UIDE TO FUTURES TRADING
NFA can be a particularly valuable resource. It can tell you a great deal about theprofessional with whom you may be considering working.BASIC includes CFTC registration status, NFA membership information, andfutures-related regulatory and nonregulatory actions contributed by the CFTC, theNFA, and the nation’s futures exchanges. Futures-related regulatory actions aretypically disciplinary actions taken by the CFTC, NFA, and the exchanges. Nonregulatory actions refer to business disputes that have been resolved either throughthe NFA’s arbitration program or the CFTC’s reparations program.To access the BASIC system, visit the NFA web site at www.nfa.futures.org(see Figure 14.1). The most efficient way to search the system for an individual orfirm is by unique NFA ID number. You also can search by firm name (whether anFCM, IB, CPO, or CTA) or by the name of an individual salesperson or a particularcommodity pool.
APPENDIX A
Domestic andInternational FuturesContract Volume
T
he Futures Industry Association compiles and reports the trading volume ondomestic and international exchanges. The data presented here, which represents trading for January through December of 2004, illustrates how extensive and diverse these markets have become.
211
212
Domestic Exchanges Futures, Options, and Options on Equities Volume, January–December 2004Unit
AMEXAirline Index (XAL)Amex China Index (CZH)Biotechnology Index (BTK)Computer Tech Index (XCI)Defense Index (DFI)Disk Drive Index (DDX)Eurotop 100 Index (EUR)Gold BUGS Index (HUI)Hong Kong (ﬂoating rate) Index (HKO)Interactive Week Internet Index (IIX)Japan Index (JPN)Major Market Index (XMI)Morgan Stanley Commodity Index (CRX)Morgan Stanley Consumer Index (CMR)Morgan Stanley Cyclical Index (CYC)Morgan Stanley Internet Index (MOX)Morgan Stanley High Tech 35 Index (MSH)Nasdaq Biotech Index (NBI)Nasdaq Non-Financial 100 Index (NDX)Mini Nasdaq Non-Financial 100 Index (MNX)Natural Gas Index (XNG)Deutsche Bank Energy (DXE)Oil Index (XOI)Pharmaceutical Index (DRG)Securities Broker/Dealer Index (XBD)S&P MidCap Index (MID)All Options on Individual EquitiesAMEX Index TotalBOSTON OPTIONS EXCHANGEAll Options on Individual EquitiesBOX Total
$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × 1/10 Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index
CommodityGroup
EquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityIndiv. Equity
Indiv. Equity
Dec.2003
2,4019,140572122706796,82141,42631,871251122142,4174415,611254117,676273,6174,5811597,3898,9382,24150314,260,87414,738,194
Dec.2004
2,2288111,203161436503,601219,23896,12049745,9151062936273,378249,07516,96631412,0954,8412,9041,74616,155,82816,847,170
3,359,0283,359,028
Jan.–Dec.2003
Jan.–Dec.2004
13,576
35,0581,629142,1364,5971929452,72979,6113316,83373,071290,7899754,797135,4011,03031,8163302,671,3793,506,89138,8894,133140,26335,96357,12811,939195,402,074202,680,929
185,9216,5663695956,46912,0851,41613,823210,880214,7261,2403,29935,6752,01363,0501,361832,0342,436,7568,4401,71940,68653,37214,462112,207175,802,038180,074,778
20,741,27120,741,271
