The Commodity Futures Trading Commission (CFTC) is the federal government’s watchdog for overseeing the trading of futures for oil, precious metals, grains, currencies and other commodities. It also regulates trading in derivatives linked to stock indexes and bonds. Established in 1974, the commission was set up to ensure the open and efficient operation of the futures exchange markets as well as to protect investors from fraud.
The CFTC came under increasing pressure from Congress in 2008 to investigate price manipulation in a number of markets. In May it disclosed that it had conducted a six-month investigation after the prices of gold, copper, corn, wheat and gasoline set record highs. Commissioners were pressured to demand more information about investors to determine whether they were skirting market limits on speculation and artificially driving up global food prices. Treasury Secretary Henry Paulson has advocated for the merger of the CFTC with the Securities and Exchange Commission as part of a larger overhaul of market regulation by the federal government. That idea was endorsed by the commission’s top official who was preparing to step down once President-elect Barack Obama officially takes office in January 2009.
During the 1880s, the first bills were introduced in Congress to regulate, ban, or tax futures trading in the US. Over the next 40 years, approximately 200 such bills were introduced.
Congress adopted the Future Trading Act in 1921 to provide for the regulation of futures trading in grain (corn, wheat, oats, rye, etc.). The Secretary of Agriculture was empowered to designate exchanges that met certain requirements enumerated in the act as “contract markets” in grain futures. The Future Trading Act also imposed a prohibitive tax of 20 cents per bushel on all options trades and on grain futures trades not executed on a designated contract market.
The following year, the US Supreme Court declared the Future Trading Act unconstitutional in Hill v. Wallace. The Future Trading Act imposed a prohibitive tax whose primary purpose was to force boards of trade to submit to federal regulation rather than citing the interstate commerce clause of the constitution to establish federal jurisdiction. The Supreme Court ruled that this use of Congress’ taxing power was unconstitutional. To rectify this concern, Congress adopted the Grain Futures Act in 1922. The provisions of the Grain Futures Act included the requirements for designation as a contract market, which was similar to those of the Future Trading Act. But unlike the first act, the Grain Futures Act was based on the interstate commerce clause and banned off-contract-market futures trading rather than taxing it.
In follow-up to the legislation, the Grain Futures Administration was formed as an agency of the Department of Agriculture (USDA) to administer the new law. Also created was the Grain Futures Commission, which consisted of the Secretary of Agriculture, the Secretary of Commerce, and the US Attorney General. The authority to suspend or revoke a contract market designation was vested in this new commission. Opponents of the Grain Futures Act challenged it in court, but this time the Supreme Court upheld the law.
In 1923 the Grain Futures Administration implemented a large trader reporting system, under which each clearing member was required to report on a daily basis the market positions of each trader exceeding a specified size. This large trader reporting system remains an integral part of the CFTC’s oversight scheme to this day. Twice, however, the Secretary of Agriculture temporarily suspended large trader reporting requirements, in response to complaints that the requirements were depressing grain prices. The Grain Futures Administration found this to be untrue, and the secretary agreed to reinstate the requirements.
On June 15, 1936, the Commodity Exchange Act was enacted, replacing the Grain Futures Act and extending federal regulation to a list of enumerated commodities that included cotton, rice, mill feeds, butter, eggs, and Irish potatoes, as well as grains. The Grain Futures Commission became the Commodity Exchange Commission and continued to consist of the Secretary of Agriculture, the Secretary of Commerce, and the Attorney General. The Commodity Exchange Act granted the Commodity Exchange Commission the authority to establish federal speculative position limits, but not the authority to require exchanges to set their own speculative position limits. The Commodity Exchange Act also required futures commission merchants to segregate customer funds that were deposited for purposes of margin, prohibited fictitious and fraudulent transactions such as wash sales and accommodation trades, and banned all commodity option trading. The option ban remained in effect until 1981.
In 1936, the Commodity Exchange Administration was formed within the USDA to succeed the Grain Futures Administration and to administer the Commodity Exchange Act.
On April 7, 1938, the Commodity Exchange Act was amended to add wool tops (a type of processed wool ready to be manufactured into textiles) to the list of regulated commodities. Also in 1938 the Commodity Exchange Commission promulgated the first federal speculative position limits for futures contracts in grains (then defined as wheat, corn, oats, barley, flaxseed, grain sorghums, and rye).
