US energy firms welcome CFTC tweaks to Dodd-Frank rules

Proposal on ‘seventh prong’ seen as positive step by industry

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Energy industry groups applauded proposals on November 3 by the US Commodity Futures Trading Commission (CFTC) aimed at making CFTC regulations less burdensome for end-users of commodity derivatives.

In a public meeting, CFTC commissioners proposed three adjustments to existing rules, including a potential fix to the so-called 'seventh prong' problem, which has made it difficult for energy firms to determine the appropriate regulatory treatment of physical forward contracts with embedded volumet

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