Hill Heat

Hearing page

Witnesses:

• Michael Gelchie, Group Chief Executive Officer, Louis Dreyfus Company
• Derek Sammann, Senior Managing Director, Global Head of Commodities, Options & International Markets, CME Group
• Alicia Crighton, Chair of the Board, Futures Industry Association
• Christopher Edmonds, Chief Development Officer, Intercontinental Exchange
• Dan Berkovitz, Former Commissioner, Commodities Futures Trading Commission

09/03/2023 at 10:00AM

Commodity Futures Trading Commission Chairman Rostin Behnam today announced the first-ever Voluntary Carbon Convening on June 2. The purpose of the meeting is to discuss issues related to the supply and demand for high quality carbon offsets, including product standardization and the data necessary to support the integrity of carbon offsets’ greenhouse gas emissions avoidance and reduction claims. Panelists will also discuss issues related to the market structure for trading carbon offsets and carbon derivatives as well as perspectives on the challenges and opportunities in these markets.

“As companies increasingly turn to the derivatives markets to manage risk and keep pace with global efforts to decarbonize, I look forward to the CFTC’s facilitating these discussions,” said Chairman Behnam in prepared remarks to the ISDA Annual General Meeting. “Our goal is to foster innovation in crafting solutions to the climate crisis while ensuring integrity and customer protection.”

The further goal of the convening is to gather information from a wide variety of market participants in the voluntary carbon markets to better understand the potential role of the official sector in these markets, particularly as we see the emergence of CFTC regulated derivatives referencing cash offset markets. The convening will include participants from carbon offset standard setting bodies, a carbon registry, private sector integrity initiatives, spot platforms, designated contract markets, intermediaries, end-users, public interest groups, and others.

The convening will be held in the Conference Center at CFTC’s headquarters at Three Lafayette Centre, 1155 21st Street NW, Washington, D.C. beginning at 9.00 a.m. for participants only. Participants will also have an option to participate virtually. In accordance with the agency’s implementation of COVID-19 related precautions, the general public will have access to the convening by webcast on the CFTC’s website or may also listen by telephone.

To access the live meeting feed, use the dial-in numbers below or stream at www.cftc.gov. A live feed can also be streamed through the CFTC’s YouTube channel. Call-in participants should be prepared to provide their first name, last name, and affiliation, if applicable. Materials presented at the meeting, if any, will be made available online.

Domestic Toll-Free:

1-669-254 5252 or 1-646-828-7666 or

1-669-216-1590 or 1-551-285-1373

International Access:

https://cftc-gov.zoomgov.com/u/amybg62Jw

Webinar ID:

Passcode:

161 174 6177

144701

9:00am ET

Welcome and Opening Remarks

• Chairman Rostin Behnam
• Commissioner Kristin N. Johnson
• Commissioner Christy Goldsmith Romero
• Commissioner Summer K. Mersinger
• Commissioner Caroline D. Pham

9:15am ET

Keynote Speakers

• U.S. Senator Debbie Stabenow (D-MI), Chairwoman of the Senate Committee on Agriculture, Nutrition, and Forestry
• U.S. Congressman David Scott (D-GA-13), Chairman of the House Agriculture Committee

09:30am ET

Panel 1: Carbon Offset Standards and Quality Initiatives:

The discussion will include an introduction to the carbon offsets markets; carbon offsets standards; and a private sector supply-side initiative.

Moderator: Kelley Kizzier, Fellow, Bezos Earth Fund

• Stephen Donofrio, Director, Ecosystem Marketplace of Forest Trends
• David Antonioli, Chief Executive Officer, Verra
• Mary Grady, Executive Director, American Carbon Registry
• Kristen Gorguinpour, Vice President of Programs, Climate Action Reserve
• Sonja Gibbs, Managing Director and Head of Sustainable Finance, IIF; Board Member, Integrity Council for the Voluntary Carbon Market
• Thomas Hale, Ph.D., Associate Professor in Public Policy (Global Public Policy), Blavatnik School of Government, University of Oxford

10:45am ET

Panel 2: State and Federal Regulatory Updates

The discussion will highlight the role of carbon offsets accepted in a domestic compliance market; provide an overview of recent regulatory initiatives which may directly or indirectly impact the markets for carbon offsets; and perspectives on the role of carbon offsets within a whole-of- government approach to mitigating climate change.

Moderator: Nathanial Keohane, President, Center for Climate and Energy Solutions

• Jason Gray, Project Director of the Governors’ Climate and Forests Task Force, Emmett Institute on Climate Change and the Environment at UCLA School of Law (V)
• John E. Morton, Climate Counselor to the Secretary, U.S. Department of the Treasury
• Sean Babington, Senior Advisor for Climate, Office of the Secretary, U.S. Department of Agriculture
• Carol A. (Annie) Petsonk, Assistant Secretary for Aviation and International Affairs, U.S. Department of Transportation
• Philip B. Duffy, Ph.D., Climate Science Advisor, Office of Science and Technology Policy, The White House (V)
• Christine Dragisic, Branch Chief, Partnerships and Initiatives, Office of Global Change, Bureau of Oceans and International Environmental and Scientific Affairs, U.S. Department of State (V)

11:45am ET

Lunch Break

12:45pm ET

Panel 3: Carbon Offsets Trading and Infrastructure

The discussion will provide an overview of carbon offset spot markets; exchange-listed derivatives; registry infrastructure; and OTC intermediation.

