NFA futures leverage ratios remain stable, but increased margin use in equity index contracts hints at growing risk appetite among institutional players. A Kalshi lawyer who said that if event contract traders “lose their shirt, that’s on them” is the latest candidate that the White House is reportedly considering for the role of chair of the Commodity Futures Trading Commission (CFTC). The duty of diligent supervision on these exchanges includes the duty to take corrective action to address noncompliance and deficiencies in its supervision program. 34 In one disciplinary action, a trading firm allegedly violated ICE Rule 4.01 when it redeployed a malfunctioning ATS that previously disrupted crude oil markets, even though the firm had knowledge that the ATS was not updated to prevent future disruptions. 35 As another example, a trading firm allegedly violated CME Rule 432.W when its employees failed to detect account changes and trade transfers between customer accounts—despite customer complaints putting the trading firm on notice of these changes and transfers—thus allowing brokers to allocate gains to accounts they controlled and avoid losses in those same accounts for years. 36 NFA futures market depth metrics indicate tighter spreads in crude contracts, reflecting strong institutional engagement and potential for quick directional moves.