BROKERTEC FUTURES EXCHANGETen-Year T-NotesFive-Year T-NotesBTEX TotalCHICAGO BOARD OPTIONS EXCHANGES&P 100 Index Options (OEX)S&P 100 European Exercise (XEO)S&P 500 Index Options (SPX)Dow Jones Industrial Index (DJX)Exchange Traded FundsSectors TotalNYSE Composite (NYA)Nasdaq-100 (NDXCBO)Nasdaq-100 Mini (MNX)Russell Midcap Growth Index (RDG)Russell Midcap Index (RMC)Russell Midcap Value Index (RMV)Russell 1000 Index (RUI)Russell 1000 Value Index (RLV)Russell 1000 Growth Index (RLG)Russell 2000 Value Index (RUJ)Russell 2000 Growth Index (RUO)Russell 2000 Options (RUT)Russell 3000 Value Index (RAV)Russell 3000 Growth Index (RAG)Interest Rate CompositeAll Options on Individual EquitiesCBOE TotalCBOE FUTURES EXCHANGECBOE Volatility Index (VIX)CBOE China Index (CX)S&P 500 Three-Month Variance (VT)CFE Total
213
CHICAGO BOARD OF TRADEFuturesWheatMini Wheat
$100,000$100,000
InterestInterestTrading ceased 11/03
$100 × Index Level$100 × Index Level$100 × Index$100 × Index Value$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × Index$100 × compLevel
EquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityInterestIndiv. Equity
$100 × Index$100 × Index$50 per point
EquityEquityEquity
5,000 bu1,000 bu
AgriculturalAgricultural
1,326,937146,4793,761,302649,6733,694,81320,504
1,276,031145,7014,805,137568,9313,932,31039,623
220,404452,425
277,568600,021
1,519205645565392,395
7,15016,832,62827,207,188
3203709035310085616384,536120108,32518,914,08930,654,654
654,800327,910982,710
14,343,9921,933,35536,754,72010,193,70841,146,233175,210551,622,6874,034,201
2,2719551,52533753612,790
90,438173,033,965283,946,495
4,7721042005,076
465,4051,962
402,2861,063
16,426,3921,800,57449,472,1177,347,14551,259,036431,0993,528,5565,503,345354925706,1706,7772,6332,691766889,44848741290,608224,317,421361,086,774
89,6225811,12991,332
6,967,41622,288
7,955,15531,044(continues)
214
Domestic Exchanges Futures, Options, and Options on Equities Volume, January–December 2004 (Continued)Unit
CornMini CornOatsSoybeansMini SoybeansSoybean OilSoybean MealRiceMini New York SilverMini New York GoldSilverGoldU.S.T-BondsMini U.S. T-BondsTen-Year T-NotesMini Ten-Year T-NotesFive-Year T-NotesTwo-Year T-NotesWHEN Issued Two-Year T-NotesTen-Year Agency DebtFive-Year Agency DebtMini EurodollarsTen-Year Interest Rate SwapFive-Year Interest Rate SwapTen-Year Municipal Note Index30-Day Federal FundsBundBoblSchatzDow Jones Industrial IndexMini ($5) Dow Jones Industrial IndexDow Jones U.S. Total Market IndexDow Jones–AIGCI IndexFutures Total
5,000 bu1,000 bu5,000 bu5,000 bu1,000 bu60,000 lbs100 tons200,000 lbs1,000 oz33.2 troy oz.5,000 oz100 oz$100,000$50,000$100,000$50,000$100,000$200,000$100,000$100,000$500,000$100,000$100,000$100,000$5,000,000EUR 100,000EUR 100,000EUR 100,000$10 × Index$5 × Index$500 × Index100 × Index
CommodityGroup
Dec.2003
Dec.2004
Jan.–Dec.2003
Jan.–Dec.2004
AgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgriculturalPreciousPreciousPreciousPreciousInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestEquityEquityEquityEquity
1,364,3324,75527,1701,538,50534,172618,502674,31526,6844,19721,106
1,169,6164,58720,6501,526,10931,516599,294653,17215,96219,15534,9195,22631,8445,913,97798115,038,943
