Commodity pool operator

A Commodity pool operator (CPO) is an individual or organization that solicits or receives funds to use in the operation of a commodity pool, syndicate, collective investment vehicle, investment trust, or similar structure, specifically for trading (buying and selling) of and in commodity interests. Such commodity interests include commodity futures, swaps, options and/or leverage transactions. A commodity pool may refer to organisations or legal structures or vehicles that are used to conduct trading in actual commodities or commodity interests; this can include hedge funds.

A CPO may make trading decisions for its fund, or the fund can be managed by one or more independent commodity trading advisors. The definition of CPO may, in some cases, apply to investment advisors for hedge funds and private funds (including mutual funds and exchange-traded funds).

CPOs are generally regulated by the United States federal government through the Commodity Futures Trading Commission and National Futures Association.

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