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Associations Join EPSA on Derivatives Letter to Senate
Yesterday, a joint association letter was sent to the Senate on derivatives. Associations joining EPSA on the letter include American Gas Association, Edison Electric Institute, American Public Gas, American Public Power Association, Independent Petroleum Association of America, American Wind Energy Association, Large Public Power Council, The COMPETE Coalition and the Natural Gas Supply Association.
The letter states appreciation for the recognition of the valuable role the OTC markets play in maintaining cost effective risk management practices for commercial entities. To ensure that these entities have access to the end-user exemption from clearing, however, certain fixes are needed to the current legislative text being debated on the Senate floor including to the definition of Swap Dealer and Major Swap Participant. Improvements should also be made to the definition of Swap as well as the fiduciary duty of Swap Dealers towards state and local governments (as well as pension plans, endowments and retirement plans). Finally, the letter notes continued concern over the lack of clarity regarding the jurisdiction of FERC and the CFTC.
OTC Resolution
CONTACT: JOHN SHELK
(202) 349-0154or 703-472-8660
EPSA is the national trade association representing competitive power suppliers, including generators and marketers. These suppliers, who account for nearly 40 percent of the installed generating capacity in the United States, provide reliable and competitively priced electricity from environmentally responsible facilities serving global power markets. EPSA seeks to bring the benefits of competition to all power customers.