Energy firms raise concerns over CFTC capital rules

Commercial swap dealers might not qualify for a treatment designed specifically for them

When is a commodity company not a commodity company? When it’s regulated by the Commodity Futures Trading Commission (CFTC). As jokes go, that one misses the mark – much like the CFTC’s proposed capital rules for swap dealers and major swap participants, which treat energy companies as if they were banks.

Houston-based swap dealers BP Energy Company (BPEC) and Shell Trading Risk Management (STRM), subsidiaries of energy giants BP and Royal Dutch Shell, are calling on the CFTC to modify the

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