CFTC director resigns

Michael Gorham has resigned from his post at the US Commodity Futures Trading Commission (CFTC), effective June 30. Gorham was recruited by CFTC chairman James Newsome to become the first director of the Commission's Division of Market Oversight (DMO) in 2002.

Gorham is leaving the CFTC to become the director of the Center for Financial Markets at the Illinois Institute of Technology in Chicago.

The DMO was created as part of a 2002 restructuring of the Commission to facilitate implementation of the Commodity Futures Modernization Act of 2000. The division handles the designation of new markets, the review of new futures and option products, the monitoring for and detection of market manipulation, and the protection of customers from market abuses