Exchanges decide what size energy-futures contracts can trade privately and rules on reporting such trades. The Commodity Futures Trading Commission, however, is looking into the matter and considering taking on that role. "The transition to futures in the energy market has been facilitated by the exchanges establishing extremely low threshold sizes for block trades in the futures contracts," CFTC Commissioner Scott O'Malia said. "This is a significant issue that needs to be sufficiently thought through by both the commission and market participants."

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