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External Meetings: Air Transport Association Board of Directors Meeting

9/1/2010 9:00 AM
CFTC Staff:
Gary Gensler

John Riley
Robert Fornaro (AirTran Airways)

William Ayer (Alaska Airlines)

Gerard Arpey (American Airlines)

William Flynn (Atlas Worldwide Holdings, Inc.)

Richard Anderson (Delta Airlines)

David Bronczek (FedEx Express)

Mark Dunkerley (Hawaiian Airlines)

Dave Barger (JetBlue Airways)

Gary Kelly (Southwest Airlines)

David Abney (UPS)

Douglas Parker (U.S. Airways Group)

James May (Air Transport Association)

John Meenan (Air Transport Association)

Paul Archambeault (Air Transport Association)

David Berg (Air Transport Association)

David Castelveter (Air Transport Association)

John Heimlich (Air Transport Association)

Thomas Hendricks (Air Transport Association)

Patricia Higginbotham (Air Transport Association)

Sharon Pinkerton (Air Transport Association)

Nancy Young (Air Transport Association)

Ryan Stroschein (Air Transport Association)
Air Transport Association

AirTran Airways

Alaska Airline

American Airlines

Atlas Worldwide Holdings, Inc.

Delta Air Lines

FedEx Express

Hawaiian Airlines

JetBlue Airways

Southwest Airlines


U.S. Airways Group
  • Chairman Gensler described the rulewriting process of the CFTC to implement the Dodd-Frank Act. Richard Anderson (Delta) spoke to the end user exception and also spoke about the role that speculation plays and the need for effective limits on speculation. A question was asked during the discussion as to whether, in setting position limits, the Commission could put a limit on total speculation in a market. Chairman Gensler described the legal requirements of position limit rulemaking. Discussion also occurred regarding: (i) The definition of 'swap' and the forward contract exclusion; (ii) Whether 'puts and calls' fall under the definition of swap; (iii) Clearing requirements for swaps and the end user exception from clearing; (iv) Further on the rulemaking process and, in particular, as to how to be heard (Chairman Gensler responded by describing the Commission's rulemaking process); (v) That a challenge to position limit rulemaking is the lack of data; (vi) Commission process for establishing large trader reporting for swaps