The CFMA, as enacted by President Clinton, went beyond the recommendations of a Presidential Working Group on Financial Markets ( PWG ) Report titled “ Over-the Counter Derivatives and the Commodity Exchange Act .” ( the “ PWG Report ”).

The PWG Report was directed at ending controversy over how swaps and other OTC derivatives related to the CEA.

Her successor, William Rainer, was CFTC Chair when the PWG Report was issued in November 1999.

The PWG Report recommended: ( 1 ) the codification into the CEA, as an “ exclusion ”, of existing regulatory exemptions for OTC financial derivatives, revised to permit electronic trading between “ eligible swaps participants ” ( acting as “ principals ”) and to even allow standardized ( i. e. “ fungible ”) contracts subject to “ regulated ” clearing ; ( 2 ) continuation of the existing CFTC authority to exempt other non-agricultural commodities ( such as energy products ) from provisions of the CEA ; ( 3 ) continuation of existing exemptions for “ hybrid instruments ” expanded to cover the Shad-Johnson Accord ( thereby exempting from the CEA any hybrid that could be viewed as a future on a “ non-exempt security ”), and a prohibition on the CFTC changing the exemption without the agreement of the other members of the PWG ; ( 4 ) continuation of the preemption of state laws that might otherwise make any “ excluded ” or “ exempted ” transactions illegal as gambling or otherwise ; ( 5 ) as previously recommended by the PWG in its report on hedge funds, the expansion of SEC and CFTC “ risk assessment ” oversight of affiliates of securities firms and commodity firms engaged in OTC derivatives activities to ensure they did not endanger affiliated broker-dealers or futures commission merchants ; ( 6 ) encouraging the CFTC to grant broad “ deregulation ” of existing exchange trading to reflect differences in ( A ) the susceptibility of commodities to price manipulation and ( B ) the “ sophistication ” and financial strength of the parties permitted to trade on the exchange ; and ( 7 ) permission for single stock and narrow index stock futures on terms to be agreed between the CFTC and SEC.

The PWG Report ended that disagreement by analyzing only four issues in deciding not to apply the CEA to OTC derivatives.

Rather than treat the “ convergence ’ of OTC derivatives and futures markets as a basis for CFTC regulation of OTC derivatives, the PWG Report acknowledged and encouraged the growth in similarities between the OTC derivatives market and the regulated exchange traded futures market.

It can be argued that the PWG Report recommendations and the CFMA as enacted did not change the “ regulation ” of OTC derivatives because there was no existing regulation under the CEA or securities laws.

Title I of the CFMA adopted recommendations of the PWG Report by broadly excluding from the CEA transactions in financial derivatives ( i. e. “ excluded commodities ”) between “ eligible contract participants .” The definition of “ eligible contract participant ” covered the same types of “ sophisticated ” parties as the existing “ swaps exemption ” in its definition of “ eligible swap participants ”, but was broader, particularly by adding permission for individuals with assets of $ 5 million rather than $ 10 million, if the transaction related to managing asset or liability “ risk .” The PWG had recommended “ considering ” an increase in this threshold to $ 25 million, not a reduction for actual hedging.

The PWG Report had recommended permitting “ standardized ” contracts, so long as they were subject to regulated clearing.

Title I ’ s biggest departure from the PWG Report recommendations was in extending most of the same exclusions to non-financial commodities that were not agricultural.

The PWG Report had recommended that exemptions for such transactions remain in the control of the CFTC, although it had recommended the continuation of those regulatory exemptions.

Title III established a framework for SEC regulation of “ security-based swaps .” The PWG Report had not addressed this issue.

The PWG Report had not dealt with these issues beyond how Title IV overlapped with Title I.

The CFMA did not provide the CFTC or SEC the broader “ risk assessment ” authority over affiliates of futures commission merchants or broker-dealers that the PWG Report had recommended.

Sponsors had delayed introduction of the bills as they vainly awaited agreement between the CFTC and SEC on how to regulate the single stock futures contemplated by the PWG Report.

Instead, it was widely hailed for bringing “ legal certainty ” to this “ important market ” permitting “ the United States to retain its leadership in the financial markets ”, as recommended by the PWG Report.

As described in Section 1. 2. 1 above, legal uncertainty for security-based swaps was an important issue in the events that led to the PWG Report.

The PWG Report recommended eliminating that uncertainty by excluding credit default swaps and all security-based swaps from the CEA and by adding to the “ hybrid instrument ” exemption an exclusion from the Shad-Johnson Accord.