In 1940 the Commodity Exchange Commission established a federal speculative position limit for cotton futures contracts. Also, the Commodity Exchange Act was amended to add fats and oils (including lard, tallow, cottonseed oil, peanut oil, soybean oil, and all other fats and oils), cottonseed meal, cottonseed, peanuts, soybeans, and soybean meal to the list of regulated commodities.
The Commodity Exchange Administration was merged in 1942 with other agencies to form the Agricultural Marketing Administration (the organization is now known as the Commodity Exchange Branch of the Agricultural Marketing Administration).
During the 1950s several changes were made to the Commodity Exchange Act. Wool (as opposed to wool tops) and onions were added to the list of regulated commodities. In addition, the Commodity Exchange Authority was given the authority to issue investigative subpoenas prior to filing a formal administrative proceeding and to set the level of registration and renewal fees for futures commission merchants and other registrants. Prior to this, these fees were fixed legislatively at $10.
On August 28, 1958, the Onion Futures Act banned futures trading in onions, but did not amend the Commodity Exchange Act. Onions remained on the list of regulated commodities until 1974 (the Onion Futures Act remains in effect to this day).
In December 1963, the Great Salad Oil Swindle surfaced. Anthony (Tino) DeAngelis, owner of the Allied Crude Vegetable Oil Refining Corp., was indicted for, among other things, creating phony warehouse receipts for non-existent soybean oil (through a variety of methods including filling storage tanks with water and covering the water with a thin layer of soybean oil on top) and using those receipts as loan collateral to finance heavy trading of soybean, soybean oil, and cottonseed oil futures (including a 1962 attempt to corner the soybean market). The scandal caused 16 firms (including two Wall Street brokerage houses and a subsidiary of American Express) to go bankrupt and led to calls for increased regulation of the commodity futures markets. DeAngelis was convicted in 1965 and served seven years in prison.
On February 19, 1968, the first major commodities legislation was adopted since 1936, when the Commodity Exchange Act was amended to add livestock and livestock products (e.g., live cattle, pork bellies) to the list of regulated commodities and to institute minimum net financial requirements for futures commission merchants. The 1968 amendments also enhanced the enforcement provisions of the act in various ways, including enhanced reporting requirements, increases in criminal penalties for manipulation and other violations of the act, and a provision allowing for the suspension of contract market designation of any board of trade that failed to enforce its own rules. That same year, the Commodity Exchange Act was amended to add orange juice to the list of regulated commodities.
In 1973 grain and soybean futures prices skyrocketed, thanks in part to excessive speculation and manipulation. Congress began to consider revising the federal regulatory scheme for commodities, and in 1974, Congress passed the Commodity Futures Trading Commission Act. The bill overhauled the Commodity Exchange Act and created the Commodity Futures Trading Commission (CFTC), an independent agency with powers greater than those of its predecessor agency, the Commodity Exchange Authority. For example, while the Commodity Exchange Authority only regulated agricultural commodities enumerated in the Commodity Exchange Act, the 1974 act granted the CFTC exclusive jurisdiction over futures trading in all commodities.
On July 18, 1975, the CFTC authorized exchanges to continue trading futures contracts on a number of commodities previously unregulated under the Commodity Exchange Act. This action brought under federal regulation all commodities for which a futures contract was actively traded.
On April 28, 1977, the CFTC asked the US District Court in Chicago to order seven members of the Hunt family of Dallas, and a related company, to liquidate positions that exceeded the three million bushel speculative position limit for soybean futures on the Chicago Board of Trade. That same year, the CFTC approved the first futures contract on long-term US government debt—the Chicago Board of Trade US Treasury bond futures contract—and the commission declared a market emergency in the December coffee “C” futures contract on the New York Coffee and Sugar Exchange (which merged with the New York Cocoa Exchange to form the Coffee Sugar and Cocoa Exchange in 1979 and later became part of the New York Board of Trade). This was one of several emergencies in coffee futures during the late 1970s.
The CFTC took emergency action in 1979 to prohibit further trading in the Chicago Board of Trade March wheat futures contract—the first time the commission ordered a market closed in the interest of preventing a price manipulation. Opponents of this action challenged the CFTC’s authority in court, but lost. The US Court of Appeals for the Seventh Circuit affirmed the CFTC’s authority to act during market emergencies.
