Commodity Futures Trading Commission Chairman Timothy Massad provided insight regarding a number of current Commission initiatives before the Beer Institute’s annual meeting last week. Among other matters, Mr. Massad indicated he expected the CFTC to finalize rules this fall regarding margin for uncleared swaps, suggesting they will include a proposed exemption for commercial end users. (Click here for further details regarding the CFTC’s proposal in the article “CFTC Proposes Margin Rules for Uncleared Swaps and Approves Special Treatment for Operations-Related Swaps With Certain Government-Owned Natural Gas and Electric Utilities” in the September 21, 2014 edition of Bridging the Week.) Without committing to a date of release of final rules, Mr. Massad suggested that “[w]e will have more to say about issues related to position limits in the coming months.” Mr. Massad acknowledged that “hedging strategies are varied and complicated,” and suggested the Commission is taking a “closer look” at having exchanges, not the CFTC, review applications for so-called “non-enumerated” hedging exemptions.  Mr. Massad also indicated the Commission is reconsidering its aggregation proposal and that the CFTC is likely to issue proposals during the fall “to minimize the chance that algorithmic trading can cause disruptions or result in unfairness.” Mr. Massad opened his comments before the Beer Institute by noting it is likely that the attendees’ “products will never cause a financial crisis. To the contrary, I suspect that your products were actually the source of a lot of comfort for many of us during the global financial crisis.”