The CFTC expressed dismay over the Broker-Dealer Lite proposal and the manner in which it was issued, but also noted it was 18 months into a “ comprehensive regulatory reform effort .” The same day the CFTC issued its “ concept release ” Treasury Secretary Robert Rubin, Federal Reserve Board Chair Alan Greenspan, and SEC Chair Arthur Levitt ( who, along with CFTC Chair Brooksley Born, were the members of the PWG ) issued a letter asking Congress to prevent the CFTC from changing its existing treatment of OTC derivatives.

While her 1997 testimony opposed the Senate bill ’ s provision to codify in law the existing CFTC regulatory exemptions for OTC derivatives, she also stated the CFTC was “ watching ” the OTC derivatives market with the PWG and had no plans to modify the existing CFTC exemptions for that market.

The SEC, the PWG, and others have also expressed concern about the “ systemic risk ” created by a lack of centralized clearing of credit default swaps.

After defeating " The Professional " Scott Lost and Chuck Taylor in the first round and Jay and Mark Briscoe in the semifinals, London and Generico defeated the Young Bucks in the finals of the tournament to not only win DDT4, but also the PWG World Tag Team Championship.

Along with putting local wrestlers in many of their storylines, PWG also brought in many out of town talent that weren't booked on other local shows.

Kanyon also appeared in Pro Wrestling Guerrilla taking on PWG champion, Joey Ryan.

They also worked for Pro Wrestling Guerrilla, and challenged for the PWG World Tag Team Championship, although they never won.

He has also held the top championships of several independent promotions, as he is a two-time Pro Wrestling Guerrilla ( PWG ) Champion, a one-time Westside Xtreme Wrestling Heavyweight champion, and a one-time FIP Heavyweight Champion.

but he also worked in FIP, PWG, and the National Wrestling Alliance ( NWA ).

Kazarian also worked for Pro Wrestling Guerrilla, and won a tournament to become the first ever PWG Champion on August 30, 2003.

PWG has also targeted senior government officials, including the attempted assassination of former Andhra Pradesh Chief Minister Chandrababu Naidu.

During this time, he was also competing for ROH's sister promotion, FIP, and debuted for PWG.

Although hailed by the PWG on the day of congressional passage as “ important legislation ” to allow “ the United States to maintain its competitive position in the over-the-counter derivative markets ”, by 2001 the collapse of Enron brought public attention to the CFMA ’ s treatment of energy derivatives in the “ Enron Loophole .” Following the Federal Reserve ’ s emergency loans to “ rescue ” American International Group ( AIG ) in September, 2008, the CFMA has received even more widespread criticism for its treatment of credit default swaps and other OTC derivatives.

In the ensuing Congressional hearings, the three members of the PWG dissenting from the CFTC ’ s “ unilateral ” actions argued the CFTC was not the proper body, and the CEA was not the proper statute, to regulate OTC derivatives activities.

CFTC Chair Brooksley Born replied that the CFTC had exclusive authority over “ futures ” under the CEA and could not allow the other PWG members to dictate the CFTC ’ s authority under that statute.

An effect of the LTCM experience was that the conference committee report adopting the six month moratorium on CFTC action affecting OTC derivative regulation included a statement that “ the conferees strongly urge ” the PWG to study OTC derivatives transactions of hedge funds and others.

Although Chairperson Born had explained at the October 1, 1998, House Banking Committee hearing that the CFTC ’ s supervisory authority over the LTCM fund as a “ commodity pool operator ” was limited to monitoring its exchange trading activities, the CFTC ’ s possession of financial statements for the fund received negative news coverage in November 1998 based on the fact the CFTC was the only federal regulator to receive such reports directly from LTCM and had not shared the information with other members of the PWG.

When the LTCM matter was investigated at a December 16, 1998, Senate Agriculture Committee hearing, the three CFTC Commissioners that had supported the Congressional moratorium, as described in Section 1. 2. 1 above, reiterated their support and their position that the entire PWG should study the OTC derivatives market and the issues raised in the CFTC ’ s “ concept release .”

On January 30, 2010, PWG held Kurt Russellmania, as part of WrestleReunion, in front of their biggest crowd ever and featured Jushin " Thunder " Liger, The Great Muta, Super Crazy and Rob Van Dam in his first U. S. independent wrestling appearance plus the reunited tag team of Paul London and Brian Kendrick all in action.

On January 29, 2011, Piper made his debut for Pro Wrestling Guerrilla ( PWG ) during the WrestleReunion 5 weekend, defeating nineteen other men, last eliminating Terry Funk, to win the Legends Battle Royal.

Work on IPP continues in the PWG with the publication of 12 candidate standards providing extensions to IPP and definition of IPP / 2. 0, IPP / 2. 1, and now IPP / 2. 2 representing different categories or classes of printers.

The dissenting PWG members explained that any effort to regulate those activities through the CEA would only lead to the activities moving outside the United States.

Any change in regulation of OTC derivatives should only occur after a full study of the issue by the entire PWG.