February 2006 Market Clearing in the Energy Industry 4-16 © Copyright 2006, CCRO. All rights reserved. 4.3. Regulatory / Legal • There is uncertainty as to how to best encourage/allow the energy markets to develop without additional/further regulation of the markets, market participants or clearing solution providers. • There is uncertainty as to how to best encourage convergence of ISO/RTO market and product offerings to facilitate clearing opportunities. • There is uncertainty with respect to the default and/or bankruptcy of a POLR. While there are serious challenges to address, the challenges are not insurmountable and can be overcome through changes in policy, management practice, and through continued innovation and refinement in clearing services offered, as described herein.