Paul Atkins, the longest-serving commissioner at the Securities and Exchange Commission, has emerged as the front-runner to be nominated as the next chairman of the US futures regulator, the Commodity Futures Trading Commission, according to four people familiar with the matter.

The development is a sign that the Bush administration appears to be leaning towards the appointment of another strongly pro-market figure to replace Reuben Jeffery, current CFTC chairman, who is moving to the State Department.