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Try forex growth bot myfxbook, daily forex signals instagram and bisnis forex tanpa modal absolutely free! Act, if it finds, in its discretion, that it would not be contrary to the public interest to grant such exemption. The commodity option must be intended to be physically settled, so that, if exercised, the option would result in the sale of an exempt or agricultural commodity for immediate or deferred shipment or delivery. The Order further finds that the activities related to commodity option transactions were not conducted in compliance with a provision of the CEA or a provision of the Regulations otherwise applicable to swaps, and were not conducted pursuant to the Regulation 32. Order filing and simultaneously settling charges against Coinflip, Inc. Additionally, the Order finds that Coinflip operated a facility for the trading of swaps but did not register the facility as a Swap Execution Facility or Designated Contract Market, as required. Coinflip is based in San Francisco, California, and Riordan resides in San Francisco.

Brent Tomer, Lenel Hickson, Jr. CEA and Regulations, the Order finds. CEA and Regulation 37. In the Order, the CFTC for the first time finds that Bitcoin and other virtual currencies are properly defined as commodities. The Order finds that, from in or about March 2014 to at least August 2014, Coinflip and Riordan operated an online facility named Derivabit, offering to connect buyers and sellers of Bitcoin option contracts. The CFTC Order finds that Coinflip designated put and call options for the delivery of Bitcoins as eligible for trading on the Derivabit platform. The Order requires Coinflip and Riordan to cease and desist from further violations of the CEA and Regulations, as charged, and to comply with specified undertakings. Regulations, commodity option transactions must either be conducted in compliance with provisions of the CEA or Regulations otherwise applicable to swaps, or conducted pursuant to Regulation 32. While there is a lot of excitement surrounding Bitcoin and other virtual currencies, innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets. The Commission has directed staff to hold a public roundtable on June 19, 2014, to consider certain issues regarding position limits for physical commodity derivatives.

In addition, the Commission directed staff to hold a public roundtable on June 19, 2014, to consider certain issues regarding position limits for physical commodity derivatives. Agricultural Advisory Committee held a public meeting that considered, among other matters, deliverable supply and exemptions for bona fide hedging positions. Only comments pertaining to the interim final rule will be considered in any further action related to these rules. Energy and Environmental Markets Advisory Committee has scheduled a public meeting to be held on February 26, 2015, which will consider, among other matters, exemptions for bona fide hedging positions. Web site; additionally, access to a video webcast of the meeting will be added to the Web site. Agricultural Advisory Committee has scheduled a public meeting to be held on December 9, 2014, which will consider, among other matters, deliverable supply and exemptions for bona fide hedging positions. In connection with establishing these limits, the Commission proposes to update some relevant definitions; revise the exemptions from speculative position limits, including for bona fide hedging; and extend and update reporting requirements for persons claiming exemption from these limits.

Web site, as they pertain to energy commodities. Furthermore, comments may be made on Table 11a, showing counts of the unique persons over percentages of the 28 proposed position limit levels based on counts from the period of January 1, 2013, to December 31, 2014. Comments should be limited to the following issues as they pertain to agricultural commodities: Hedges of a physical commodity by a commercial enterprise; and the process for estimating deliverable supplies used in the setting of spot month limits. To provide commenters with a sufficient period of time to respond to questions raised and points made at the roundtable, the Commission is now further extending the comment period. Web site; additionally, access to a video webcast of the meeting has been added to the Web site. Web site, as they pertain to agricultural commodities. Table 11a, based on counts from the period of January 1, 2013, to December 31, 2014. To provide commenters with a sufficient period of time to respond to questions raised and points made at the Energy and Environmental Markets Committee meeting, as well as to provide an opportunity to comment on Table 11a, the Commission will reopen the comment periods for an additional 30 days. To provide commenters with a sufficient period of time to respond to questions raised and points made at the Agricultural Advisory Committee meeting, the Commission reopened the comment periods for an additional 45 days, from December 9, 2014 to January 22, 2015.

