NYMEX Commends Congress for Enacting CFTC Reauthorization

NEW YORK, May 28  /PRNewswire-FirstCall/ -- NYMEX commends the Congress on the enactment of the farm bill, which is now law and which contains provisions reauthorizing the Commodity Futures Trading Commission (CFTC).  The CFTC reauthorization amends certain sections of the Commodity Exchange Act to provide much needed direct oversight of electronic over-the-counter (OTC) energy trading in significant price discovery contracts (SPDCs), which have been exempt from CFTC authority. Specifically, SPDCs listed for trading on exempt markets now will be subject to position limits or accountability levels, large trader reporting, trade monitoring, emergency action and daily publication requirements. The trading platform also will have self-regulatory responsibilities.

NYMEX President and Chief Executive Officer James E. Newsome said, "NYMEX strongly supports the approach taken by Congress on oversight of the electronic OTC energy markets.  Derivatives markets have evolved rapidly in just a few short years, and we believe it is prudent from time to time for Congress to undertake a thoughtful and measured review of appropriate safeguards and procedures.  Furthermore, we believe that Congress correctly adopted a targeted approach in providing greater oversight and transparency for SPDCs which effectively had been off the CFTC's radar screen."

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DATASOURCE: NYMEX Holdings, Inc.



CONTACT:  Anu Ahluwalia, [phone], or Keil Decker,

[phone], both of NYMEX Holdings



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