The two commissions regulating the trading of securities in the United States are: National Association of Securities Dealers (NASD) and Financial Industry Regulatory Authority (FINRA) U.S. Securities and Exchange Commission (SEC), which governs equities, equity options, corporate bonds, and municipal bonds, and the Commodity Futures Trading Commission (CFTC), which governs activities in the derivatives market Financial Industry Regulatory Authority (FINRA), and the Municipal Securities Rulemaking Board (MSRB) CFTC which oversees designated contract markets, and the National Association of Securities Dealers (NASD)