On January 6, 1980, the commission again took emergency action, this time ordering the suspension of futures trading for two days for wheat, corn, oats, soybean meal, and soybean oil on four exchanges after President Jimmy Carter announced an embargo on the sale of certain agricultural goods to the Soviet Union that included substantial amounts of grain. That same year, however, the CFTC decided not to use its emergency powers to order a suspension of trading in silver futures as prices plummeted.
On February 16, 1982, the CFTC approved the first futures contract based on a stock index, the Value Line Index Average traded on the Kansas City Board of Trade.
The CFTC approved amendments in August 1984 to the Chicago Mercantile Exchange rules that allowed it to establish a trading link with the Singapore International Monetary Exchange, the first trading and clearing link between a domestic and a foreign exchange.
In 1985 the CFTC approved the first option on a physical commodity—Amex Commodity Corporation’s physical gold bullion option contract. It also reported that Nelson Bunker Hunt, William Herbert Hunt, and other individuals and firms manipulated and attempted to manipulate silver prices in 1979 and 1980. Also in 1985, Volume Investors, Inc., a clearing member at COMEX, defaulted on a margin call on options on gold futures. The default affected the funds of 100 customers, mostly local traders, and caused the commission to consider numerous changes to its rules. Ultimately, improved surveillance, early warning, and margining procedures were developed.
On July 23, 1987, the CFTC adopted rules to permit the offer and sale of foreign futures and options in the US and to apply the same customer protection rules to the offer and sale of foreign futures and options as to the offer and sale of domestic futures and options. The following year the CFTC approved the offer and sale of the first foreign option contracts in the US, options that were traded on the SIMEX, the SFE, and the Montreal Exchange.
In 1989 a two-year FBI undercover investigation of the Chicago trading pits prompted the CFTC to adopt a number of actions. The commission also approved rules proposed by the Chicago Mercantile Exchange for the basic Globex system, the first international electronic trading system, which began trading in June 1992.
In 1990 the CFTC and the Commission des Opérations de Bourse (COB) of France signed two agreements that provided a structure for information sharing between financial regulatory authorities in different countries. The commission also moved toward closer worldwide cooperation among regulatory authorities by adopting 10 general principles intended to assist regulators and developers of screen-based trading systems (as opposed to the traditional market floor-based system.
On October 28, 1992, President George H. W. Bush signed the Futures Trading Practices Act of 1992, expanding the CFTC’s regulatory authority. The act granted the commission the authority to exempt over-the-counter (OTC) derivative and other transactions from CFTC regulation and provided for registration of local traders. The next year, the commission used its new authority to exempt certain swap agreements and hybrid instruments from regulation under the Commodity Exchange Act. It also adopted rules requiring the registration of floor brokers and ethics training for all individual registrants and permitting the suspension of registrants charged with felonies.
On January 10, 1994, the CFTC filed an administrative complaint against two former Chicago Board of Trade (CBOT) members, Anthony Catalfo and Darrell Zimmerman, alleging that they had engaged in a scheme to manipulate Treasury bond futures and put options on the CBOT. An administrative law judge issued a default order against both men finding that they had committed the violations.
Representatives of regulatory bodies from 16 countries, responsible for supervising the world’s leading futures exchanges, issued a declaration at a May 1995 meeting in Windsor, England hosted by the UK Securities Investment Board (SIB) and the CFTC. The Windsor Declaration outlined steps to strengthen the supervision of the international futures markets. The CFTC also adopted revisions to rules governing disclosure by commodity pool operators and commodity trading advisors.
In 1997 the Supreme Court ruled in Dunn v. CFTC that foreign currency options are “transactions in foreign currency” for purposes of the Treasury Amendment exclusion to the Commodity Exchange Act, eliminating the CFTC’s jurisdiction over such transactions.
On May 11, 1998, the CFTC entered into a settlement with Sumitomo Corporation to resolve allegations of manipulating the copper market in 1995 and 1996 that included a civil monetary penalty of $150 million.
Just before leaving office, President Clinton signed into law the Commodity Futures Modernization Act of 2000 that overhauled the Commodity Exchange Act to create a “flexible structure” for the regulation of futures and options trading, clarified commission jurisdiction over certain retail foreign currency transactions, and repealed the 18-year-old ban on the trading of single stock futures. Legislation in 2000 also eliminated CFTC’s oversight of energy commodities traded by large companies outside of the regulated exchanges: the so-called Enron loophole (PDF).
