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Cadwalader: CFTC Concludes Certain Natural Gas Transportation Agreements May be Swaps

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...

Cadwalader Client & Friends Memo: FERC Enforcement Director Calls for Legislative Fix to Address Hunter Decision

On January 15, 2014, Mr. Norman Bay, Director of the Office of Enforcement at the Federal Energy Regulatory Commission ( FERC ), testified at a Senate Banking Subcommittee on Financial Institutions and Consumer Protection hearing entitled “Regulating Financial Holding Companies and Physical Commodities...

Cadwalader: Initial Decision Finds that BP Manipulated 2008 Natural Gas Market in Texas

Introduction On August 13, 2015, a Federal Energy Regulatory Commission (“ FERC ” or “ Commission ”) Administrative Law Judge (“ ALJ ”) issued an initial decision in which she found that BP America Inc. et al. (“ BP ”) manipulated the natural gas market...