Energy & Environmental Markets Advisory Committee

CFTC Energy and Environmental Markets Advisory Committee 
1155 21st Street, N.W.
Washington, DC 20581

July 29, 2015


10:00 a.m. to 10:10 a.m.

Opening Remarks

  • Commissioner J. Christopher Giancarlo, Sponsor, EEMAC
  • Chairman Timothy Massad
  • Commissioner Mark Wetjen
  • Commissioner Sharon Bowen

10:10 a.m. to 11:45 a.m.

Panel I: How Can Exchanges Help Implement Federal Position Limits?

This panel will consider the possibility of delegating authority to exchanges to administer a non-enumerated bona fide hedging regime for federal position limits and provide a basic framework for how that delegation might function. In addition, this panel will discuss the need for continuing a position accountability regime outside the spot month. Open discussion will follow the witness presentations.


  • Erik Haas, ICE Futures U.S.
  • Tom LaSala, CME
  • Ron Oppenheimer, Commercial Energy Working Group

11:45 a.m. to 12:00 p.m.


12:00 p.m. to 1:00 p.m.

Panel II: A Phased Approach to Position Limits

This panel will explore the possibility of proceeding with a federal position limits regime in a phased manner, beginning with the spot month only. Witnesses from a broad cross section of the industry will present their views on this question followed by open discussion.


  • Stephen Berger, Managed Funds Association
  • Y. J. Bourgeois, Natural Gas Supply Association
  • William McCoy, FIA

1:00 p.m. to 2:15 p.m.


2:15 p.m. to 3:45 p.m.

Panel III: Trade Options and Forwards with Embedded Volumetric Optionality – Where Do We Stand?

This panel will review the current state of the market for physically settled energy contracts with optionality, such as trade options and forward contracts with embedded volumetric optionality in light of recent CFTC adjustments to the regulation of these instruments. In addition, the panel will suggest additional steps the CFTC can take to ensure that these transactions are subjected to an appropriate level of regulation. Open discussion will follow the presentations.


  • Paul Hughes, Southern Company
  • Arushi Sharma-Frank, Electric Power Supply Association
  • Amy Fisher, GE Energy Financial Services, Inc. on behalf of Cogen Technologies Linden Venture, L.P.


Closing Remarks