For decades, most companies didn’t worry much about the Commodity Futures Trading Commission, an obscure regulatory backwater whose lawyers brought a few dozen enforcement actions a year. Now, the mouse is starting to roar.
The Dodd-Frank Act put the CFTC on the map, and in the past year, enforcement efforts by agency lawyers have kicked into high gear. In fiscal year 2012 they filed a record number of new cases, going after some of Wall Street’s biggest players including JPMorgan Chase & Co., Goldman Sachs Group Inc., and Morgan Stanley & Co. They also won the largest fine in agency history against Barclays Bank for attempting to manipulate the London Interbank Offered Rate, or Libor.
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