On January 9, the U.S. Court of Appeals for the Sixth Circuit held that the forward currency transactions at issue were “forward contracts” as opposed to “futures contracts” and were not subject to CFTC jurisdiction. The Court noted that the transactions in question were not fungible and standardized and were instead individual agreements with agreed-upon prices, quantity and settlement dates.

 http://www.ca6.uscourts.gov/opinions.pdf/08a0008p-06.pdf