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Counterparties abandon US public utilities over Dodd-Frank fears
Publicly owned utilities say a growing number of energy companies are refusing to trade with them ahead of the deadline for swap dealer registration
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Publicly owned utilities in the US say energy companies are refusing to enter into hedges with them and have signalled that they may sever longstanding trading relationships, due to a quirk in the way regulators have interpreted the Dodd-Frank Act.
In an apparent case of a well-meaning regulation having unintended consequences, the public utilities say a provision of the Dodd-Frank swap dealer rule has made it extremely onerous for other market participants to transact with them. As a result
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