Large energy companies look set to slip through the maze of new rules for derivatives trading, a group of U.S. senators said, urging regulators to tighten oversight to cover all the market. As of this year, the U.S. Commodity Futures Trading Commission (CFTC) subjects companies trading more than $8 billion in swaps to tough oversight unless they do so to hedge price swings in their day-to-day business. But oil companies such as BP Plc and Royal Dutch Shell Plc have not yet joined the 70 or so investment banks that have registered with regulators, despite being active in the market. "We are concerned that CFTC is failing to bring energy swap dealers under its oversight," a group of six senators led by Dianne Feinstein, a California Democrat, said in a letter to CFTC Chairman Gary Gensler. "This limits CFTC's ability to monitor for manipulation, excessive speculation, and systemic risk in energy markets," said the letter, which was dated May 20. A Reuters
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