Regulation
Baltic Exchange forms asset derivatives advisory group
The London-based Baltic Exchange has formed an independent advisory group to enhance the emerging market for ship vessel asset derivatives. The group consists of key users, derivative brokers and physical panellists and will act as an information…
Nymex president to quit
Bo Collins, president of The New York Mercantile Exchange (Nymex), will leave the exchange at the end of this month. Nymex said the decision not to renew his contract was by made by "mutual agreement."
Pressure group calls for debarment of Reliant’s US Dept of Defense contracts
Public Citizen, the Washington DC-based pressure group, has called for the debarment of Reliant Energy from its newly awarded $35.9 million electricity contract by the US Department of Defense while it is under federal indictment for its role in creating…
SEC asked to defend Puhca policies
Two US Congressmen have expressed concern about the workings of the Public Utility Holding Company Act (Puhca) and the ability of the US Securities and Exchange Commission (SEC) to police Puhca-regulated energy companies.
De Vitry warns of energy market regulatory pressures
Benoit de Vitry, global head of commodities and emerging markets rates at Barclays Capital in London, today said that regulatory rules could adversely impact the development of a mature energy trading market.
Energy clearing in Catch 22 situation, says Fitch
Denise Furey, New York-based senior director of global power at rating agency Fitch believes that the clearing of OTC energy derivative contracts is in something of a ‘Catch 22’ predicament. “We need standardization of contract documentation to get to…
LCH Clearnet set to clear US trades
LCH Clearnet, Europe's largest derivatives clearing house, has won approval from the US Commodity Futures Trading Commission to clear financial futures and options contracts on US exchanges.
Price wars
Ferc is preparing to analyse the results of its survey on energy price reporting.But the American Public Gas Association is concerned that a voluntary reportingscheme cannot guarantee reliable indexes. By Paul Lyon
Reliably informed
Pat Wood, chairman of US interstate energy regulator the Federal Energy RegulatoryCommission, talks to James Ockenden about reliability, regulation, and wherenext for the competitive market in the US
Isda raises Basel-linked concerns
Bankers have been preparing for the implementation of the Basel II Capital Accordfor a number of years. But Isda says that it is still concerned about the effectthe Accord may have on the commodities markets. By Paul Lyon
Heart broker
A bitter dispute involving an employment contract, three coal brokers and a claimfor £2 million in damages has highlighted the importance of observing contractuallaw when hiring and firing. By James Ockenden
Icap will not pay Prebon’s £2m damage claim
Icap has no intention of recognising rival broker Prebon’s £2 million claim for damages after a dispute over the employment of three Icap coal brokers, according to its director of corporate affairs Mike Sheard.
Deutsche asks SEC to clarify guidelines
Deutsche Bank claims the SEC’s guidelines for estimating oil reserves are outdated. And Shell, unsurprisingly,also believes that the SEC should clarify its reserve rules. By Joe Marsh
Taking stock
Stock options are losing favour as a method of remuneration. Chicago-based PeoplesEnergy, for one, is to stop offering them altogether. And the onset of new USaccounting rules could well lead others to follow suit. By Paul Lyon
Duke gets all clear on accounting investigation
The US Department of Justice has closed its grand jury investigation into issues related to Duke Power’s regulatory reporting, concluding that no action is warranted against the company. Duke, the North Carolina-based energy company, was informed of the…
Erasing Enron
Enron’s story may finally be drawing to a close. Jeffrey Skilling has finally been indicted and the company’s creditors have begun receiving ballots to vote on a plan of reorganisation. By Paul Lyon
WRMA rebukes NAIC white paper
The Washington DC-based Weather Risk Management Association (WRMA), has issued a formal response to a draft white paper written by the US National Association of Insurance Commissioners (NAIC). In its report, the NAIC claimed that weather derivatives are…
Rethinking regulation
Market manipulation and inaccurate pricing led to the reregulation of Ontario’s electricity market. But at the right price, the Canadian province may see a revival of competition, reports CatherineLacoursière
Old dog, new teeth?
If the North American Electric Reliability Council does not receive federal backing,as proposed in the present US energy bill, Ferc may set its own mandatory gridrules – an unpopular scenario, finds Joe Marsh
The cost of good data
The US-based Committee of Chief Risk Officers plans to propose voluntary standardsfor energy price reporting later this year, in the hope of ruling out any needfor mandatory standards. Joe Marsh reports
Repeal repercussions
Opinions are divided over the possible repeal of the Public Utility Holding CompanyAct. All agree that the environment for investor-owned electric utilities woulddramatically change if the repeal were to go ahead. By Paul Lyon