From Cadwalader’s Cabinet News:
The CFTC published the text of the three final rules adopted last week. These rules cover the following: (i) core principles and other requirements for swap execution facilities (“SEFs”); (ii) the process for a designated contract market or swap execution facility to make a swap “available to trade”; and (iii) procedures to establish appropriate minimum block sizes for large notional off-facility swaps and block trades. read more
By Gregory Lawrence, Terence Healey and Ryan Norfolk
As natural gas prices have decreased in the United States, electricity market operators’ reliance on gas-fired generation to serve consumers’ needs has steadily increased. This increased reliance has sharpened the focus on significant impediments resulting from a somewhat disjointed relationship between the electric and natural gas industries. These impediments, in concert with weather events and maintenance scheduling, have resulted in generator unavailability during times of system stress due to, among other reasons, a lack of consistent fuel supply. There has been no shortage of finger-pointing on this front among system operators, natural gas pipelines and suppliers, and generators with capacity obligations. read more
Cadwalader, Wickersham & Taft LLP will be hosting its annual Energy & Commodities Conference in Houston, Texas. This complimentary day and half program will feature informative presentations and panel discussions on the evolving regulatory, business, and legal issues affecting the U.S. and international energy and commodities markets.
October 10-11, 2013
The Houstonian Hotel, Club & Spa
111 North Post Oak Lane
New York CLE credit will be offered. Additional accreditation is pending.
Please note this event is closed to members of the press. Additional information to follow.
If you have any questions, please contact Allison Geggatt at email@example.com.
Posted in Announcement, CFTC, Commodity Trading, Distressed Energy, Dodd-Frank, Energy Infrastructure, Enforcement and Investigations, ERCOT, Events, FERC, Finance, Oil & Gas, Power, PUCT, Regulation, Renewables
On March 22, Cadwalader, Wickersham & Taft LLP and IntercontinentalExchange hosted a webinar addressing the frequently asked questions regarding the mechanics of reporting to swap data repositories. Cadwalader attorney Athena Eastwood led the discussion, joined by Kara Dutta, Assistant General Counsel of IntercontinentalExchange.
- ICE SDR Overview
- How to Report to an SDR: Options; Commodity Trade Options; Swaps; and Exotic Swaps
- Ensuring Data Accuracy
- Reporting of EFRP Transactions
- Reporting of Continuation Data (e.g., exercises of options, novations)
- Inter-affiliate Transactions
- Historical Swap Reporting
- Real Time Reporting
Contact Allison Geggatt at firstname.lastname@example.org for a copy of the materials and a link to a recording of the program.
The Commodity Futures Trading Commission (“CFTC” or “Commission”) on March 28, 2013, issued its final order exempting certain regional transmission organizations and independent system operators (“RTO/ISOs”) and specified transactions in their respective markets, from all but the general anti-fraud and anti-manipulation authority, and scienter-based prohibitions of the Commodity Exchange Act (“CEA”) and CFTC regulations thereunder (“Final Order”). The Final Order was issued in response to a request for exemption filed pursuant to Section 4(c) of the CEA by the California Independent System Operator Corporation (“CAISO”), Electric Reliability Council of Texas, Inc. (“ERCOT”), ISO New England, Inc. (“ISO-NE”), Midwest Independent Transmission System Operator, New York Independent System Operator, and PJM Interconnection, LLC (“Requestors”). The Requestors sought exemption for specified transactions authorized under tariffs or protocols approved by the Federal Energy Regulatory Commission (“FERC”) or, in the case of ERCOT, the Public Utility Commission of Texas (“PUCT”), and for any persons, including the Requestors and their members or other market participants offering, entering into, rendering advice, or rendering other services with respect to the specified transactions. As described below, each Requestor must comply with certain conditions prior to the exemption becoming effective, and the Commission separately extended existing interim relief to provide time for Requestors to meet these conditions. read more Continue reading
Paul J. Pantano, Jr., Terence Healey, and Joseph Williams authored an article entitled, “Energy Commodities – The Netherworld Between FERC and CFTC Jurisdiction” in the March issue of Futures & Derivatives Law Report.
To view the full article, click here.
On Friday, March 15, 2013, the United States Court of Appeals for the D.C. Circuit held that “[b]ecause manipulation of natural gas futures contracts falls within the CFTC’s exclusive jurisdiction and because nothing in the Energy Policy Act clearly and manifestly repeals the CFTC’s exclusive jurisdiction,” the FERC lacked jurisdiction to prosecute Brian Hunter, a former Amaranth Advisor’s trader. Slip Op. at 2. The court’s decision is very broad and may severely constrain FERC’s ability to prosecute alleged manipulations of transactions subject to the CFTC’s exclusive jurisdiction even if the alleged manipulation affects FERC-jurisdictional markets. Continue reading
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”J.P. Morgan Deal Maker Joins Law Firm,” read the headline in The Wall Street Journal, which announced that James Woolery will join Cadwalader as Deputy Chairman and Co-Chair of the Corporate Department.
Woolery, who is widely recognized as one of the country’s leading M&A advisors, was co-head of North American Mergers and Acquisitions at JPMorgan Chase & Co. He has been involved in some of the most important M&A transactions in recent history.
“Jim Woolery is the epitome of the Cadwalader lawyer – an exceptional legal mind that can fashion practical business solutions to complex legal problems,” said W. Christopher White, Chairman of Cadwalader.
“Joining Cadwalader allows me to return to the practice of law while continuing to advise CEOs, general counsels and boards of directors on critical issues relating to corporate strategy and business risk,” Woolery said. “Cadwalader’s rich history of combining leading legal and regulatory counsel with a deep understanding of business operations and strategy will allow us to continue to meet increasingly complex client needs in an evolving market environment. I feel energized and humbled to have the opportunity to join the partnership and work with the firm’s stellar team of lawyers.” read more
On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (the “Act”), which averted the “fiscal cliff.” The Act contains several significant energy-related tax provisions. read more