text: SECTION 1. JURISDICTION OF THE COMMODITY FUTURES TRADING COMMISSION 
                OVER ENERGY TRADING MARKETS AND METALS TRADING MARKETS.
  
      (a) FERC Liaison.--Section 2(a)(8) of the Commodity Exchange Act (7 
  U.S.C. 2(a)(8)) is amended by adding at the end the following:
                      ``(C) FERC liaison.--The Commission shall, in 
                  cooperation with the Federal Energy Regulatory 
                  Commission, maintain a liaison between the Commission 
                  and the Federal Energy Regulatory Commission.''.
      (b) Exempt Transactions.--Section 2 of the Commodity Exchange Act 
  (7 U.S.C. 2) is amended--
              (1) in subsection (h), by adding at the end the following:
              ``(7) Applicability.--This subsection does not apply to an 
          agreement, contract, or transaction in an exempt energy 
          commodity or an exempt metal commodity described in section 
          2(j)(1).''; and
              (2) by adding at the end the following:
      ``(j) Exempt Transactions.--
              ``(1) Transactions in exempt energy commodities and exempt 
          metals commodities.--An agreement, contract, or transaction 
          (including a transaction described in section 2(g)) in an 
          exempt energy commodity or exempt metal commodity shall be 
          subject to--
                      ``(A) sections 4b, 4c(a), 4c(b), 4o, and 5b;
                      ``(B) subsections (c) and (d) of section 6 and 
                  sections 6c, 6d, and 8a, to the extent that those 
                  provisions--
                              ``(i) provide for the enforcement of the 
                          requirements specified in this subsection; and
                              ``(ii) prohibit the manipulation of the 
                          market price of any commodity in interstate 
                          commerce or for future delivery on or subject 
                          to the rules of any contract market;
                      ``(C) sections 6c, 6d, 8a, and 9(a)(2), to the 
                  extent that those provisions prohibit the manipulation 
                  of the market price of any commodity in interstate 
                  commerce or for future delivery on or subject to the 
                  rules of any contract market;
                      ``(D) section 12(e)(2); and
                      ``(E) section 22(a)(4).
              ``(2) Bilateral dealer markets.--
                      ``(A) In general.--Except as provided in paragraph 
                  (6), a person or group of persons that constitutes, 
                  maintains, administers, or provides a physical or 
                  electronic facility or system in which a person has the 
                  ability to offer, execute, trade, or confirm the 
                  execution of an agreement, contract, or transaction 
                  (including a transaction described in section 2(g)) 
                  (other than an agreement, contract, or transaction in 
                  an excluded commodity) by making or accepting the bids 
                  and offers of 1 or more participants on the facility or 
                  system (including facilities or systems described in 
                  clauses (i) and (iii) of section 1a(33)(B)), the person 
                  or group of persons, and the facility or system 
                  (referred to in this subsection as a `bilateral dealer 
                  market') may offer to enter into, enter into, or 
                  confirm the execution of any agreement, contract, or 
                  transaction under paragraph (1) (other than an 
                  agreement, contract, or transaction in an excluded 
                  commodity) if the bilateral dealer market meets the 
                  requirement of subparagraph (B).
                      ``(B) Requirement.--The requirement of this 
                  subparagraph is that a bilateral dealer market shall--
                              ``(i) provide notice to the Commission in 
                          such form as the Commission may specify by rule 
                          or regulation;
                              ``(ii) file with the Commission any reports 
                          (including large trader position reports) that 
                          the Commission requires by rule or regulation;
                              ``(iii)(I) consistent with section 4i, 
                          maintain books and records relating to each 
                          transaction in such form as the Commission may 
                          specify for a period of 5 years after the date 
                          of the transaction; and
                              ``(II) make those books and records 
                          available to representatives of the Commission 
                          and the Department of Justice for inspection 
                          for a period of 5 years after the date of each 
                          transaction; and
                              ``(iv) make available to the public on a 
                          daily basis such information as total volume by 
                          commodity, settlement price, open interest, 
                          opening and closing ranges, and any other 
                          information that the Commission determines to 
                          be appropriate for public disclosure, except 
                          that the Commission may not--
                                      ``(I) require the real time 
                                  publication of proprietary information; 
                                  or
                                      ``(II) prohibit the commercial sale 
                                  of real time proprietary information.
              ``(3) Reporting requirements.--On request of the 
          Commission, an eligible contract participant that trades on a 
          bilateral dealer market shall provide to the Commission, within 
          the time period specified in the request and in such form and 
          manner as the Commission may specify, any information relating 
          to the transactions of the eligible contract participant on the 
          bilateral dealer market within 5 years after the date of any 
          transaction that the Commission determines to be appropriate.
              ``(4) Capital requirements.--
                      ``(A) In general.--Except as provided in 
                  subparagraph (B), a bilateral dealer market shall adopt 
                  a value-at-risk model approved by the Commission.
                      ``(B) Capital commensurate with risk.--If there is 
                  an interaction of multiple bids and multiple offers on 
                  the bilateral dealer market in a predetermined, 
                  nondiscretionary automated trade matching and trade 
                  execution algorithm or bids and offers and acceptances 
                  of bids and offers made on the bilateral dealer market 
                  are binding, a bilateral dealer market shall maintain 
                  sufficient capital commensurate with the risk 
                  associated with transactions on the bilateral dealer 
                  market, as determined by the Commission.
              ``(5) Transactions exempted by commission action.--Any 
          agreement, contract, or transaction on a bilateral dealer 
          market (other than an agreement, contract, or transaction in an 
          excluded commodity) that would otherwise be exempted by the 
          Commission under section 4(c) shall be subject to--
                      ``(A) sections 4b, 4c(a), 4c(b), 4o, and 5b; and
                      ``(B) subsections (c) and (d) of section 6 and 
                  sections 6c, 6d, 8a, and 9(a)(2), to the extent that 
                  those provisions prohibit the manipulation of the 
                  market price of any commodity in interstate commerce or 
                  for future delivery on or subject to the rules of any 
                  contract market.
              ``(6) No effect on other ferc authority.--This subsection 
          does not affect the authority of the Federal Energy Regulatory 
          Commission to regulate transactions under the Federal Power Act 
          (16 U.S.C. 791a et seq.) or the Natural Gas Act (15 U.S.C 717 
          et seq.).
              ``(7) Applicability.--This subsection does not apply to--
                      ``(A) a designated contract market regulated under 
                  section 5; or
                      ``(B) a registered derivatives transaction 
                  execution facility regulated under section 5a.''.
      (c) Contracts Designed to Defraud or Mislead.--Section 4b of the 
  Commodity Exchange Act (7 U.S.C. 6b) is amended by striking subsection 
  (a) and inserting the following:
      ``(a) Prohibition.--It shall be unlawful for any member of a 
  registered entity, or for any correspondent, agent, or employee of any 
  member, in or in connection with any order to make, or the making of, 
  any contract of sale of any commodity in interstate commerce, made, or 
  to be made on or subject to the rules of any registered entity, or for 
  any person, in or in connection with any order to make, or the making 
  of, any agreement, transaction, or contract in a commodity subject to 
  this Act--
              ``(1) to cheat or defraud or attempt to cheat or defraud 
          any person;
              ``(2) willfully to make or cause to be made to any person 
          any false report or statement, or willfully to enter or cause 
          to be entered any false record;
              ``(3) willfully to deceive or attempt to deceive any person 
          by any means; or
              ``(4) to bucket the order, or to fill the order by offset 
          against the order of any person, or willfully, knowingly, and 
          without the prior consent of any person to become the buyer in 
          respect to any selling order of any person, or to become the 
          seller in respect to any buying order of any person.''
      (d) Conforming Amendments.--The Commodity Exchange Act is amended--
              (1) in section 2 (7 U.S.C. 2)--
                      (A) in subsection (h)--
                              (i) in paragraph (1), by striking 
                          ``paragraph (2)'' and inserting ``paragraphs 
                          (2) and (7)''; and
                              (ii) in paragraph (3), by striking 
                          ``paragraph (4)'' and inserting ``paragraphs 
                          (4) and (7)''; and
                      (B) in subsection (i)(1)(A), by striking ``section 
                  2(h) or 4(c)'' and inserting ``subsection (h) or (j) or 
                  section 4(c)'';
              (2) in section 4i (7 U.S.C. 6i)--
                      (A) by striking ``any contract market or'' and 
                  inserting ``any contract market,''; and
                      (B) by inserting ``, or pursuant to an exemption 
                  under section 4(c)'' after ``transaction execution 
                  facility'';
              (3) in section 5a(g)(1) (7 U.S.C. 7a(g)(1)), by striking 
          ``section 2(h)'' and inserting ``subsection (h) or (j) of 
          section 2'';
              (4) in section 5b (7 U.S.C. 7a-1)--
                      (A) in subsection (a)(1), by striking ``2(h) or'' 
                  and inserting ``2(h), 2(j), or''; and
                      (B) in subsection (b), by striking ``2(h) or'' and 
                  inserting ``2(h), 2(j), or''; and
              (5) in section 12(e)(2)(B) (7 U.S.C. 16(e)(2)(B)), by 
          striking ``section 2(h) or 4(c)'' and inserting ``subsection 
          (h) or (j) of section 2 or section 4(c)''.
  
