History of CFTC's concept of "Regulation and Freedom"

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  • 米・商品先物取引委員会（CFTC）の「規制と自由」概念の変遷

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米・商品先物取引委員会 (ＣＦＴＣ）は米国内における先物取引・オプション取引全般の規制当局として1974年に創設された。これらの取引の持つ価格変動リスクの移転および価格発見という二大機能の経済社会的効用は農業分野を中心にすでに広く認知されていたので、ＣＦＴＣの使命は単なる規制強化ではなく、必要にして充分な規制の下で先物市場における取引の公正さを維持し善良なる市場参加者を保護しつつ、取引量を増加させて業界の拡大・発展を実現する事にあった。本論ではＣＦＴＣの約20年にわたる政策形成・実施過程をたどりながら、その時々の環境条件に照らしてこの規制と自由（業界の自主性を最大限発揮させる事による規模拡大）の概念がどの様に変化してきたかを考察する。

The Commodity Futures Trading Commission (CFTC) was created in 1974 by U. S. Congress as the exclusive regulating authority for commodity futures and options trading. Two major functions of futures and options trading─price risk transfer and price discovery─had been widely recognized by the economic society in general, and particularly by the agricultural sector. The mission imposed upon CFTC, therefore, was not only the strengthening of the regulation but the realization of the growth of the industry under the necessary and sufficient regulation aimed at maintaining the integrity of the markets as well at protecting bona fide participants from the manipulation and other fraudulent practices. This article reviews CFTC's history of policy-making and its enforcement over the last 20 years and studies how the concept of Regulation and Freedom (enlargement of the business through the maximum private initiatives by the industry) has been affected by the incumbent circumstantial conditions.

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