On August 21, 2001, the CFTC ordered Avista Energy, Inc. to pay $2.1 million to settle charges of manipulating electricity futures. Several former Avista employees (who each subsequently settled with the CFTC) and a NYMEX floor broker (who was found liable in September 2004) were also charged with participating in the manipulative scheme.
The CFTC in January 2002 issued a new rule concerning the multilateral clearing activities of NOS Clearing ASA, a Norwegian clearing house, in connection with transactions entered into on the International Maritime Exchange. This was the first time the CFTC used its authority to determine that supervision by a foreign financial regulator of a multilateral clearing organization for over-the-counter (OTC) derivative instruments satisfied appropriate standards. Also in 2002, the CFTC restructured its staff organization, shifting the functions previously performed by the Division of Trading and Markets and the Division of Economic Analysis to two new divisions and one new office: the Division of Market Oversight, the Division of Clearing and Intermediary Oversight, and the Office of the Chief Economist.
Toward the end of 2002, Dynegy Marketing and Trade and West Coast Power LLC paid $5 million to settle CFTC charges of attempted manipulation and false reporting of prices. The following year, the commission charged the bankrupt Enron Corporation and former Enron vice president Kenneth Rice with manipulating prices in the natural gas market. Enron also was charged with operating an illegal, undesignated futures exchange and offering illegal lumber futures contracts through Enron Online, its Internet trading platform. Enron settled in May 2004 and Rice settled in July 2004.
In January 2006, the CFTC settled with two subsidiaries of Royal Dutch Shell over charges of engaging in prearranged trades on the New York Mercantile Exchange (NYMEX) on five occasions between November 2003 and March 2004. The settlement involved a $200,000 civil penalty for the company and a $100,000 civil penalty for one of its traders.
Also in 2008, the work of the commission began to come under greater scrutiny by Congress as prices of oil and certain foods skyrocketed, leading some observers to wonder if regulators were failing to prevent adverse speculation in various markets. In March 2008 Secretary of the Treasury Henry Paulson even recommended merging the CFTC with the Securities and Exchange Commission as part of an ambitious overhaul of government regulation of financial markets.
In response to complaints from farmers and lawmakers that speculators had inflated food prices, the CFTC announced in June 2008 that it would require investors and index funds to disclose more information about their holdings in agricultural markets. The commission also said it would grant fewer exemptions to speculative-position limits related to agricultural index trading and would provide more detail on trader holdings.
That same month the commission also announced it was establishing a task force to study the role of speculators and index traders in oil markets to determine the cause of ballooning petroleum prices.
The Commodity Futures Trading Commission is an independent federal agency that regulates commodity futures and option markets in the United States. Commodity futures markets play a key role in establishing worldwide prices for wheat, corn, soybeans and other foodstuffs, as well as energy products like crude oil and natural gas. As the overseer of such markets, CFTC is supposed to assure their economic performance by encouraging competition and efficiency and protecting against fraud, manipulation, and abusive trading practices.
The Commission consists of five commissioners who are appointed by the President and confirmed by the Senate. They serve staggered five-year terms. The President designates one of the commissioners to serve as chairman, with approval by the Senate. No more than three commissioners at any one time may be from the same political party.
CFTC Divisions and Offices
The Division of Enforcement investigates and prosecutes alleged violations of the Commodity Exchange Act and Commission regulations. Violations may involve commodity futures or option trading on US futures exchanges or the improper marketing and sales of commodity futures products to the general public.
The CFTC utilizes four offices to monitors markets and market participants. These offices consist of CFTC headquarters in Washington, DC, and offices in Chicago, Kansas City, and New York, where futures exchanges are located.
The Office of the Chief Economist provides economic support and advice to the commission, conducts research on policy issues facing the agency, and provides education and training for commission staff.
The Office of the General Counsel functions as the commission’s legal advisor, represents it in appellate litigation and certain trial-level cases, including bankruptcy proceedings involving futures industry professionals, and advises the commission on the application and interpretation of the Commodity Exchange Act and other administrative statutes.
The Office of the Executive Director formulates and implements the management and administrative functions of the CFTC, including the commission’s budget.