  SEC. 2. JURISDICTION OF THE FEDERAL ENERGY REGULATORY COMMISSION OVER 
                ENERGY TRADING MARKETS.
  
      Section 402 of the Department of Energy Organization Act (42 U.S.C. 
  7172) is amended by adding at the end the following:
      ``(i) Jurisdiction Over Derivatives Transactions.--
              ``(1) In general.--To the extent that the Commission 
          determines that any contract that comes before the Commission 
          is not under the jurisdiction of the Commission, the Commission 
          shall refer the contract to the appropriate Federal agency.
              ``(2) Meetings.--A designee of the Commission shall meet 
          quarterly with a designee of the Commodity Futures Trading 
          Commission, the Securities Exchange Commission, the Federal 
          Trade Commission, and the Federal Reserve Board to discuss--
                      ``(A) conditions and events in energy trading 
                  markets; and
                      ``(B) any changes in Federal law (including 
                  regulations) that may be appropriate to regulate energy 
                  trading markets.
              ``(3) Liaison.--The Commission shall, in cooperation with 
          the Commodity Futures Trading Commission, maintain a liaison 
          between the Commission and the Commodity Futures Trading 
          Commission.''.
target: Amends the Commodity Exchange Act to instruct the Commodities Futures Trading Commission (CFTC) and the Federal Energy Regulatory Commission (FERC) to maintain a liaison with one another.Places transactions in certain energy or metal commodities within the regulatory and enforcement framework governing futures trading and foreign transactions (including a proscription against market price manipulation of any commodity in either interstate commerce or on the contract market for future delivery).Places electronic trading facilities (bilateral dealer markets) under the regulatory oversight of the CFTC, including filing, recordkeeping, reporting and capital requirements.Prohibits contracts designed to defraud or mislead.Amends the Department of Energy Organization Act to mandate that the following agencies hold quarterly meetings to discuss conditions in energy trading markets and any changes in Federal law needed to regulate them: FERC, CFTC, the Securities Exchange Commission, the Federal Trade Commission and the Federal Reserve Board.
feat_title: A bill to provide regulatory oversight over energy trading markets and metals trading markets, and for other purposes.