The Merc will need clearance for the merger from the U.S. Securities and Exchange Commission, the Commodities Futures Trading Commission and the U.S. Justice Department.

FORBES: The $25 Billion Gorilla

The securities industry is regulated by the Securities and Exchange Commission and the Commodities and Futures Trading Commission.

ECONOMIST: Killing Glass-Steagall

Investor cans bypass both company risk and commodities futures trading costs by purchasing U.S. Oil, an exchange-traded fund that tracks the price of oil futures.

FORBES: Oil: How Low Can It Go?

Dodd-Frank gave rulemaking authority to at least eight agencies, for example, and the Securities and Exchange Commission is constantly fighting with the Justice Dept. and the Commodities Futures Trading Commission over who should police financial fraud and products like derivatives.

FORBES: It's Dueling Conservatives as Roberts Lashes Out At Scalia In Dissent