Monex Deposit Company v. Commodity Futures Trading Commission

Issues: (1) Whether 7 U.S.C. § 9, the Commodity Exchange Act’s “prohibition against manipulation,” empowers the Commodity Futures Trading Commission to punish conduct that does not manipulate any commodities market, simply because the conduct involves a retail transaction in a commodity; and (2) whether the CFTC violated fundamental principles of due process when it abruptly reversed its 30-year position that the petitioner Monex Deposit Company's business model was not subject to the CFTC’s regulatory authority and retroactively applied its new and incorrect position in this $290 million enforcement action.