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External Meetings: Meeting with Roundtable of Swap Dealers

9/27/2010 2:00 PM
II. Definitions

VI. Segregation and Bankruptcy

XV. Rule Certification

CFTC Staff:
Gary Gensler

Yousuf Siddiqui
Corrado Camera, U.S. Mission to the EU

Tim Gateley, Citigroup

Alexander White, JP Morgan

Jennifer Cosco, Goldman Sachs

Susan Lambert, Barclays

Nick Miller, Morgan Stanley

JP Morgan

Goldman Sachs


Morgan Stanley
  • The meeting was held at the headquarters of the US-EU building in Brussels, Belgium. Topics discussed include:~-Description of the Dodd-Frank Act, as well as the rulemaking process, including the importance of consultation with industry and cooperation with regulators internationally.~-Certain participants had questions regarding the rules on client asset protection/segregation applicable to derivatives clearing organizations (DCOs).~-Certain participants were interested in determining whether RFQs would be included within the scope of swap execution facilities (SEFs).~-Participants wanted to know more about how valuation and market-to-market requirements would be implemented.~-Participants expressed that governance and risk methodologies were a concern with regard to choosing DCOs that are sufficiently robust for clearing swaps.~-Chairman Gensler and participants emphasized the need for a consistent approach to swap regulation between the US, Europe and other jurisdictions.

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