysis MANAGEMENT’S DISCUSSION AND ANALYSIS The Management’s Discussion and Analysis (MDA) sec- tion is an overview of the entire report, as supported and Commission at a Glance .......................................5 detailed in the Performance Section and the Financial Sec- Performance Highlights.......................................14 Financial Highlights ...........................................26 Management Challenges .....................................30 tion. The MDA presents performance and financial high- Inspector General’s FY 2006 Assessment ...............33 lights for FY 2006, in addition to compliance with legal and regulatory requirements and the Inspector General’s assessment of management challenges facing the Commis- sion. For more information on this section, please contact Mark Carney, Chief Financial Officer, at 202-418-5477. PERFORMANCE SECTION Performance Section The Performance Section compares the Commission’s Introduction to the Performance Section................ 41 performance to the annual goals as set forth in the Strategic Goal One: Economic Utility ...................42 Strategic Goal Two: Market Users and Public ........54 2004–2009 CFTC Strategic Plan, Keeping Pace with Change. Strategic Goal Three: Industry.............................. 71 For more information on this section, please contact Emory Bevill, Deputy Director for Budget and Planning, at 202-418-5187. Financial Section The Financial Section is comprised of the Commission’s FINANCIAL SECTION financial statements and related Independent Auditors’ report. For more information, please contact Jeanne Ring, Message from the Chief Financial Officer..............95 Deputy Director for Accounting and Financial Systems, at Limitations of Financial Statements .....................96 Principal Financial Statements ............................97 202-418-5184. Report of the Independent Auditors......................117 Questions and comments about this report can be directed to Mark Carney, Chief Financial Officer, at 202-418-5477 or, via e-mail at [email protected] An electronic version of the Commodity Futures Trading Commission FY 2006 Performance and Accountability Report is available on the Internet at www.cftc.gov/cftc/cftcreports.htm. The 2004– 2009 CFTC Strategic Plan, Keeping Pace with Change, is also available at this Web site. CFTC 3 ...... MANAGEMENT’S DISCUSSION AND ANALYSIS Commission at a Glance .......................................5 Performance Highlights .......................................14 Financial Highlights ...........................................26 Management Challenges .....................................30 Inspector General’s FY 2006 Assessment ...............33 COMMISSION AT A GLANCE Organization and Locations Auditors examine records and operations of futures The CFTC consists of five Commissioners who are ap- exchanges, clearinghouses and firms for compliance with pointed by the President to serve staggered five-year terms. the CFTC regulations on financial requirements and trade All Commissioners are confirmed by the Senate. No more practices. than three Commissioners at any one time may be from Economists evaluate filings for new futures and op- the same political party. The President designates one of tion contracts and amendments to existing contracts to the Commissioners to serve as Chairman, with the advice ensure they meet the Commission’s regulatory standards. and consent of the Senate. Economists also analyze the economic effect of various The Commission’s organization chart is aligned with Commission and industry actions and events and advise its 2004–2009 Strategic Plan, and its functions are divided the Commission accordingly. In addition, economists between program policy and internal management. The monitor trading activity and price relationships in futures Office of the Chairman oversees the Commission’s princi- markets to detect and deter price manipulation and other pal divisions and offices that administer the policies, regu- potential market disruptions. lations, and guidance regarding the CEA. The Office of the Futures Trading Specialists perform regulatory and Executive Director,
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