External Meetings: Meeting with Merrill Lynch

During the meeting, the participants discussed the burdens associated with local compliance requirements of financial entities that provide risk management services on a global basis. The participants considered the application of the Volcker Rule to the residual risk associated with facilitating customer swap businesses. The participants also discussed the statutory requirements in Dodd-Frank that relate to real-time reporting, designated contract market position limits, and aggregate position limits across the futures and swaps markets.