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Natural gas traders should note that the CFTC has concluded that the definition of swap (which includes commodity options) includes the right to use gas transportation via the payment of a demand charge or reservation fee if the exercise of the right to use the transportation requires the payment of an additional usage fee. Gas transportation agreements probably can be characterized as trade options with physical settlement, upon exercise, taking the form of providing the transportation service. Trade options are not included in the determination of whether an entity is a swap dealer and are exempt from many, but not all, of the regulations applicable to swaps.
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