The Offices of the Chairman include the Office of External Affairs, which acts as CFTC’s liaison with news media, producer and market user groups, educational and academic groups, and the general public; the Office of International Affairs which coordinates CFTC’s global regulatory efforts and assists the commission in the formulation of international policy; the Office of the Inspector General, which performs audits of CFTC programs and operations and reviews legislation and regulations; and the Office of the Secretariat, which coordinates production of policy documents and responds to requests filed under the Freedom of Information Act.
Advisory Committees
According to USAspending.gov, the Commodity Futures Trading Commission spent $100.9 million on contractors from 2000 to 2007. A total of 232 contractors did business with CFTC, providing goods and services such as office space rentals ($48.5 million), ADP systems development services ($9.9 million), printing, duplicating, and bookbinding equipment ($3.9 million) and automated news services, data services, or other information services ($3.4 million).
The top 8 contractors were:
|
The Blackstone Group
|
$25,809,593
|
|
Brown Brothers Harriman & Co
|
$7,600,673
|
|
Lockheed Martin
|
$5,362,491
|
|
Tishman Realty & Construction
|
$5,045,044
|
|
Northrop Grumman
|
$3,335,806
|
|
Tishman Speyer Archstone-Smith Sausalito
|
$3,267,428
|
|
Digicon Corporation
|
$3,229,082
|
|
Dell Inc.
|
$2,303,949
|
CFTC’s Assessment of Oil Market Angers Lawmakers
The Commodity Futures Trading Commission’s chairman, Walter Lukken, told Congress in September 2008 that market speculators probably were not responsible for recent increases in the price of oil, contrary to the assertions of some experts and members of Congress. Although the value of oil contracts on US markets soared in 2008, Lukken said that was because prices surged. At the same time, the number of contracts held by investors who expected prices to increase (known as net long positions) fell 11% from Dec. 31 to June 30.
Lukken’s testimony before the House Agriculture Committee flew in the face of assertions by members of Congress and many oil experts who blamed speculators (a combination of pension funds, financial firms, hedge funds and others buying commodities as investments rather than for commercial use) for much of the spike in commodities prices earlier in the year. “By not properly policing the oil markets, the CFTC is turning a blind eye to artificial volatility,” said Sen. Maria Cantwell (D-WA). “They may be the only group in America that believes all is well in the oil markets.”
A report released by hedge fund Masters Capital Management said financial speculators drove up oil prices and then, after prices peaked July 11, “began a mass stampede for the exits.” They pulled about $39 billion out of crude oil markets, Masters said, leading to a sell-off of 127 million barrels of oil futures.
CFTC Not Watching Influential Investment Pools
In August 2008 Democrats on Capitol Hill complained about the Commodity Futures Trading Commission’s failure to properly monitor sovereign wealth funds, the massive investment pools run by foreign governments that are now among the biggest speculators in the trading of oil and other vital goods, such as corn and cotton, in the United States. Some lawmakers said the unregulated activity of sovereign wealth funds and other speculators, such as hedge funds, contributed to the dramatic swing in oil prices in 2008.
The CFTC responded by claiming its monitoring showed that the sovereign wealth funds were not a significant factor in commodity trading. Others pointed out that CFTC was not detecting the growing influence of foreign funds because they invested through Wall Street brokers known as “swap dealers,” who often operate on unregulated markets.
Several Democrats said the Republican-led CFTC simply refused to use its authority to clamp down on such unregulated activity because it didn’t want to hurt the influential Wall Street firms it favors. “It took prodding from Congress to persuade the CFTC to finally request information from swap dealers about the participation of sovereign wealth funds in the commodity markets,” said Rep. John D. Dingell (D-MI), chairman of the Committee on Energy and Commerce. “The regulatory body in charge of policing our futures markets has been remarkably incurious about the role sovereign wealth funds play in commodity markets.”
|
Founded: 1974
Annual Budget: $130 million
Employees: 475
|
Commodity Futures Trading Commission
|
|
|
Lukken, Walter
Previous Acting Chairman
|
|
|
A native of Richmond, Indiana, Walter Lukken was appointed acting chairman by the Coomodity Futures Trading Commission on June 27, 2007. He was first appointed commissioner in 2002 and is now serving his second term, due to expire in 2010.
Lukken received his BS degree with honors from the Kelley School of Business at Indiana University and his Juris Doctor degree from Lewis and Clark Law School in Portland, Oregon. He is a member of the Illinois Bar.
