The Commodity Futures Trading Commission (CFTC) has established an advisory committee to examine issues related to energy markets and the commission’s role in these markets under the Commodity Exchange Act, the commission said Wednesday.
CFTC Acting Chairman Walter L. Lukken will serve as chairman of the new Energy Markets Advisory Committee (EMAC). EMAC members will be named at a later date but will include representatives from a cross-section of the industry with knowledge of the energy markets, including exchanges, producers, marketers and consumers.
“Energy markets and prices are critical to all Americans,” said Lukken. “The role of the futures markets for discovering prices and managing energy price risks will continually raise new regulatory issues. Establishing this advisory committee will help us to meet these regulatory challenges and improve our understanding of and communication with the energy markets.”
The EMAC is charged with conducting public meetings; serving as a vehicle for discussion on matters of concern to exchanges, firms, end-users and regulators regarding energy markets and their regulation by the CFTC; and submitting reports and recommendations to the CFTC.
The CFTC held a public hearing in September 2007 that examined the role of exempt commercial markets, including energy trading on those venues. A month later the CFTC sent a report to Congress, including its recommendation to establish an Energy Markets Advisory Committee at the CFTC (see Daily GPI, Oct. 25, 2007).
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