FIA and ISDA filed a petition seeking clarity on the definition of swaps that will be subject to the CFTC position limits rule. Beginning January 1, 2023, the CFTC limits will apply to "economically equivalent swaps,” which is to say, swaps that have identical material contractual terms to futures and options that are subject to the federal limits. The petition asks the CFTC to exercise its authority under the rule to clarify the definition of economically equivalent swaps to allow market participants to comply with the limits and implement effective position monitoring systems and processes.
CONTINUE READINGFIA, ISDA and AFME have published a position paper on the European Commission’s “Market Correction Mechanism” proposal for natural gas prices in the European Union. The associations urge policymakers to avoid imposing any price cap on the wholesale gas market.
CONTINUE READINGOn 7 December, the US Commodity Futures Trading Commission held its first meeting of the Agricultural Advisory Committee (AAC) under the sponsorship of Chairman Rostin Behnam.
CONTINUE READINGPanelists discuss EU measures to tackle energy crisis
CONTINUE READINGPanelists at FIA Expo discussed the resilience of global commodity markets amid the significant disruptions of the last year. However, there is still room for the industry to improve even though markets continued to function well.
CONTINUE READINGFIA has offered comments to the US Federal Regulatory Commission (FERC) regarding a proposed rulemaking that would substantially expand the scope of communications that are subject to FERC’s enforcement authority.
CONTINUE READINGThe current energy crisis has been driving prices of natural gas to record levels, impacting households and businesses. The European Commission has reacted by tasking the European Securities and Market Authorities to review different areas of the market, including the use of circuit breakers by energy trading venues. In a letter to ESMA and the European Commission, FIA makes recommendations and emphasizes controls should not be used to cap prices.
CONTINUE READINGAs we enter the colder months at the end of the year, natural gas prices around the world remain incredibly volatile after hitting record highs recently. This is particularly the case in Europe, where I recently visited policymakers in Brussels and Paris with FIA board members. In our conversations, the energy crisis crowded out every other issue on our agenda – and with good reason.
CONTINUE READINGFIA continued its European forum series in Paris on 22 September, where the industry and regulators gathered to discuss the key issues and themes impacting the cleared and listed derivatives markets.
CONTINUE READINGFIA has responded to the US Commodity Futures Trading Commission (CFTC) Request for Information (RFI), which sought public comment on climate-related financial risk to better inform its understanding and oversight of climate-related financial risk as pertinent to the derivatives markets and underlying commodities markets.
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