Derivatives reform to hit energy giants


Global energy and commodities companies that sit in limbo between being deemed a commercial end-user and a financial institution, such as BP and Shell, are to be stung with a fresh wave of costs on the trading of derivatives they use to hedge their exposure.

As of July 21. US President Barack Obama signed the US financial reform law that only exempted commercial users such as utilities and manufacturers from capital and collateral requirements on their derivatives trades.

However, companies such

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