US energy firms relieved about CFTC’s ‘swap dealer’ definition; public utilities concerned
The Commodities Futures Trading Commission (CFTC), the US agency that regulates futures and option markets, has tightened its swap dealer definition by altering an important component of it called the de minimis exception. The Dodd-Frank Act allows the CFTC to exempt certain companies from the swap-dealer definition if their annual level of swap trades falls below a certain threshold. The CFTC has raised that threshold to an initial $8 billion, calculated in terms of the gross notional amount of
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