19,118,71553,404318,89817,545,714250,4477,417,3408,158,445265,23434,804145,173
24,038,23386,771416,44818,846,021362,8297,593,3148,569,243168,165204,255420,60412,39889,53972,949,05311,373196,119,15082105,469,4109,454,7741
4,835,17390910,912,23956,285,624488,459
9,416,7721,058,503
6028101,45217,8899,075509,070
187,95950,6056,248780,20822
63,521,50715,707146,745,2814973,746,4454,415,90689,3422,0005431,038,777110,27594,5418,271,726
266,032990,502
653237,5281,710,046
4,416,30210,859,690
7,07629,204,698
2,33838,820,183
43,321373,669,290
91856,968243,35365,02611,940,1202,3033,2194,3062,577,13820,695,8483,02840,882489,230,144
Options on FuturesWheatCornOatsSoybeansSoybean OilSoybean MealRiceU.S. T-BondsTen-Year T-NotesFive-Year T-NotesTwo-Year T-NotesTen-Year Interest Rate SwapFive-Year Interest Rate Swap30-Day Federal FundsFlexible U.S. T-BondsFlexible T-Notes (10-Year)Flexible T-Notes (5-Year)Dow Jones Industrial IndexMini ($5) Dow Jones Industrial IndexOptions on Futures TotalCBOT Total
215
CHICAGO MERCANTILE EXCHANGEFuturesLean HogsPork Bellies, FrozenButterNonfat Dry MilkClass III MilkClass IV MilkLive CattleFeeder CattleRandom LumberDiammonium PhosphateUrea Ammonium NitrateUrea90-Day T-BillsThree-Month Eurodollar
5,000 bu5,000 bu5,000 bu5,000 bu60,000 lbs100 tons200,000 lbs$100,000$100,000$100,000$200,000$100,000$100,000$5,000,000
$10 × Index$5 × Index
40,000 lbs40,000 lbs40,000 lbs44,000 lbs200,000 lbs200,000 lbs40,000 lbs50,000 lbs80,000 bd. ft.100 tons100 tons100 tons$1,000,000$1,000,000
AgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgriculturalInterestInterestInterestInterestInterestInterestInterestInterestInterestInterestEquityEquity
AgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgriculturalAgriculturalOtherOtherOtherOtherInterestInterest
109,604302,1531,458450,71563,30760,0903,648951,0803,010,919651,3932
76,387265,8301,089318,67532,20332,395915930,6284,231,0681,008,1411,059
126,4753,0351,550
5,782,45734,987,155
309,69715,75021,82915,2007,67155,1597,323,69646,143,879
148,11711,024604
255,4887,783303
15,856
21,2772359,74961,58619,61742565
47,028
332,86260,19813,272
16,978,187
21,920,233
1,788,5004,515,24036,1634,885,399665,532546,26734,97815,180,02541,165,6299,697,45511,8741,7871001,614,31957,44256,920200263,62980,521,459454,190,749
2,164,155161,3298,544230191,3511374,436,089704,852223,891
3,974208,771,164
1,465,7607,593,35536,4986,045,952947,383971,33522,06413,788,90856,878,01317,215,90310,206
4,707,103193,66396,19229,900190,708571,299110,764,242599,994,386
3,204,186151,9496,167114345,9736904,510,128741,265242,87362218300297,584,038(continues)
216
Domestic Exchanges Futures, Options, and Options on Equities Volume, January–December 2004 (Continued)Unit
Three-Month Eurodollar FRAEuroyenEuroyen LIBORTwo-Year SwapFive-Year SwapTen-Year SwapConsumer Price IndexMexican CETES28-Day Mexican TIIEOne Month LIBORAustralian DollarBritish PoundBrazilian RealCanadian DollarCME $ IndexCzech KorunaEuro FXE-mini Euro FXHungarian ForintJapanese YenE-mini Japanese YenMexican PesoNew Zealand DollarNorwegian KronePolish ZlotyRussian RubleSouth African RandSwedish KronaSwiss FrancAustralian Dollar/Canadian DollarAustralian Dollar/Japanese YenAustralian Dollar/New Zealand DollarBritish Pound/Japanese YenBritish Pound/Swiss FrancCanadian Dollar/Japanese Yen
