US energy firms fear Dodd-Frank ‘swap dealer’ definition as decision looms

The US Commodity Futures Trading Commission (CFTC) is approaching a key point in the process of writing rules to implement the Dodd-Frank financial reform bill: its final definition of the terms 'swap dealer' and 'major swap participant'. Energy firms have urged the CFTC to spare them from being classified as swap dealers because of the regulatory burden that would require. But it remains to be seen how the commissioners will respond

Last Thursday, the Commodity Futures Trading Commission (CFTC) was scheduled to vote on the definitions of 'swap dealer' and 'major swap participant', a decision with major implications for energy companies that participate in the derivatives market. At the last minute, though, the item was yanked from the agenda, reportedly at the request of the US Securities and Exchange Commission, the fellow regulator with which the CFTC must co-ordinate on the Dodd-Frank rule-making process. But the issue