Energy Risk USA: End-user exception to clearing impractical experts warn
The US Commodity Futures Trading Commission's (CFTC's) proposed rule on the end-user exception to clearing, as currently written, is unworkable for many energy companies that use swaps for hedging purposes, according to panellists at the Energy Risk USA conference.
Under the CFTC's proposed rule on the end-user exception, energy firms that want to execute bilateral swap transactions in order to hedge their commercial risk would need to prove that every such swap trade is a legitimate hedge in
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