$1,000,000$100,000,000 yen$100,000,000 yen
$2,500 × CPI400,000 peso$1,200,000 peso$3,000,000$100,00062,500100,000100,0001,000 × Index4,000,000125,000 × Euro62,500 × Euro30,000,00012,500,0006,250,000500,000100,000227,000500,0002,500,000500,000193,600125,000200,000 AD200,000 AD200,000 AD125,000 BP125,000 BP200,000 CD
CommodityGroup
InterestInterestInterestInterestInterestInterestInterestInterestInterestInterestForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeignForeign
Dec.2003
Dec.2004
14,2801,1506409,5514,225
23,623
116,616249,731364,54310509,304122
79,562377,473635,180198726,797
1,232,5693,097641,804474200,84319,1151901,97915,739300,4921262791230
10,3005,8806,110175
312,591,85148,6311,074,947373412,28436,1117041,2396,8169,84943568,35839524673728814
Jan.–Dec.2003
179,5731,6506,64043,61640,030
3,5061,138,3581,609,2892,595,1552774,219,61845711,193,92216,8606,085,2092,7402,123,623120,2353884,42073,54243,596,65822094894103102
Jan.–Dec.2004
328224,82126,24056,43865,2815,26422,886,9872,672,7334,676,5122,9115,611,3283063120,456,672190,554107,395,3225,4663,247,222162,3702,1224,46130,62065,7498124,067,7676761,066639651689344
217
Swiss Franc/Japanese YenEuro/Australian DollarEuro/Canadian DollarEuro/Norwegian KroneEuro/Polish ZlotyEuro/PoundEuro/YenEuro/Swedish KronaEuro/Swiss FrancNikkei 225 ($)Nikkei 225 (Yen)S&P 500 IndexE-mini S&P 500 IndexS&P 500 Barra Growth IndexS&P 500 Barra Value IndexS&P Financial SectorS&P Technology-Telecomm SectorS&P MidCap 400 IndexS&P SmallCap 600E-mini S&P MidCap 400 IndexX-Fund 2Fortune E-50Nasdaq 100 IndexE-mini Nasdaq 100E-mini Nasdaq CompositeRussell 2000E-mini Russell 2000Russell 1000Long-Short TRAKRSLong-Short TRAKRS IITRAKRS Select 50LMC TRAKRSTRAKRS CommodityTRAKRS Euro CurrencyTRAKRS GoldHDD WeatherHDD Seasonal WeatherCDD WeatherCDD Seasonal Weather
250,000 SF125,000 Euro125,000 Euro125,000 Euro500,000125,000 Euro125,000 Euro125,000 Euro125,000 Euro$5 × Index$5 × Index$250 × Index$50 × S&P Index$500 × Index$500 × Index$125 × Index$125 × Index$500 × Index$200 × Index$100 × Index$1,000 × Index$20 × Index$100 × Index$20 × Index$20 × Index$500 × Index$100 × Index$100 × Index$1 × Index$1 × Index$1 × Index$1 × Index$1 × Index$1 × Index$1 × Index$20 × Index$20 × Index$20 × Index$20 × Index
ForeignForeignForeignForeignForeignForeignForeignForeignForeignEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityEquityOtherOtherOtherOther
2420866
3,8735,5616898,2462,281,45311,107,8849412,7981,012850,797499182,529
447,1195,655,2301,78484,777614,5123,48527,43572,97028,920473,285108,2456,065,013715
719955431,1116,53511,488146324156,57044,8622,101,28313,039,1353542,167636,971354298,370
356,1715,674,86288,2701,451,06215,57438,395472,22338,1688,525168,741787,063550,1516,440250
247554247
65,696161,6001,794765,46320,175,462161,176,6395,11914,1314,09360302,8171,6351,417,513324,421,22167,888,9386,444655,7783,878,93514,941994,7562,436,0691,803,3167,424,7631,196,5256,065,0136,0582258,176
110769901983,85943,635118,6143187,2901,239,010