Markets and Trading Reorganization and Reform Act

Markets and Trading Reorganization and Reform Act - Title I: Establishment of Commission - Establishes the Markets and Trading Commission as an independent regulatory commission. Establishes within such body the Office of General Counsel.

Title II: Transfers of Functions - Transfers to the Commission all functions of the Commodity Futures Trading Commission, the Securities and Exchange Commission, and the Board of Governors of the Federal Reserve System. Authorizes the Commission to: (1) direct contract markets to adjust margin levels required on contracts; and (2) prescribe limits on margin levels imposed by a contract market.

Title III: Federal Financial Markets Coordinating Council - Establishes the Federal Financial Markets Coordinating Council comprised of specified banking regulatory agencies to: (1) coordinate the regulatory operations of such agencies; (2) periodically discuss regulatory issues; (3) establish an advisory committee composed of member representatives from the futures, commodities, options and securities exchanges, and the banking industry; and (4) submit biennial status reports to the Congress.

Title IV: Administrative Provisions - Sets forth personnel and administrative provisions for the Commission. Requires the Commission to submit an annual status report to the President. Authorizes appropriations.

Title V: Transitional, Savings, and Conforming Provisions - Sets forth transition guidelines for the transfer and allocation of appropriations and personnel.

Title VI: Effective Date - Sets forth the effective date of this Act.