The

Commodity Futures Trading Commission

, which regulates the futures markets, said Wednesday Chairman William J. Rainer is resigning, effective Jan. 19.

Rainer was nominated by President Clinton to be the CFTC's eighth chairman on Aug. 4, 1999. The announcement of Rainer's resignation comes on the same day as his counterpart at the

Securities and Exchange Commission

, Chairman Arthur Levitt,

announced he's quitting his post.