Abstract
Public regulation of futures markets has a long history. The cotton and the grain futures exchanges were already under some form of federal regulation by 1922. Jumping ahead in time, the formation of the Commodity Futures Trading Commission (CFTC) in 1974 was a response to the anticipated growth in the size of market and in the number of traded instruments and need for a coordinated policy for the regulation of futures markets. While futures markets have been regulated in one sort of a way or another for many years, little is known about the sources of support for regulation and precious little is known about the underlying reasons for the regulations. This paper offers both a brief historical account of the regional sources of support for futures legislation and a more contemporary account of the effects on membership seat prices of the recent jurisdictional conflict between the CFTC and the Securities and Exchange Commission (SEC). Public apprehension of futures markets and exchanges has a long history. Even though this
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