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19 N.C.J. Int'l L. & Com. Reg. 579 (1993-1994)
Salomon Forex, Inc. v. Tauber - The Sophisticated Trader and Foreign Currency Derivatives under the Commodity Exchange Act

handle is hein.journals/ncjint19 and id is 595 raw text is: NOTES Salomon Forex, Ina v. Tauber - The Sophisticated Trader and Foreign Currency Derivatives Under the Commodity Exchange Act Table of Contents I. INTRODUCTION .......................................... 580 II. STATEMENT OF THE CASE ................................. 582 A . Facts ................................................ 582 B. District Court Holding ............................... 584 C. The Fourth Circuit's Decision ....................... 585 1. Summary of the CEA and the Treasury Am endm ent ..................................... 586 2. Legislative History of the Treasury Amendment... 587 3. The Case Law: Redefining the Issue ............. 589 III. ECONOMIC ASPECTS OF FOREIGN CURRENCY DERIVATIVES ... 589 A. Fundamentals of Futures and Options ................ 589 B. Futures and Options in the Foreign Exchange M arket .............................................. 590 1. Fluctuation of Exchange Rates and Use of Derivatives ....................................... 590 2. Users of Foreign Currency Derivatives ............ 591 IV. COMMODrrY FUTURES REGULATION UNDER THE CEA ....... 592 A. The Commodity Exchange Act ...................... 592 1. A Short History of Commodities Regulation ...... 592 2. Scope of the CEA: The Contract-Market M onopoly ....................................... 594 a. Regulation of Futures and Options ............ 594 i. Section 4: Broad Prohibition of Off- Market Futures ........................... 594 ii. Exception of Deferred Delivery ........... 594 iii. The Options Restriction .................. 595 iv. Broad Definition of Commodity........ 595 b. CFTC Enforcement Mechanisms .............. 596 B. The Treasury Amendment ........................... 596

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