Firms shy away from public utilities despite CFTC relief

No-action letter not enough to convince counterparties to trade with public utilities

Utility counterparties fear being caught on the wrong side of the line

US public utilities claim they are still being avoided by counterparties in the over-the-counter derivatives market as a result of the Dodd-Frank Act, despite a recent no-action letter from the Commodity Futures Trading Commission (CFTC).

On October 12, the CFTC released a no-action letter that would make it easier for firms to do business with public utilities without being labelled ‘swap dealers’. Dodd-Frank brings in stricter oversight for swap dealers, which will become subject to additional

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