To provide commenters with a sufficient period of time to respond to questions raised and points made at the Agricultural Advisory Committee meeting, the Commission is reopening the comment periods for an additional 45 days. The Commission proposes appendices that would provide guidance on risk management exemptions for commodity derivative contracts in excluded commodities permitted under the proposed definition of bona fide hedging position; list core referenced futures contracts and commodities that would be substantially the same as a commodity underlying a core referenced futures contract for purposes of the proposed definition of basis contract; describe and analyze fourteen fact patterns that would satisfy the proposed definition of bona fide hedging position; and present the proposed speculative position limit levels in tabular form. Although the CFTC believes there are some surveillance benefits from Form TO data, it recognizes that Form TO imposes costs and burdens on end users, particularly smaller end users. Through the trade option exemption, the CFTC sought to lessen the regulatory burden on those parties that hedge or otherwise enter into commodity option transactions for commercial purposes. The CFTC also noted that the section 45. In addition, DMO provided end users relief from certain Part 45 recordkeeping requirements other than section 45. Any final rule will be issued following the close of the comment period. CFTC proposed to amend section 32. DMO provided from the Part 45 reporting requirement in April 2013. Third, the CFTC proposed to amend section 32. LEI to its counterparty if that counterparty is an SD or MSP. Second, the CFTC proposed to eliminate the Form TO filing requirement applicable to end users so that such end users would not be required to report otherwise unreported trade options. CFTC to collect additional information concerning unreported trade options as necessary.

The public comment period for the NOPR will remain open until 30 days from the date the NOPR gets published in the Federal Register. These proposed changes provide end users a welcome reduction in reporting obligations for their physically settled trade options. First, the CFTC proposed to eliminate the Part 45 reporting requirement for end users in connection with trade options. However, an end user still must obtain an LEI pursuant to section 45. MSP counterparties to trade options, the proposed Notice Requirement would provide the Commission insight into the size of the market for unreported trade options and the identities of the most significant market participants. If both counterparties have previously complied with the part 45 reporting provisions, as described above, then the part 45 rules for determining the reporting counterparty will apply. The following appendices will not appear in the Code of Federal Regulations.

CEA requires the Commission to consider the costs and benefits of its actions before promulgating a regulation under the CEA or issuing certain orders. See 17 CFR 45. As an alternative in the Position Limits Proposal, the Commission proposed to exclude trade options from speculative position limits and proposed an exemption for commodity derivative contracts that offset the risk of trade options. To the extent that neither counterparty to a trade option has previously submitted reports to an SDR as a result of its swap trading activities as described above, then such trade option is not required to be reported pursuant to part 45. If approved, this new collection of information will be mandatory. Counterparties to otherwise unreported trade options must submit a Form TO filing by March 1 following the end of any calendar year during which they entered into one or more unreported trade options. OMB an information collection request for review and approval. See 17 CFR 20. Billion Notice or the Alternative Notice Start Printed Page 26207annually, the Commission does not believe that this requirement would impact many small entities, if any at all. Please submit your comments using only one of these methods. Mail: Send to Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW. MSPs, particularly for small end users, to track, calculate and assemble the requisite data.

The Commission preliminarily believes that the proposed amendments would not have a meaningful effect on the risk management practices of the affected market participants and end users. Commission an annual Form TO filing providing notice that the counterparty has entered into one or more unreported trade options during the prior calendar year. NYMEX crude oil futures contract may be used as the market price of the commodity at the time the trade option is entered into. MSPs entering into trade options by eliminating the part 45 and Form TO reporting obligations. Instruments Containing a Forward Contract with Volumetric Variability. Commission considers the costs and benefits of the proposal.

All comments must be submitted in English, or if not, accompanied by an English translation. RFA, including size standards established by the Small Business Administration. MSP will under no circumstances be subject to part 45 reporting requirements with respect to its trade option activities. Start Printed Page 26202in the trade option exemption. Issued in Washington, DC, on May 4, 2015, by the Commission. For instance, companies may have to reconfigure their business systems to parse transactions where there was, before Dodd Frank, no need to undertake such a reconfiguration. Commission issued a final rule to repeal and replace part 32 of its regulations concerning commodity options.

You should submit only information that you wish to make available publicly. The Commission preliminarily believes that the proposal would not impose any additional costs on any other market participants, the markets themselves, or the general public. Alternative Notice, simply send an email to DMO to that effect, thereby avoiding having to track the notional values of their trade options. Many commenters and people I have met have expressed particular concerns regarding how instruments having elements of both forward contracts and some volumetric optionality should be regulated. Natural Gas Supply Association Comment Letter dated Aug. The Commission also believes that the proposed Notice Requirement would promote market integrity by providing the Commission with information to use in its market oversight role, thereby fulfilling the purposes of the CEA. In a separate release, the Commission plans to finalize guidance on how forward contracts with embedded volumetric optionality relate to the forward contract exclusion from the swap definition. This would not be a substantive change. Follow the instructions for submitting comments.

