From the Commodity Futures Trading Commission:
Washington, DC – The Commodity Futures Trading Commission requests public comment on rules and rule amendments that increase the oversight of Exempt Commercial Markets (ECMs) as directed by the CFTC Reauthorization Act of 2008. ECMs are lesser-regulated electronic trading facilities that allow institutional participants to trade exempt over-the-counter commodities such as energy swaps.
“The proposed rules provide the Commission with a clear window and robust tools to oversee these exempt commodity swap markets, allowing the Commission to better protect the integrity of the price discovery function of regulated futures exchanges,” said CFTC Acting Chairman Walt Lukken. “Oversight of ECMs was the first policy initiative I pursued after becoming Acting Chairman in June 2007 and these proposed rules are a culmination of the hard work of many here at the Commission and in Congress over the last 18 months.”...MORE
Also from the CFTC:
...Products Eligible for Trading on an Exempt Commercial Market
Only exempt commodities (any commodity other than an excluded commodity or an agricultural commodity), as defined by Sections 1a(13) and (14) of the CEA are eligible to be traded on an ECM in reliance on this exemption.
Exempt commodities include, among other things, energy products and metals....