Commodity Futures Trading Commission (CFTC), Office of the Chief Economist (OCE), Washington, DC
Supervisory Economist Positions

The U.S. Commodity Futures Trading Commission (CFTC) seeks to hire one or more Supervisory Economists (Associate Chief Economist) for the Office of the Chief Economist (OCE) in Washington, D.C.

WHO WE ARE: The Commodity Futures Trading Commission (CFTC) is an independent U.S. Federal government agency that regulates futures and options markets. With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the CFTC also will regulate the swaps markets. The CFTC's mission is to protect market users and the public from fraud, manipulation, abusive practices and systemic risk related to derivatives that are subject to the Commodity Exchange Act, and to foster open, competitive and financially sound markets.

The Office of the Chief Economist provides economic support and advice to the Commission, conducts quantitative research on critical policy issues in derivatives markets and provides education and training for Commission staff. In the last two years, research papers co-authored by CFTC economists were accepted for publication at the top Finance journals.

- Robert Engle (NYU): "The CFTC Office of the Chief Economist is an excellent place to do hands on empirical analysis of electronic financial markets."
- Pete Kyle (Maryland): "The Office of the Chief Economist is a great place to do empirical research on electronic trading in commodities and financial futures contracts."
- Wei Xiong (Princeton): "The Office of the Chief Economist offers unique access to proprietary (position and transaction) data on exchange traded financial derivatives. Economists working in the office have opportunities to engage in frontier research of electronic financial markets and participate in reshaping regulation of financial markets."

WHAT OCE OFFERS: Access to proprietary data. OCE economists conduct quantitative analysis using highly confidential data. The data currently includes end-of-day position changes for reportable traders, as well as all executed transactions for all exchange-traded contracts regulated by the Commission. Due to the requirements of the Dodd-Frank Act, positions and transactions in the majority of swaps will also become available in 2012.

- Opportunities to conduct original research. OCE economists have the responsibility to conduct quantitative research on critical policy issues in derivatives markets consistent with the Commission's mission. The quality of the research is critical as it feeds into the policy and regulatory mission of the Commission. Topics of current interest include: algorithmic and high frequency trading, determinants of volatility in commodity markets, the financialization of commodity markets and systemic risk issues.

- Opportunities to impact policy. OCE economists provide guidance to the Commission on a variety of current and perspective policy measures. Examples include pre-trade and post-trade market safeguards, capital and margin requirements, positions limits and reporting requirements.

- Opportunities to work on rulemaking. OCE economists are present on all Dodd-Frank rulemaking teams and are able to directly shape the new regulatory landscape of the U.S. financial marketplace. The Dodd-Frank Act includes some of the most sweeping reforms to financial regulation in the United States in the last 80 years. Title VII of the Act aims "to increase the transparency and efficiency of the OTC derivatives market and to reduce the potential for counterparty and systemic risk." The Commission currently has 31 rulemaking teams that are in the process of promulgating about 50 rules that implement the statutory objective. OCE economists are present on all rulemaking teams and are able to provide direct input into the implementation of the law.

DESIRED QUALIFICATIONS: We seek candidates who have obtained or are currently pursuing an advanced degree in finance, economics, statistics or operations research. Candidates must have the ability to apply academic research to real-world issues and present concise explanations of complex analyses. Areas of expertise include, but are not limited to:
1) theoretical and econometric analyses of high-frequency data,
2) econometric analysis of volatility,
3) models of trading behavior,
4) expertise on exchange-traded and over-the-counter derivatives, and
5) application of cost-benefit analysis in rulemaking.

The ideal candidate will possess a strong empirical background and excellent interpersonal skills.

APPLICATION PROCEDURE: For more information on current job openings, visit our "Careers" page on:

FURTHER INFORMATION: If you have any additional questions, please email Tara Mable at: TMable@CFTC.Gov

The CFTC is an Equal Opportunity Employer.

Posted 6/3/12