One of the steps to improve transparency in the U.S. markets is a bill introduced on September 17, 2007 by Senator Carl Levin of Michigan to regulate electronic energy trading facilities by registering with the CFTC (Levin (2007)). The bill also proposes to provide trading limits for energy traders that can be monitored by the CFTC across all energy trading platforms and exchanges, and requires that large domestic traders of energy report their trades on foreign exchanges.The bill defines precisely what constitutes an “energy trading facility” and an “energy commodity”