As noted above, concerns have also been raised about the appropriate treatment of peaking supply contracts which are often used by companies to manage the risks attendant to their need for physical commodities that may be used to generate electricity, run an operating plant, or manufacture or supply other goods and services. MSPs to track and aggregate the notional values of their trade options. MSP trade option counterparties, many of whom, as commenters explained, face technical and logistical impediments that prevent timely compliance with part 45 reporting requirements. Southern Company Services, Inc. The Commission recently extended the comment period for the Position Limits Proposal until March 28, 2015. This proposed rulemaking would relax reporting and recordkeeping requirements where two commercial parties enter into trade options with each other in connection with their respective businesses. American Gas Association Comment Letter dated Feb.

See Joint Associations Comment Letter dated Feb. MSPs while still providing the Commission insight into the size of the market for unreported trade options and the identities of the most significant participants in the market. The Commission specifically invites public comment on the accuracy of its estimate that no additional information collection requirements or changes to existing collection requirements, other than the proposed Notice Requirement, would result from the proposal. The Commission has not identified any other public interest considerations for this rulemaking. As such, the proposed rules will not result in the creation of any new information collection subject to OMB review or approval under the PRA, except for the annual Notice Requirement. MSPs may not have the infrastructure in place to support part 45 reporting to an SDR and that instituting such infrastructure would impose a costly burden, particularly for small end users. Commission would benefit from receiving comments on this proposed test and peaking supply contracts more generally as it appears to be one of the significant outstanding issues regarding instruments that may or may not be trade options. The Commission is unaware of any Federal rules that could duplicate, overlap, or conflict with the proposal.

These instruments, although they call for physical delivery, often contain some element of optionality that can lead to questions about their appropriate regulatory treatment. The Commission invites comment regarding the nature and extent of these and any other costs that could result from adoption of the proposal and, to the extent they can be quantified, monetary and other estimates thereof. Also note that under the Position Limits Proposal, trade options based on commodities or delivery points other than those underlying the core referenced futures contracts specified in the Position Limits Proposal would not be subject to speculative position limits. In issuing this proposal, the Commission has reviewed all relevant comment letters and taken into account significant issues raised therein. Treating some portion of these physical contracts as swaps simply because they may contain some characteristics of commodity options can lead to significant costs and difficulties. These contracts, particularly in the energy sector, are all commonly referred to as physical contracts, and they, according to what I have been told, often receive similar treatment from both a business operations and an accounting standpoint within the entities that use them.

Courier: Same as Mail, above. Commission has sufficient information to fulfill its regulatory mission. MSPs from certain recordkeeping and reporting requirements under part 45. Comments will be posted as received to www. MSPs and the Form TO filing requirement, each of which commenters have described as burdensome. With the exception of the proposed Notice Requirement, the Commission believes that these proposed rules will not impose any new information collection requirements that require approval of OMB under the PRA. Division or Office and cannot bind the Commission or other Commission staff. These proposed amendments are generally intended to relax reporting and recordkeeping requirements where two commercial parties enter into trade options with each other in connection with their respective businesses while maintaining regulatory insight into the market for unreported trade options. Act and these regulations.

Given the significant volume of trade options required to trigger the proposed Notice Requirement, the Commission expects that it would apply to only a small number of entities and that such entities would likely not be small entities. Notice of proposed rulemaking. If only one counterparty to a trade option has previously complied with the part 45 reporting provisions, as described above, then that counterparty shall be the part 45 reporting counterparty for the trade option. However, as stated above, part 151 has been vacated. Follow the instructions for submitting comments through the Comments Online process on the Web site. The PRA requirements have been determined to include not only mandatory but also voluntary information collections, and include both written and oral communications. As long as the specter of position limits hangs over trade options, market participants that have used these instruments for decades as a cost effective means of ensuring a reliable supply of a physical commodity and to hedge commercial risk will be reluctant to use them. The Commission has reviewed these comment letters and taken into account any significant issues raised therein in issuing this proposal. Comments must be received on or before June 8, 2015.

Commission insight into the size of the market for unreported trade options and the identities of the most significant market participants. Although the proposal could expressly limit application of the Notice Requirement to entities that do not meet the RFA definition of a small entity, the Commission does not believe that is necessary because, as stated above, the Commission does not expect many small entities to be affected by that requirement, if any at all. If the strike or exercise price is not a fixed number in the trade option agreement and, instead, is to be determined pursuant to a reference price source that is not determinable at the time the trade option is entered into, Start Printed Page 26204then the foregoing calculation should be based on a current market price of the reference commodity at the time the option is entered into. See 78 FR at 75711. In addition to seeking comment following adoption of the trade option exemption itself, see supra note 21, the Commission has sought comment relating to the trade option exemption in connection with other related Commission actions. MSPs entering into trade options with each other in connection with their respective businesses, including the withdrawal and removal of Form TO. Form TO, Annual Notice Filing for Counterparties to Unreported Trade Option. An identification, to the extent practicable, of all relevant Federal rules which may duplicate, overlap or conflict with the rule. The Start Printed Page 26208Commission estimates that twenty respondents will file a total of one response each annually, and the estimated average number of hours per response would be two. The exemption continues the long Commission policy of exempting them from requirements of the Commodity Exchange Act that would otherwise apply to commodity options.

