Turning up the heat

A bipartisan group of senators is trying to amend the US Commodity Exchange Act to bring greater scrutiny to over-the-counter energy derivatives trading. The controversial proposal has drawn criticism from many quarters, including one senior regulator. By Navroz Patel

Transparency, protectionism and populism - these are the various motivations attributed by different protagonists to current efforts to change how the over-the-counter energy derivatives markets are regulated in the US.

Against a backdrop of increasing consumer anger about rising prices at the petrol pump, many energy traders blame blatant populism for a push on Capitol Hill to impose tougher reporting standards on OTC energy derivatives trading. "It's strange how politicians consistently make