Miki Kolobara, Esq. November 8, 2004

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Presentation transcript:

Miki Kolobara, Esq. November 8, 2004 Energy Trading APPA 2004 Legal Seminar Workshop November 7-10, 2004 San Francisco, CA Miki Kolobara, Esq. November 8, 2004

Commodities Trading Universe Exchange Trading (Futures Contracts) Standardized contract terms High liquidity Performance guaranteed Requires marking-to-market / margin No credit risk Over-the-Counter (OTC) Trading (Forward Contracts) Customized contract terms Low liquidity No performance guaranty No requirement for marking-to-market / margin Credit risk Energy Trading / M. Kolobara, Esq. 11-8-04

Evolution of Commodities Trading Regulation Commodity Exchange Act (1936) Futures Trading Practices Act (1992) Swap Exemption Rule (1993) Commodity Futures Modernization Act (2000) Enforcement Commodity Futures Trading Commission (CFTC) Securities and Exchange Commission (SEC) Federal Energy Regulatory Commission (FERC) ??? Energy Trading / M. Kolobara, Esq. 11-8-04

Standard Industry Agreements North American Energy Standards Board (NAESB) Agreement Western System Power Pool (WSPP) Agreement Edison Electric Institute (EEI) Agreement International Swaps and Derivatives Association (ISDA) Agreement Energy Trading / M. Kolobara, Esq. 11-8-04

Risk Management Types of Risk Involved Risk Integration Legal Risk Market Risk Counterparty Risk Operational Risk Risk Integration Trend to Centralize Risk Management Energy Trading / M. Kolobara, Esq. 11-8-04

Master Agreement Structure Energy Trading / M. Kolobara, Esq. 11-8-04

Who is Usually Involved Energy Trading / M. Kolobara, Esq. 11-8-04

Current Issues of Interest Post-Enron Stress Disorder Here Come the Banks Forward Contract Merchant: If it looks like a Duck and walks like a Duck, it’s a Pigeon. Energy Trading / M. Kolobara, Esq. 11-8-04

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