US energy firms relieved about CFTC’s ‘swap dealer’ definition; public utilities concerned
Many US energy companies breathed a sigh of relief on Wednesday after the Commodities Futures Trading Commission (CFTC) voted to narrow the definition of a 'swap dealer'. In a long-awaited decision, the agency dramatically raised the threshold for how many swap transactions companies must carry out per year in order to be classified as swap dealers
The Commodities Futures Trading Commission (CFTC), the US agency that regulates futures and option markets, has tightened its swap dealer definition by altering an important component of it called the de minimis exception. The Dodd-Frank Act allows the CFTC to exempt certain companies from the swap-dealer definition if their annual level of swap trades falls below a certain threshold. The CFTC has raised that threshold to an initial $8 billion, calculated in terms of the gross notional amount of
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