What is a commodity pool operator?

A commodity pool operator (CPO) is defined as "any person engaged in a business which is of the nature of an investment trust, syndicate, or similar for of enterprise, and who, in connection therewith, solicits, accepts, or receives from others, funds, securities, or property, either directly or through capital contributions, the sale of stock or other forms of securities, or otherwise, for the purpose of trading in any commodity for future delivery or commodity option on or subject to the rules of any contract market." In most cases, commodity pools are organized as limited partnerships, with the general partner as the its CPO.