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External Meetings: Meeting with MarkitSERV

10/8/2010 9:30 AM

CFTC Staff:
Commissioner Dunn, Robert Cashdollar and Jason Gizzarelli.
Jeff Gooch, Adam Kansler, Jeff Waddle, Gina Ghent, Ed Chidsey, Allison Kelrik and Peter Y. Malyshev.
  • On October 8 at 9:30 am, MarkitSERV came to the office to discuss the following:~- The definition of “trade processing” facility as referred to in the operative provisions for SEFs and the disparity with the SEF definition;~- Meeting the trading requirement on SEFs in conjunction with the trade processing functions of the SEFs;~- Requirement in the DFA of confirmation of swap trades by SDs and MSPs in conjunction with reporting of all swaps – extension of the confirmation requirement to the “electronic” confirmation requirement;~- The fields for reporting of swaps that must be mandatory and those that are optional;~- Real-time reporting (when the clock starts ticking); ~- Block trades and non-competitive execution of trades on SEFs and the factor of liquidity in setting the standard ;~- Divergence of DCO qualification under the CEA and the clearing agency under the securities acts;~- Differences between the functions of SDRs and “trade processing” facilities and how they are important to the market.