Dykema attorneys represent virtually all types of businesses and industry professionals in the commodity futures industry. Our clients include introducing brokers (guaranteed and independent), futures commission merchants (clearing and non-clearing), commodity trading advisors and commodity pool operators, floor brokers, floor traders and entities seeking CFTC registration as derivatives clearing organizations.

Our representation generally includes all facets of regulation and litigation related to futures industry firms and professionals. We defend enforcement actions at the CFTC, the National Futures Association, and the exchanges. In addition, we represent industry professionals in registration or membership denial actions, member to member arbitrations, and customer-member disputes at every forum including CFTC reparations, federal and state court, the exchanges and NFA. We advise energy traders on compliance with the Federal Power Act as well as the Commodity Exchange Act.

We understand the businesses of our clients and strive to tailor our services to their unique business models. For example, we understand the regulatory nuances involved in the representation of trading arcades as distinguished from proprietary trading firms. We regularly form and continually advise commodity pools and trading advisors on the numerous regulatory exemptions that may apply to their structures, and we have the experience on the securities side for those hedge funds and advisors which trade both futures and securities products.

Similarly, because many of our futures clients also have interests on the securities side, we are always ready to provide our futures industry clients with services such as broker-dealer formation and continuing representation, and we regularly advise both retail broker-dealers as well as exchange regulated proprietary market-making firms in a wide variety of matters.

Representative matters include:

• Formation of master-feeder commodity pools;
• Defense of a market manipulation investigation;
• Defense of a futures exchange member whose floor broker registration was denied due to a prior felony;
• Formation of a start-up futures commission merchant seeking to become an exchange clearing member;
• Negotiation of the core introducers agreement between an FCM and IB;
• Advising non-registered pool operator on available exemptions;
• Preparation of no-action letter seeking relief on behalf of commodity pool trading options on stock futures;
• Representation of an exchange in bankruptcy related matters;
• Representation of U.S. futures firm in connection with Canadian and U.K. registration issues.

For more information about our Futures Regulation practice contact:
Aleksandra Miziolek 313-568-6762
Richard Reibman  312-627-2278