Beginning in 1993, Lukken worked for five years as a legislative assistant to Sen. Richard Lugar (R-IN) and, from 1997 through 2001, as counsel for the Senate Agriculture Committee under Lugar. He specialized in futures and derivatives markets and was involved in the development, drafting and passage of the Commodity Futures Modernization Act of 2000 that allowed Enron to engage in online trading without oversight.
As acting chairman, Lukken serves as chairman of the CFTC’s Energy Markets Advisory Committee. He also served as chairman of the CFTC’s Global Markets Advisory Committee (GMAC) from October 2003 through January 2008.
.
President Bush nominated Lukken in September 2007 to serve as chairman of the CFTC. But Sen. Maria Cantwell (D-WA) blocked Lukken’s ascension as chairman. She and several Democratic colleagues also asked the CFTC’s inspector general to investigate the agency’s handling of a crude-oil report that dismissed speculation as a cause of the mid-2008 spike in oil prices.
|
|
|
|
|
|
|
Gary Gensler, Barack Obama’s choice to chair the Commodity Futures Trading Commission, is a longtime player on Wall Street and in Democratic circles in Maryland and Washington, DC, who has donated substantially to his party. The Commodity Futures Trading Commission is the federal government’s watchdog for overseeing the trading of futures for oil, precious metals, grains, currencies and other commodities. It also regulates trading in derivatives linked to stock indexes and bonds.
A native of Baltimore, MD, Gensler graduated from Pikesville High School. He attended the University of Pennsylvania’s Wharton School, where he graduated summa cum laude in 1978 with a Bachelor of Science degree in economics. He also received his MBA from the Wharton School, in 1979.
Following graduate school, Gensler joined Goldman Sachs (1979-1997), working first in the Mergers & Acquisitions Department. In 1984, he assumed responsibility for the firm’s efforts in advising media companies, and he was elected a partner in 1988, at age 30. Gensler subsequently joined the firm’s Fixed Income Division and directed their Fixed Income and Currency trading efforts in Tokyo. From 1995 to 1997, he was co-head of finance for Goldman Sachs worldwide.
Working at Goldman Sachs brought Gensler in touch with Robert Rubin, a former top executive at the firm who went on to serve as Secretary of the Treasury under President Clinton. Rubin recruited Gensler in 1997 to join the department as an Assistant Secretary for Financial Markets, and he was promoted to Undersecretary for Domestic Finance in 1999. As the Treasury Department’s undersecretary for domestic finance, Gensler oversaw policies in the areas of US financial markets, debt management, financial services, and community development. He advocated for the passage of the Commodity Futures Modernization Act of 2000, which exempted credit default swaps and other derivatives from regulation, earing it the nickname “The Enron Loophole.” He left the Treasury Department at the end of the Clinton administration in 2001.
Gensler then joined the staff of US Sen. Paul Sarbanes (D-MD) as a senior adviser. He helped draft the legislation that eventually became the Sarbanes-Oxley Act, which was passed in the wake of the Enron scandal to bring greater oversight to the accounting industry and reform of corporate governance.
Long active in national and Maryland Democratic politics, Gensler became treasurer of the Maryland Democratic Party in 2003. He subsequently sought the chairmanship, but pulled out when his wife, Francesca Danieli, was diagnosed with breast cancer. She died in 2006. A major Democratic donor, Gensler has contributed more than $220,000 to Democratic party candidates and committees since 2002, including more than $72,000 in 2008.
During the 2008 presidential primary battle, Gensler served as senior economic advisor to the Hillary Clinton campaign. Soon after Clinton’s campaign folded, he became an Obama fundraiser and adviser, and was in charge of the Obama transition team reviewing the Securities and Exchange Commission (SEC).
Gensler has served on the board of the for-profit university Strayer Education, Inc., The Bryn Mawr School, Enterprise Community Partners, the Baltimore Museum of Art, the Johns Hopkins Center for Talented Youth, WageWorks, Inc., and the Washington Hospital Center. Since 2001, he has been on the management advisory board of New Mountain Capital, LLC, including serving as chair of the audit committee.
Gensler has a twin brother, Robert, who works for T. Rowe Price as a vice president and is manager of the company’s Global Stock Fund.
|
|
|
|