Secretary of the Commission. MSPs, allowing them to reallocate those resources to other more efficient purposes. MSPs would still be required to maintain complete and accurate records in a manner that is readily available for production to regulators. No Commissioner voted in the negative. On December 12, 2013, the Commission published in the Federal Register a notice of proposed rulemaking to establish speculative position limits for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts, including trade options. Commission stated that the recordkeeping condition was intended to ensure that trade option participants are able to provide pertinent information regarding their trade options activity to the Commission, if requested. The Commission expects that this general information should be readily compiled and aggregated using a spreadsheet or other existing software and would not require any professional skills beyond those typically held by any commercial party. Commission preliminarily believes any effect on price discovery would be negligible.

Commission rule, regulation, or order otherwise applicable to any other swap. MSPs to create, store, and track their trade options are separate and distinct from their financial systems and are typically not designed to track the kind of information required by Form TO. Trade options, which are commonly used as hedging instruments or in connection with some commercial function, would normally qualify as hedges, exempt from the speculative position limit rules. Generally, these proposed amendments are intended to facilitate use of trade options by commercial market participants to hedge against commercial and physical risks. Additionally, these instruments are often highly customized and the various components not always not difficult to separate and classify, according to industry participants. For both types of instruments, I think, the Commission could benefit from getting comments on potential avenues for addressing concerns that have been raised about their appropriate treatment. Together, these two additional items may help address outstanding concerns that have been expressed by commercial market participants, and I think the Commission would benefit by getting comment upon them. Both forward contracts and trade options play an important role in managing the physical commodity risks attendant to commercial operations. All submissions that have been redacted or removed that contain comments on the merits of the rulemaking will be retained in the public comment file and will be considered as required under the Administrative Procedure Act and other applicable laws, and may be accessible under the Freedom of Information Act. Commenters have argued that these costs have discouraged commercial end users from entering into trade options to meet their commercial and risk management needs, thereby reducing liquidity and raising prices.

Unlike systems designed to capture and report data for financial transactions, physical systems are primarily designed to manage logistics related to deliveries and inventory quantities at trade locations. The final trade options rule should make clear that trade options are exempt from position limits. The Commission requests comment on all aspects of its proposal. See 17 CFR 32. Billion Notice, including those related to calculating the aggregate notional value of trade options entered into, and to drafting the notice email and submitting it to DMO. Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW. MSP trade option counterparties, which, commenters have explained, may face significant costs in preparing Form TO. Some physical systems of record do not contain market price information, execution venues, or other option characteristics, such as premiums and strike prices, which make reporting under Part 45 additionally challenging. MSPs, which may include small entities, from certain recordkeeping and reporting requirements that would otherwise apply to them. Commission as specified therein. MSPs qualify as small entities under the RFA.

MSP would not be required to report otherwise unreported trade options on Form TO. Recent comments offer specific monetary estimates that suggest the costs involved with preparing the Form TO filing may be significant. Commission preliminarily believes that any future application of Start Printed Page 26205position limits would be best addressed in the context of the pending position limits rulemaking, which remains in the proposed rulemaking stage. MSP would for any other swap. The Commission further proposes to delete Form TO from appendix A to part 32. Consequently, the Commission would remain able to collect additional information concerning unreported trade options as necessary to fulfill its regulatory mission. MSPs, especially small end users. Market participants have raised concerns about whether or not these contracts could be considered commodity options. On this matter, Chairman Massad and Commissioners Wetjen, Bowen, and Giancarlo voted in the affirmative. Commission to maintain regulatory insight into the market for otherwise unreported trade options.

The Commission believes that the proposed Notice Requirement would also support the regulatory goals of ensuring market integrity and protecting the public by allowing the Commission insight into the size of the market for unreported trade options and the ability to identify significant market participants, who the Commission may wish to contact if concerns about the market for trade options arise. Trade Option exemption to reduce the burden on commercial entities seeking to hedge risks associated with their physical businesses. MSPs, which requirement is considered to be a collection of information within the meaning of the PRA.