Release: #4747-03
For Release: January 31, 2003

FERC-CFTC ANNOUNCE FINAL AGENDA FOR CONFERENCE ON “CREDIT ISSUES IN THE ENERGY MARKETS: CLEARING AND OTHER SOLUTIONS”

WASHINGTON, D.C. -- The Federal Energy Regulatory Commission (FERC) and the Commodity Futures Trading Commission (CFTC) today announced the final agenda for the joint technical conference “Credit Issues in the Energy Markets: Clearing and Other Solutions”, which will take place on Wednesday, February 5, 2003, at FERC headquarters, 888 First Street, N.E., Washington, D.C., in meeting room 2C.

This one-day conference will begin at 8:30 a.m., and conclude at 4:30 p.m. All interested parties are invited to attend and there is no registration or fee for this conference.

The aim of the conference is to explore, among a number of possible solutions, the feasibility of utilizing clearing to address, in a meaningful fashion, the credit issues that exist in today’s energy markets. The conference will focus on the credit and related liquidity issues presently impacting energy market participants and will examine possible solutions, including the utilization of CFTC-regulated clearing facilities. FERC Chairman, Pat Wood and CFTC Chairman, James E. Newsome are scheduled to make opening remarks, and a distinguished panel of experts representing credit analysts, clearing organizations registered with the CFTC, and energy market participants (see attachment) will discuss the issues in depth.

For more information about his conference, please contact Anne Marie Kelly, CFTC: (202) 418-5431, R. David Gary, CFTC: (202) 418-5085, or Bryan Lee, FERC�(202) 502-8004.

ATTACHMENT

Agenda for Joint Technical Conference

“CREDIT ISSUES IN THE ENERGY MARKETS:
CLEARING & OTHER SOLUTIONS”

February 5, 2003

9:00-9:30 a.m.
Welcoming Remarks: Pat Wood III, FERC Chairman
����������������������������������� James E. Newsome, CFTC Chairman

Overview: Bill Hederman
���Director, Office of Market Oversight and Investigations, FERC

Jane Kang Thorpe
���Director, Division of Clearing and Intermediary Oversight, CFTC

Panel I: Clearing Fundamentals & Oversight
9:30-11:30 am

This panel will focus on issues such as the benefits of centralized clearing, the process of clearing, and how derivatives clearing organizations are regulated by the CFTC. The speakers on this panel are:

• John P. Davidson III, Managing Director, Institutional Securities, Morgan Stanley
• Ananda Radhakrishnan, Special Counsel, Division of Clearing and Intermediary Oversight, CFTC
• John C. Lawton, Deputy Director and Chief Counsel, Division of Clearing and Intermediary Oversight, CFTC

Lunch
11:30 a.m. -12:30 p.m.

Panel II: Clearing Models in the Energy Markets
12:30-2:30 p.m. .

This panel will consist of representatives from the major clearing providers for energy markets. The panelists will discuss their clearing models, the protections they provide and what financial support is behind these protections. The panelists are:

• Neal L. Wolkoff, Chief Operating Office and Executive Vice President, the New York Mercantile Exchange (NYMEX)
• Andrew Lamb, Deputy Chief Executive and Managing Director of Risk, London Clearing House (LCH)
• Dennis Dutterer, President and Chief Executive Officer, Guaranty Clearing Corporation
• Dennis M. Earle, President and Chief Executive Officer, EnergyClear Corporation
• David Goone, Senior Vice President, InterContinental Exchange (ICE)
• Robert J. Stewart, President, Merchant’s Exchange

Break
2:30-2:45 p.m.

Panel III: Industry Initiatives & Implementation
2:45-4:30 p.m.

This panel will explore different industry proposed solutions to mitigate credit risk. The speakers will include experts from market participants and industry organizations. They are:

• Steve Bunkin, Vice President and Associate General Counsel, Goldman Sachs/ J. Aron, and Co-Chair of ISDA's North American Energy & Developing Products Committee
• Harold Loomis, Credit Manager, PJM Interconnection, L.L.C.
• Vincent Kaminski, Managing Director, Citadel Investment Group
• Robert Stibolt, Senior Vice President, Risk Management & Trade Coordination, Tractebel North America, and Co-Chair of Credit Committee, Committee of Chief Risk Officers (CCRO)
• Edward Comer, Vice President and General Counsel, Edison Electric Institute (EEI)
• Carol St. Clair, Director, UBS Warburg Energy, L.L.C.
• Craig Goodman, President, National Energy Marketers Association

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