Redrawing the Boundaries: Dodd-Frank's Impact on the Regulatory Framework of the Energy Market

Andreas Gustafsson, Vice President, Office of General Counsel, NASDAQ OMX, Sweden
Aaron Horn, Legal Counsel, Office of General Counsel, NASDAQ OMX, Sweden

On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) into law. Title VII of Dodd-Frank establishes a new regulatory framework for over-the-counter derivatives; it specifically provides that the Commodity Futures Trading Commission (“CFTC”) will regulate “swaps,” “swap dealers,” “major swap participants,” “swap execution facilities,” “swap data repositories” and specifies that the CFTC shall take part in further defining such terms. Traditionally, under the current Commodity Exchange Act (“CEA”), the CFTC has regulated “futures,” options and options on futures which, with the new Dodd-Frank legislation, give the CFTC jurisdiction to regulate the full spectrum of commodity derivatives. Congress created the CFTC in 1974 as an independent agency designed to regulate the commodity futures and options on futures markets in the United States, and its stated mission is to protect the integrity of the markets and market users and the public from fraud, manipulation, and systemic risk related to derivatives subject to the CEA.

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Sweden Regulation Energy February 2012 Vol. 5, No. 18, Winter 2012

Andreas Gustafsson


Andreas Gustafsson, Vice President at Office of General Counsel, joined NASDAQ OMX in 2005, after working several years at the Swedish Financial Supervisory Authority in different positions. Currently Andreas is heading up the legal team in European, including the global commodities operation, which is responsible for the regulated operations.

Aaron Horn


Aaron Horn began working for NASDAQ OMX in 2011, recently earned a Juris Doctor from Georgetown University Law Center, and currently provides Legal Counsel services to NASDAQ OMX Commodities Clearing Company.



NASDAQ OMX is the world’s largest exchange company with trading, technology and public company service capability spanning 6 continents. NASDAQ OMX offers capital raising solutions to companies around the globe and is number one in worldwide listings with more than 3,600 listed companies representing $4.5 trillion in total market value. NASDAQ OMX offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. Its technology supports the operations of over 70 exchanges in 50 countries. Through its Data and Financial Products units, NASDAQ OMX provides its companies and investors with unrivaled market insight and visibility across multiple trading pools.

Sweden Regulation Energy February 2012 Vol. 5, No. 18, Winter 2012