The US Commodity Futures Trading Commission just installed a new gatekeeper for one of its most consequential divisions. DJ Hennes has been appointed Director of the Market Participants Division, effective May 18, 2026, following an appointment by CFTC Chairman Selig.
The Market Participants Division, or MPD, is the arm of the CFTC responsible for overseeing the intermediaries that make US derivatives markets function. Think swap dealers, futures commission merchants (FCMs), commodity pool operators, and commodity trading advisors (CTAs).
Before stepping into government, Hennes served as a managing director at KPMG, one of the Big Four accounting and advisory firms. His focus there centered on governance, risk, and compliance.
Prior to KPMG, Hennes spent 15 years at Promontory Financial Group, a financial regulatory consulting firm founded by former Comptroller of the Currency Eugene Ludwig. Promontory built its reputation as the go-to advisory shop for banks and financial institutions navigating regulatory scrutiny.
Hennes’ background reportedly includes direct experience with crypto assets and prediction markets, two product categories the CFTC has been actively expanding its oversight of.
Why the Market Participants Division matters
The MPD was established in October 2020, carved out from the previous Division of Swap Dealer and Intermediary Oversight. The reorganization was designed to create a more focused regulatory unit that could better monitor the growing and diversifying population of market intermediaries.
The division is responsible for registering and examining the firms that facilitate trading in futures, options, and swaps. Regulated exchanges now list Bitcoin and Ether futures contracts that attract both institutional and retail participants. The intermediaries facilitating access to those products, the FCMs clearing trades, the CTAs recommending positions, all fall under MPD’s purview.
Platforms like Kalshi and Polymarket have drawn enormous attention in recent years, and the CFTC has been the primary federal regulator grappling with where these products fit within the existing legal framework.
