May 2002
Double Grammy blocks effort to regulate energy derivatives
Enron
The US Senate voted last month not to give regulators authority
over energy and metal derivatives, even though, that same week, a
senate committee heard testimony that Enron might have manipulated
electricity prices through under-regulated futures contracts traded
online.
Senator Dianne Feinstein proposed an amendment to the energy bill
that sought to bring both energy and metal derivatives and
electronic derivatives exchanges back under the regulatory
authority of the Commodity Futures Trading Commission (CFTC). They
were all exempted from CFTC regulation by the Commodity Futures
Modernization Act of 2000 which was pushed through by Senator Phil
Gramm who also led the resistance to Feinstein's amendment.
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Feinstein, the Capitol and Gramm:
attempts to bring greater
regulation to energy derivatives are meeting stiff
opposition |
Opposition also came from the SEC, Alan Greenspan and Paul
O'Neill, who fear it could hamper the $73 trillion US OTC
derivatives market. Gramm said: "The entire financial sector...
This is archived content. Your current settings does not currently allow access to the archive. To gain access visit the subscription page or call our hotline on +44 (0)207 779 8999.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
Level 1:
- Online access to the past 12 months content
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Level 2:
- Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000
- 12 monthly issues of Euromoney magazine
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe