Commodities & Futures Regulation


Cadwalader lawyers have extensive experience representing clients in all types of regulatory matters before the U.S. Commodity Futures Trading Commission (CFTC). With both lawyers and a non-lawyer professional advisor who have worked for the CFTC, Cadwalader advises financial institutions, hedge funds, energy companies, commodity trading companies, futures exchanges, futures commission merchants (FCMs), commodity pool operators (CPO), and commodity trading advisors (CTA).

Our advice extends to issues regarding the application and scope of Commodity Exchange Act (CEA) and CFTC regulations governing trade practices, registration requirements and exemptions, reporting and recordkeeping requirements. We represent companies in petitions for review of CFTC orders and rulemaking efforts before the federal circuit courts of appeal and counsel clients on challenges to agency proceedings, rules and decisions. The group's experience with and understanding of agency proceedings and rulemakings, along with its understanding of the implications of judicial review, position it as a leader in counseling clients on these important administrative matters.

Our lawyers also assist clients with the development of new legislation regarding regulatory powers, and provide compliance training and manuals that address CFTC-related issues. We regularly advise clients on:

  • Trade practices in OTC markets, electronic trading facilities, and designated contract market
  • Implementation of trading strategies to comply with CEA and CFTC regulations
  • Legislative and regulatory advocacy
  • CFTC enforcement of anti-manipulation and fraud
  • Financial reform initiatives
  • Submission of comments to proposed agency regulations
  • CFTC Form 40 filings
  • Hedge exemptions from CFTC and designated contract markets
  • Guidance on registration processes
  • Application of CFTC regulations to agricultural options and swaptions
  • Forward contracting programs
  • Performance of compliance audits
  • Appellate litigation and challenges to agency rules, orders, and proceedings

We also advise clients with respect to CFTC enforcement and government investigations. Our enforcement defense lawyers regularly represent commodity traders and companies in investigations and litigation involving physical, over-the-counter, and regulated futures trading. They are experienced in civil and criminal proceedings that involve allegations of fraud, manipulation, false reporting, and multiple other regulatory violations.

6 Attorneys

Greenberg, Andrew M. Associate New York
T. +1 212 504 6077
Highman, Mark Counsel New York
T. +1 212 504 5604
Lofchie, Steven Partner New York
T. +1 212 504 6700
Mehta, Dorothy D. Partner New York
T. +1 212 504 6846
Newell, Michael Partner London
T. +44 (0) 20 7170 8540
Patel, Nihal S. Partner New York
T. +1 212 504 5645