Moderator: Eric Pitt, Consultant, Climate Finance, Ceres Accelerator for Sustainable Capital Markets

• Kathy Benini, Managing Director, Sustainable1, S&P Global
• John Melby, President and Chief Operating Officer, Xpansiv
• Dan Scarbrough, Co-founder, President & Chief Operating Officer, IncubEx, Inc.
• John Frederick, Chief Financial Officer, Indigo Agriculture
• Evan Ard, Chief Executive Officer, Evolution Markets
• Mike Kierstead, Head of Environmental Products, Intercontinental Exchange Pete Keavey, Managing Director of Energy and Environmental products, CME

2:00pm ET

Panel 4: Market Participants

Recommendations for the CFTC – Part 1 The panel will discuss perspectives on carbon offset projects from industry and the public interest. The panel will discuss the challenges and opportunities of trading carbon offsets and/or carbon offset derivatives; documentation issues; and recommendations for the role of the CFTC in these markets.

Moderator: Janet Peace, Chief of Advisory Services, BlueSource

Part I:

• Mark Kenber, Co-Executive Director, External Affairs, Voluntary Carbon Markets Integrity Initiative and Managing Director, Climate Advisers
• Bella Rozenberg, Senior Counsel/Head of Regulatory and Legal Practice Group, International Swaps and Derivatives Association
• Linda French, Global Head of ESG Policy & Regulation, Sustainability and Global Government Relations, JPMorgan Chase & Co.
• Aoife Kearney, Assistant General Counsel, Neuberger Berman
• Darcy Bradbury, Managing Director, head of Global Public Policy, the D. E. Shaw group
• Alexia Kelly, Director, Net Zero + Nature, Netflix

3:00pm ET

Panel 4: Market Participants

Recommendations for the CFTC – Part 2

The panel will discuss perspectives on carbon offset projects from industry and the public interest. The panel will discuss the challenges and opportunities of trading carbon offsets and/or carbon offset derivatives; documentation issues; and recommendations for the role of the CFTC in these markets.

Moderator: Janet Peace, Chief of Advisory Services, BlueSource

Part II:

• Chuck Conner, President & CEO, National Council of Farm Cooperatives
• Shelby Swain Myers, Economist, American Farm Bureau Federation
• Tyson Slocum, Director, Energy Program, Public Citizen
• Jeff Swartz, Vice President Low Carbon Strategy, Regulatory Affairs and Partnerships, BP
• Michael LeMonds, Vice President, Environment, Land and Government Affairs, Holcim US

4:00pm ET

Closing Remarks

Chairman Rostin Behnam

4:15pm ET

Adjournment

02/06/2022 at 09:00AM

Hearing page

FTX US is requesting the ability to use a new kind of ‘non-intermediated’ model of crypto derivatives trading, meaning there is no intermediary used to hold customer’s funds. FTX intends to offer its products to retail participants, and its financial and operational requirements for participants only require that the participant be able to post the margin required for a given position.

The proposal was a topic of discussion at the March 31st CFTC hearing.

Witnesses

• Terrence A. Duffy, Chairman and Chief Executive Officer, Chicago Mercantile Exchange, Chicago, IL
• Sam Bankman-Fried, Chief Executive Officer and Founder, FTX US Derivatives, Chicago, IL
• Walt Lukken, President and Chief Executive Officer, Futures Industry Association, Washington, D.C.
• Christopher Edmonds, Chief Development Officer, Intercontinental Exchange, Atlanta, GA
• Christopher Perkins, President, CoinFund, New York, NY

12/05/2022 at 10:00AM

Hearing page

Witness:

• Rostin Benham, Chairman, Commodity Futures Trading Commission

31/03/2022 at 10:00AM

E&E News reports:

House Democrats will continue devoting floor time to energy issues with a vote today to limit speculative trading in commodity futures markets. The bill, H.R. 6604, will be brought under a closed rule that does not allow amendments except a GOP alternative to be offered in the form of a motion to recommit. Except for a few technical details that keep the bill within the jurisdiction of the Agriculture Committee, the legislation is nearly identical to the speculation bill that did not pass before the August recess. In July, the legislation failed to win the two-thirds votes necessary to pass under expedited rules Democrats used to eliminate the possibility of Republicans attempting amendments on offshore drilling. The bill did obtain a majority vote of 276-151.

Republicans will likely attempt to use the motion to recommit to replace the bill with a GOP comprehensive energy bill that includes lifting the moratorium on oil and gas drilling on the outer continental shelf and provisions supporting clean coal, nuclear and conservation initiatives.

Yesterday, the Republican motion to recommit failed 191-226.