Energy companies facing ‘intrusive’ CFTC special calls

Small derivatives hedgers bewildered by emails from regulator

US Commodity Futures Trading Commission

It was the sort of email message that a compliance manager never wants to receive. "Immediate action required," the subject line screamed.

The email, which was sent to a US oil producer earlier this year, came from the US Commodity Futures Trading Commission (CFTC).

It informed the company – a small, independent producer – that it was subject to the large swaps trader reporting rule, part of the new regulatory framework for over-the-counter derivatives stemming from the US Dodd-Frank Act. The

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