CFTC close to fixing Dodd-Frank commodity option woes
Agency said to be exploring solution for embedded volumetric options
The US Commodity Futures Trading Commission (CFTC) and its new chairman, Timothy Massad, are said to be moving closer to resolving an ambiguity in the agency's Dodd-Frank Act regulations that is causing major headaches for energy companies.
The ambiguity lies in the definition of a swap, which was finalised in July 2012. Specifically, the CFTC designed a seven-part test to help companies determine whether physical contracts with embedded volumetric optionality should be classified as swaps or
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