282
‘‘(C) sections 6c, 6d, 8a, and 9(a)(2), to 
the extent that those provisions prohibit the 
manipulation of the market price of any com-
modity in interstate commerce or for future de-
livery on or subject to the rules of any contract 
market; 
‘‘(D) section 12(e)(2); and 
‘‘(E) section 22(a)(4). 
‘‘(2) BILATERAL DEALER MARKETS.—
‘‘(A) IN GENERAL.—Except as provided in 
paragraph (6), a person or group of persons 
that constitutes, maintains, administers, or pro-
vides a physical or electronic facility or system 
in which a person has the ability to offer, exe-
cute, trade, or confirm the execution of an 
agreement, contract, or transaction (including a 
transaction described in section 2(g)) (other 
than an agreement, contract, or transaction in 
an excluded commodity) by making or accepting 
the bids and offers of 1 or more participants on 
the facility or system (including facilities or sys-
tems described in clauses (i) and (iii) of section 
1a(33)(B)), the person or group of persons, and 
the facility or system (referred to in this sub-
section as a ‘bilateral dealer market’) may offer
283
to enter into, enter into, or confirm the execu-
tion of any agreement, contract, or transaction 
under paragraph (1) (other than an agreement, 
contract, or transaction in an excluded com-
modity) if the bilateral dealer market meets the 
requirement of subparagraph (B). 
‘‘(B) REQUIREMENT.—The requirement of 
this subparagraph is that a bilateral dealer 
market shall—
‘‘(i) provide notice to the Commission 
in such form as the Commission may speci-
fy by rule or regulation; 
‘‘(ii) file with the Commission any re-
ports (including large trader position re-
ports) that the Commission requires by 
rule or regulation; 
‘‘(iii)(I) consistent with section 4i, 
maintain books and records relating to 
each transaction in such form as the Com-
mission may specify for a period of 5 years 
after the date of the transaction; and 
‘‘(II) make those books and records 
available to representatives of the Commis-
sion and the Department of Justice for in-
284
spection for a period of 5 years after the 
date of each transaction; and 
‘‘(iv) make available to the public on 
a daily basis such information as total vol-
ume by commodity, settlement price, open 
interest, opening and closing ranges, and 
any other information that the Commission 
determines to be appropriate for public dis-
closure, except that the Commission may 
not—
‘‘(I) require the real-time publi-
cation of proprietary information; or 
‘‘(II) prohibit the commercial 
sale of real-time proprietary informa-
tion. 
‘‘(3) REPORTING REQUIREMENTS.—On request 
of the Commission, an eligible contract participant 
that trades on a bilateral dealer market shall provide 
to the Commission, within the time period specified 
in the request and in such form and manner as the 
Commission may specify, any information relating to 
the transactions of the eligible contract participant 
on the bilateral dealer market within 5 years after 
the date of any transaction that the Commission de-
termines to be appropriate.
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‘‘(4) CAPITAL REQUIREMENTS.—
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), a bilateral dealer market 
shall adopt a value-at-risk model approved by 
the Commission. 
‘‘(B) 
CAPITAL
COMMENSURATE
WITH 
RISK.—If there is an interaction of multiple 
bids and multiple offers on the bilateral dealer 
market in a predetermined, nondiscretionary 
automated trade matching and trade execution 
algorithm or bids and offers and acceptances of 
bids and offers made on the bilateral dealer 
market are binding, a bilateral dealer market 
shall maintain sufficient capital commensurate 
with the risk associated with transactions on 
the bilateral dealer market, as determined by 
the Commission. 
‘‘(5) TRANSACTIONS
EXEMPTED
BY
COMMIS-
SION ACTION.—Any agreement, contract, or trans-
action on a bilateral dealer market (other than an 
agreement, contract, or transaction in an excluded 
commodity) that would otherwise be exempted by the 
Commission under section 4(c) shall be subject to—
‘‘(A) sections 4b, 4c(a), 4c(b), 4o, and 5b; 
and
286
‘‘(B) subsections (c) and (d) of section 6 
and sections 6c, 6d, 8a, and 9(a)(2), to the ex-
tent that those provisions prohibit the manipu-
lation of the market price of any commodity in 
interstate commerce or for future delivery on or 
subject to the rules of any contract market. 
‘‘(6) NO
EFFECT
ON
OTHER
FERC
AUTHOR-
ITY.—This subsection does not affect the authority 
of the Federal Energy Regulatory Commission to 
regulate transactions under the Federal Power Act 
(16 U.S.C. 791a et seq.) or the Natural Gas Act (15 
U.S.C 717 et seq.). 
‘‘(7) APPLICABILITY.—This subsection does not 
apply to—
‘‘(A) a designated contract market regu-
lated under section 5; or 
‘‘(B) a registered derivatives transaction 
execution facility regulated under section 5a.’’. 
(3) CONTRACTS
DESIGNED
TO
DEFRAUD
OR 
MISLEAD.—Section 4b of the Commodity Exchange 
Act (7 U.S.C. 6b) is amended by striking subsection 
(a) and inserting the following: 
‘‘(a) PROHIBITION.—It shall be unlawful for any 
member of a registered entity, or for any correspondent, 
agent, or employee of any member, in or in connection