Dodd-Frank
The Wall Street Reform and Consumer Protection Act, introduced by Barney Frank and Chris Dodd, was enacted on July 21, 2010. It was introduced as a result of the G-20 2009 Pittsburgh Agreement.
The main focus for energy market participants is Title VII of the Act (of which there are 16 titles), which aims to regulate the swaps market. While the legislation set out a broad structure for the new regulatory regime, the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission are responsible for filling out the structure and are in the process of doing this via a series of proposed rule-makings that are then made available for public comment. The rules are being implemented over 2013.
The main provisions in Title VII that will affect the energy sector include mandated exchange trading, clearing and reporting for certain types of swaps, the registration and regulation of dealers and major end-users of swaps, and the creation of new market entities such as clearing organisations, data repositories and exchanges.
* see also G-20 2009 Pittsburgh Agreement
Related Terms
Energy Risk Glossary
The Energy Risk glossary, now in its 7th edition, provides an at-at-glance explanation of the many specialised terms and acronyms used in energy trading and risk management.
This year, the guide has been updated by former director of enforcement at the Commodity Futures Trading Commission, Gregory Mocek, now head of the Energy and Commodities Enforcement Defense team at Cadwalader, Wickersham & Taft, and Benjamin Chesson, associate at the firm. Energy Risk would like to thank them both for their input into this edition, which benefits greatly from their experience and insight into energy markets.
Almost 100 new entries and revisions have been made this year. Some of these reflect the increasing role of regulation on the market, with terms such as the Lincoln Amendment and the Volcker Rule appearing for the first time. There are two new entries and an update pertaining to hydropower, reflecting the increasing role of renewables in electric power generation.
The glossary is extensively cross-referenced, making for easy and thorough searches. We hope you find it a valuable reference tool in the months to come.
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