1. Product design

a. relationship to cash market
b. protections against manipulation
c. delivery / cash settlement

2. Order execution

a. priority
b. market makers
c. off-exchange transactions
d. transparency

3. Surveillance

a. large position reporting
b. monitor expiration of contract

4. Operational capacity

5. Compliance

6. Enforcement

Financial Safety and Integrity

1. Capital standards

a. exchanges
b. clearing organizations
c. clearing members
d. financial intermediaries
e. notification of inability or possible inability to meet requirements

2. Relationship between exchange and clearing facility

3. Margins

a. criteria for setting
b. frequency of settlement
c. what can be used as margin?

4. Protection of customer funds

a. segregation
b. records
c. where can they be held?
d. insurance or guarantee fund

5. Default, insolvency or bankruptcy provisions

a. treatment of customer funds
b. transfer of positions

6. Market disruptions

a. price limits
b. circuit breakers
c. special procedures during market disruptions
d. emergency powers

7. Financial recordkeeping

8. Compliance

a. surveillance
b. audits

9. Enforcement

Customer Protection and Fairness

1. Authorization / registration / licensing

a. exchanges
b. firms
c. individuals

2. Order execution

a. competitive
b. priority
c. algorithm for electronic trading
d. antifraud rules

3. Recordkeeping

a. all transactions
b. audit trail
c. retention

4. Sales representation and disclosure

a. risk disclosure statement
b. promotional material

5. Product design

6. Dispute resolution programs

7. Compliance

a. exchanges
b. SROs

8. Enforcement

a. exchanges
b. SROs
c. regulatory agency