Commissioner Giancarlo Talks About Leading the CFTC Energy and Environmental Markets Advisory Committee
In the latest installment of the Energy Metro Desk series "Around the Desk," editor-in-chief John Sodergreen reports that he spoke with CFTC Commissioner J. Christopher Giancarlo about the CFTC's open meeting on margin requirements and utility special entities, as well as Commissioner Giancarlo's new role as sponsor of the CFTC Energy and Environmental Markets Advisory Committee.
Commissioner Giancarlo stated that, in his new committee position, he will focus on improving the efficiency of U.S. energy markets. In the immediate future, Commissioner Giancarlo explained, his committee will identify the chief policy concerns of the market and work toward solutions for those issues. Long-term goals, according to Commissioner Giancarlo, include creating a sophisticated efficient energy market structure in a post-Dodd-Frank world and making sure that, in regulating the energy market, the CFTC gets it right. Additionally, he expects to announce the formal membership of his committee and its agenda within the next three to four weeks.
With regard to the recent vote to re-propose margin rules, Commissioner Giancarlo stated that he believes the CFTC "got it right on the end user side"; however, he noted, there are still concerns regarding the treatment of uncleared swaps generally. To better address all of the concerns of market participants, Commissioner Giancarlo added, he would prefer to see more research and comments from stakeholders.
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Related news: CFTC Votes to Adopt Swaps Margin Rules (with Cadwalader Memorandum Regarding CFTC Meeting) (September 17, 2014) CFTC Finalizes Rule on Swaps with Special Entity Utilities (September 17, 2014); CFTC Announces Sponsors for Advisory Committees (September 10, 2014); Banking Agencies Re-Propose Margin and Capital Requirements for Covered Swap Entities (with Robins Comment and Cadwalader Summary) (September 3, 2014); CFTC-Proposed Rule Amendment Regarding De Minimis Threshold for Entities Entering into Swaps with Utility Special Entities Published (Fed. Reg.) (June 2, 2014); CFTC Announces Three Actions to Clean up Problems with Swaps Regulations (with Lofchie Comment) (CFTC Letter 14-72) (May 22, 2014); CFTC No-Action Letter (14-34) Raises De Minimis Threshold for Swaps with Utility Special Entities (with Lofchie Comment) (March 21, 2014).
The above link is to an excerpt from the most recent issue of Energy Metro Desk, which is published biweekly by Scudder Publishing Group, an energy trade news publishing company based in the Washington, D.C. metropolitan area. Those interested in learning more about Energy Metro Desk may do so by visiting www.energymetro.com or e-mailing [email protected]. Reprinted with permission of the publisher, Scudder Publishing Group, LLC. Copyright 2014.