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External Meetings: Proprietary Trading Firms Meeting

9/21/2011 1:00 PM
II. Definitions

VIII. Process for Review of Swaps

XVI. Swap Data Repositories Registration

CFTC Staff:
Gary Gensler

Sarah Josephson

Tim Karpoff

Dan Berkovitz

Jeff Burns

Mark Fajfar
Don Wilson, DRW

Rahm Emanuel, Mayor of Chicago

Erin Chern, Chicago Trading Company

Tom Hanley, Infinium

Greg Eickbush, Infinium

Jim Newsome, Delta Strategies

Graham Harper, Delta Strategies

Lara Driscoe, Delta Strategies

Chicago Trading Company


Delta Strategies
  • Meeting participants discussed application of swap dealer requirements to proprietary trading firms such as DRW, Chicago Trading Company and Infinium (the "Firms"). The firms said that treating cleared and uncleared swaps in the same way to determine if a person is a swap dealer will have an adverse effect on liquidity and transparency by discouraging the use of cleared swaps. The Firms said that application of the swap dealer capital requirements (along with other swap dealer requirements, such as the need for a chief compliance officer) to smaller trading firms would discourage innovation and competition in the swap markets.