Slides - IEA

Regulatory Updates
• On 10 May 2012, the CFTC approved a final rule on the
core principles and other requirements of designated
contract markets (DCMs), which will be one of the venues
along with swap execution facilities (SEFs) where cleared swaps
must be transacted
• However, the CFTC delayed the vote on a controversial rule
on Core Principle 9, otherwise known as the ‘85 percent
rule’
• The CFTC also extended the effective date for swap
regulation until 31 December 2012, or until the
Commission’s rules and regulations go into effect, whichever is
sooner
• On 18 May 2012, the CFTC approved a proposed rule that
amends the CFTC’s aggregation provision for limits on
speculative positions as a response to a petition from the
Working Group of Commercial Energy Firms (WGCEF)
• The proposed amendment requires any person with
an ownership or equity interest in an entity of
between 10 percent and 50 percent to aggregate with
those of the owned entity’s positions unless independence of
trading can be demonstrated
© OECD/IEA - 2012