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Stephen Humenik has extensive experience on enforcement and regulatory matters involving the U.S. Commodity Futures Trading Commission (CFTC) and the derivatives and commodities markets. Specifically, Mr. Humenik represents clients in CFTC enforcement investigations and proceedings and also advises clients on regulatory and policy matters relating to the registration and compliance obligations of the Dodd-Frank Act.
Prior to joining Covington, Mr. Humenik was general counsel and chief regulatory officer of Eris Exchange, LLC, an interest rate swap derivatives market, where he oversaw the legal and regulatory affairs of the exchange, including the exchange’s designation as a contract market and ongoing compliance with CFTC regulations. Mr. Humenik previously served as Special Counsel and Policy Advisor to Commissioner Scott O’Malia where he assisted on rulemaking, enforcement and legislative matters. Mr. Humenik began his career at the CFTC and primarily served as Senior Trial Attorney for the CFTC’s Division of Enforcement where he investigated and litigated complex fraud and market manipulation cases, specifically those involving energy and financial derivatives and physical commodities. Mr. Humenik also practiced in the SEC enforcement group of a law firm in Washington, DC.
Previous Experience
- Eris Exchange LLC, General Counsel and Chief Regulatory Officer (August 2010-April 2013)
- U.S. Commodity Futures Trading Commission, Special Counsel and Policy Advisor to Commissioner Scott O’Malia (November 2009-August 2010)
- U.S. Commodity Futures Trading Commission, Senior Trial Attorney, Division of Enforcement (May 2007-November 2009; August 1999-October 2003)
Memberships and Affiliations
- District of Columbia Bar Association
- Chicago Bar Association, Futures and Derivatives Law Committee
Publications and Speeches
- "Dodd-Frank: Finalization, Implementation, and Futurization," Chicago Bar Association (December 2012)
- "Proceed with Caution - Roles and Regulatory Issues of Derivatives," ACC Docket (October 2012), Co-Author
- "Proposed Regulations Implementing Core Principle 9 for Designated Contract Markets," CFTC Staff Public Roundtable (June 2012)
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