The Commodity Exchange Act (Act) gives the Commodity Futures Trading Commission (CFTC) limited anti-fraud and anti-manipulation jurisdiction over off-exchange (also called over-the-counter or OTC) foreign currency futures and options transactions offered to or entered into with retail customers.Under the Act, only certain regulated entities may be counterparties to these off-exchange trades with retail customers. These regulated entities include registered futures commission merchants (FCMs) and certain of their affiliates. All other off-exchange futures and options transactions with U.S. retail customers are unlawful unless done on or subject to the rules of aregulated exchange.

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