[20030203]RS20560_《商品期货现代化法案》（P.L106-554).pdf

Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20560Updated February 3, 2003The Commodity Futures Modernization Act(P.L. 106-554)Mark JicklingSpecialist in Public FinanceGovernment and Finance DivisionSummaryThe last act of the 106th Congress was to pass an omnibus bill that included theCommodity Futures Modernization Act (H.R. 5660; P.L. 106-554), the most significantamendments to the regulation of derivatives trading in 25 years. Derivative financialinstruments are those that gain or lose value as some underlying rate, price, or othereconomic variable changes. Derivatives traders can speculate on future trends infinancial assets (such as stocks or currencies) or commodities (oil, metals, pork bellies)without actually owning the underlying items. Derivatives may be employed to reducefinancial risk or in risky speculation on future prices and rates. These contracts do notfit in the jurisdictional boxes of financial regulation, and inter-agency quarrels haveoccurred over the years. The 106th Congress approved an overhaul of derivativesregulation which codified the unregulated status of certain derivatives, permit