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The Erratic Journey of U.S. Commodity Options Regulation

The history of derivatives regulation in the United States has been non-linear, exhibiting wide oscillations between, on the one hand, heavy Federal regulation, including the outright prohibition of whole classes of transactions and, on the other hand, unfettered free markets in large portions of the commercial over-the-counter markets. The regulatory history of commodity options has been especially circuitous. It includes moments of prohibition; forays into regulated exchange-traded and off-exchange commodity options; retrenchments into prohibitions; differing treatments for agricultural commodity options, options for physical delivery of non-agricultural products and options on non-agricultural futures; the inclusion of options for physical delivery of non-agricultural products and options on non-agricultural futures in the same framework for regulation of other derivatives; and, recently, the convergence of treatment of options on agricultural commodities with other derivatives along with an exemption for commercial interests. This article seeks to tease-out the many threads comprising the history of Federal commodity options regulation.