Created with Sketch.Menu Transparency
	Contact Us Search
Search
 Main navigation

      
      About the CFTC
                          The Commission
                        Chairman & Commissioners
                        CFTC Organization
                        Advisory Committees
                        Budget & Performance
                        Privacy at the CFTC
                        Careers
                        Diversity and Inclusion at the CFTC
                        Industry Oversight
                          Industry Filings
                        Trading Organizations
                        Clearing Organizations
                        Data Repositories
                        Intermediaries
                        Market Surveillance
                        Contracts & Products
                        Rules & Rule Amendments
                        Anti-Money Laundering
                        Law & Regulation
                          Commodity Exchange Act & Regulations
                        How Rules Are Made
                        Holding Wrongdoers Accountable
                        Federal Register
                        Public Comments
                        CFTC Staff Letters
                        Office of Technology Innovation
                        Market Data & Economic Analysis
                          Data at CFTC
                        Commitments of Traders
                        Bank Participation Reports
                        Cotton On-Call
                        Financial Data for FCMS
                        Net Position Changes Data
                        Staff Reports
                        Weekly Swaps Report
                        Cleared Margin Reports
                        Office of the Chief Economist
                        Forms & Submissions
                        Learn & Protect
                          Check Registration & Disciplinary History
                        Submit a Tip
                        Reparations Program
                        RED List
                        Advisories & Articles
                        Videos
                        Publications
                        News & Events
                          Press Releases
                        Public Statements & Remarks
                        Events Carousel Rotation On
              On


External Meetings: Definitions Meeting with Vitol
  
    



  The meeting discussed the definition of hedging and mitigating commercial risk in connection with the definition of major swap participant (MSP), in particular focusing on the distinction between using swaps to hedge commercial risk and for speculation, investment or trading.  Vitol sought clarification of a sentence in footnote 128 of the proposing release which states that “Swap positions that hedge other positions that themselves are held for the purpose of speculation or trading are also speculative or trading positions.”  Vitol said the rule should clarify this distinction, and clarify how different types of swaps would be treated, when the swap relates to a physical commodity that the swap user produces, manufactures, processes or merchandises.  Vitol said the rule should clarify whether a swap that qualifies as bona fide hedging under the CFTC’s rules could be excluded from the definition of hedging commercial risk if the swap were found to have a speculative, investment or trading purpose.
      
  When
              05/11/2011

  Rulemaking(s)
              II. Definitions

  CFTC Staff
              Dan BerkovitzTerry ArbitMark FajfarJulian HammarDavid AronLee Ann Duffy

  Visitor(s)
              Ron Oppenheimer (Vitol, Inc.)

  Organization(s)
              Vitol, Inc.


Resources

CFTC Regulations
	Commodity Exchange Act
	Privacy Policy
	Web Policy
	FOIA
	EEO Statement
	No Fear Act
	Accessibility Statement
	Procurement
	USA.gov
	Glossary

Actions

Search Public Comments
	Submit Tips & Complaints
	Search Industry FilingsWhistleblower.gov
	Office of Technology InnovationInspector GeneralSitemap

HomeCFTC Headquarters
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
202.418.5000