The Working Group of Commercial Energy Firms, which joins together energy utilities, producers and marketers, is appealing to the Commodity Futures Trading Commission for details on an industry exemption from new rules in the over-the-counter derivatives market, reports Reuters.

Although the commercial end-users of derivatives will end up having to abide by new rules about margins and clearing in the future, the energy companies want details on "grandfathering" – the process of exempting existing transactions from new rules in order to prevent chaotic disruptions. According to Reuters, the deadline for applying to have transactions grandfathered is September 20 – but no details exist on how to apply for the exemption.

The firms are apparently seeking a blanket one-year exemption after new rules come into effect, in order to smooth the transition between two disparate regulatory regimes.

Michael Sweeney, a lawyer representing the energy companies, wrote that grandfathering will prevent "potentially harmful disruptions to markets for exempt commodities and the incurrence of unnecessary costs by commercial energy firms, either of which could result in increased energy prices."