US CFTC reopens comments on ICE electric contracts

By Reuters Staff
November 16, 2009

WASHINGTON, Nov 16 (Reuters) – The U.S. futures regulator said on Monday it will allow an additional 15-day comment period on whether 11 electricity contracts on the IntercontinentalExchange should be regulated as significant price discovery contracts.

The Commodity Futures Trading Commission said there was substantial interest in the question and it had received informal requests for more time to submit comments. The original 15-day comment period ended on Oct. 21.

A 2008 law allows CFTC to determine if contracts on exempt commercial markets perform significant price discovery functions. If CFTC decides they do, a broader array of reporting and recordkeeping rules come into force. The contracts also would be subject to CFTC position limits.

“To ensure that an adequate opportunity is provided for submission of meaningful comments, the commission has
determined to reopen the comment periods for an additional 15 days from the date of publication in the Federal Register of the notices of the reopening of the comment periods,” said the CFTC in a statement.

Involved in the new comment period are ICE
contracts:

–SP-15 Financial Day-Ahead LMP Peak Contract
–SP-15 Financial Day-Ahead LMP Peak Daily Contract
–SP-15 Financial Day-Ahead LMP Off-Peak Daily Contract
–SP-15 Financial Swap Real Time LMP-Peak Daily Contract
–SP-15 Financial Day-Ahead LMP Off-Peak Contract
–NP-15 Financial Day-Ahead LMP Peak Daily Contract
–NP-15 Financial Day-Ahead LMP Off-Peak Daily Contract
–Mid-C Financial Peak Contract
–Mid-C Financial Peak Daily Contract
–Mid-C Financial Off-Peak Contract
–Mid-C Financial Off-Peak Daily Contract

(Reporting by Charles Abbott; Editing by Lisa Shumaker)
((chuck.abbott@thomsonreuters.com; +1 202 898 8319))
Keywords: CFTC USA/ICE
Monday, 16 November 2009 10:20:43RTRS [nN16486998] {C}ENDS

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