US energy firms cheer CFTC decisions on ‘swap’ definition, end-user exception
The US energy industry scores a victory as the Commodity Futures Trading Commission finalises two key pieces of Dodd-Frank derivatives regulation, modifying its original proposals to ease the compliance burden on firms that operate in physical energy markets
The US Commodity Futures Trading Commission (CFTC) voted on Tuesday to finalise two major rules stemming from the Dodd-Frank financial reform law. In both cases – the definition of a 'swap' and the end-user exception to clearing – the CFTC heeded the concerns of energy companies and introduced changes that were welcomed by industry trade groups.
"We think the CFTC has made a lot of progress," said Andrew Soto, senior managing counsel of regulatory affairs for the American Gas Association (AGA)
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