[ by Melanie Gretchen ]

The CFTC is a small (watch)dog with a big bite.

The smallest regulator has a lot to show for the past year, during which fines increased and Barclays paid $200 to settle allegations that it manipulated Libor -- the largest fine in the trading commission's nearly 40-year history, and almost half of the $453 million the British bank paid in total.  In a statement the agency released on Friday, the CFTC laid claim to:

• 102 enforcement actions during the last fiscal year, a best for the agency, which had a slight uptick over 2011 and a nearly 8%  jump from 2 years ago.
• the opening of more than 350 new investigations
• having levied $585 million in sanctions during its 2012 fiscal year, which ended 9/30/12, up from $450 million the year before

If the Barclays settlement is one symptom of its success, one of its causes may be the appointment of David Meister, the agency's enforcement chief, in the fall of 2010.  Since he assumed the helm:

• the agency's enforcement unit has been revamped
• the Dodd-Frank Act, the regulatory overhaul law passed after the financial crisis, allowed the agency to police the previously unregulated swaps market, and lowered the burden of proof in court, making it easier to bring cases

Looking ahead, the CFTC faces threatened budget cuts by Congress, a civil case it has brought against a bankrupt brokerage firm, and several expected actions  against some of the world's biggest banks, over the Libor scandal.  For his part, Mr. Meister has faith in his team's ability to continue making history

"I applaud the staff for their hard work and dedication to the task, and am honored to work alongside them."

For further details, go to [Dealbook, 10/5/12] and [Dealbook, 11/1/10].