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2011-18763

  • Federal Register, Volume 76 Issue 143 (Tuesday, July 26, 2011)[Federal Register Volume 76, Number 143 (Tuesday, July 26, 2011)]

    [Proposed Rules]

    [Pages 44508-44511]

    From the Federal Register Online via the Government Printing Office [www.gpo.gov]

    [FR Doc No: 2011-18763]

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    COMMODITY FUTURES TRADING COMMISSION

    17 CFR Chapter I

    SECURITIES AND EXCHANGE COMMISSION

    17 CFR Chapter II

    [Release No. 34-64926; File No. 4-635]

    Acceptance of Public Submissions for a Study on International

    Swap Regulation Mandated by Section 719(c) of the Dodd-Frank Wall

    Street Reform and Consumer Protection Act

    AGENCY: Commodity Futures Trading Commission; Securities and Exchange

    Commission.

    ACTION: Request for comment.

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    SUMMARY: Section 719(c) of the Dodd-Frank Wall Street Reform and

    Consumer Protection Act (Dodd-Frank Act) requires the Commodity Futures

    Trading Commission (CFTC) and the Securities and Exchange Commission

    (SEC and, together with the CFTC, the Commissions) jointly to study and

    then report to Congress on swap regulation and clearinghouse regulation

    in the United States, Asia, and Europe and to identify areas of

    regulation that are similar and other areas of regulation that could be

    harmonized. The report also must identify major dealers, exchanges,

    clearinghouses, clearing members, and regulators in each geographic

    area and describe the major contracts (including trading volumes,

    clearing volumes, and notional values), methods for clearing swaps, and

    the systems used for setting margin in each geographic area. In

    connection with the study and report, the CFTC and SEC are issuing this

    request for information through public comment.

    DATES: Submit comments on or before September 26, 2011.

    ADDRESSES: You may submit comments by any of the following methods:

    CFTC

    Agency Web site, via its Comments Online process at http://comments.cftc.gov. Follow the instructions for submitting comments

    through the Web site.

    Mail: David A. Stawick, Secretary of the Commission,

    Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st

    Street, NW., Washington, DC 20581.

    Hand Delivery/Courier: Same as mail above.

    Please submit comments using only one method. Comments should be

    identified by ``International Swap Regulation Study'' in the subject

    line of responses submitted electronically and in paper submissions.

    All comments must be submitted in English or, if not, accompanied

    by an English translation. Comments will be posted on the CFTC's

    Internet Web site at http://www.cftc.gov, without review and without

    removal of personally identifying information. You should submit only

    information that you wish to make available publicly. If you wish the

    CFTC to consider information that may be exempt from disclosure under

    the Freedom of Information Act (FOIA), a petition for confidential

    treatment of the exempt information may be submitted according to the

    procedures established in Sec. 145.9 of the Commission's

    regulations.\1\ The CFTC reserves the right, but shall have no

    obligation, to review, pre-screen, filter, redact, refuse, or remove

    any or all of your submission from http://www.cftc.gov that it may deem

    to be inappropriate for publication, such as obscene language. All

    submissions that have been redacted or removed that contain comments

    will be retained in the public comment file and may be accessible under

    FOIA.

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    \1\ CFTC regulations referred to herein are found at 17 CFR Ch.

    1 (2010). They are accessible on the Commission's Web site at http://www.cftc.gov.

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    SEC

    Electronic Comments

    Use the agency's Internet comment form at http://www.sec.gov/rules/other.shtml; or

    Send an e-mail to rule-comments@sec.gov. Please include

    File Number 4-635 on the subject line.

    Paper Comments

    Send paper comments in triplicate to Elizabeth M. Murphy,

    Secretary, Securities and Exchange Commission, Station Place, 100 F

    Street, NE., Washington, DC 20549-1090.

    All submissions should refer to File Number 4-635. This file number

    should be included on the subject line if e-mail is used. To help the

    SEC process and review your comments more efficiently, please use only

    one method. Comments will be posted on the SEC's Internet Web site at

    http://www.sec.gov. Comments also are available for Web site viewing

    and printing in the SEC's Public Reference Room, Station Place, 100 F

    Street, NE., Washington, DC 20549, on official business days between

    the hours of 10 a.m. and 3 p.m. All comments received will be posted

    without change; the SEC does not edit personally identifying

    information from submissions. You should submit only information that

    you wish to make available publicly.

    FOR FURTHER INFORMATION CONTACT: CFTC: Natalie Markman Radhakrishnan,

    Senior Special Counsel, 202-418-5059, nmradhakrishnan@cftc.gov, Office

    of International Affairs, Commodity Futures Trading Commission, Three

    Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581; SEC:

    Babback Sabahi, Senior Counsel, 202-551-5398, sabahib@sec.gov, Office

    of International Affairs, Securities and Exchange Commission, Station

    Place, 100 F Street, NE., Washington, DC 20549-1004.

    SUPPLEMENTARY INFORMATION:

    I. Background

    The Dodd-Frank Act was enacted on July 21, 2010.\2\ Title VII of

    the legislation \3\ amends the Commodity Exchange Act \4\ and the

    Securities Exchange Act of 1934 \5\ to establish a comprehensive new

    regulatory framework for swaps and security-based swaps to reduce risk,

    increase transparency, and promote market integrity within the

    financial system. Among other things, Title VII: (1) Provides for the

    registration and comprehensive regulation of swap dealers, security-

    based swap dealers, major swap participants, and major security-based

    swap participants; (2) imposes clearing and trade execution

    [[Page 44509]]

    requirements on swaps and security-based swaps, subject to certain

    exceptions; (3) creates rigorous recordkeeping and real-time reporting

    regimes; and (4) enhances the Commissions' rulemaking and enforcement

    authorities with respect to certain registered entities and

    intermediaries subject to the Commissions' oversight.

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    \2\ See Dodd-Frank Wall Street Reform and Consumer Protection

    Act, Pub. L. 111-203, 124 Stat. 1376 (2010). The text of the Dodd-

    Frank Act may be accessed at http://www.cftc.gov/LawRegulation/DoddFrankAct/index.htm.

    \3\ Pursuant to section 701 of the Dodd-Frank Act, Title VII may

    be cited as the ``Wall Street Transparency and Accountability Act of

    2010''.

    \4\ 7 U.S.C. 1 et seq.

    \5\ 15 U.S.C. 78a et seq.

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    Section 719(c)(1) of the Dodd-Frank Act requires the CFTC and SEC

    jointly to conduct a study on swap regulation and clearinghouse

    regulation in the United States, Asia, and Europe and to identify areas

    of regulation that are similar and other areas of regulation that could

    be harmonized.\6\ Pursuant to Section 719(c)(2) of the Dodd-Frank Act,

    the Commissions must submit a report to Congress within 18 months after

    the Dodd-Frank Act's enactment (i.e., on or before Monday, January 23,

    2012) that describes the results of the study and includes: (1) The

    identification of the major dealers, exchanges, clearinghouses, and

    regulators in each geographic area; (2) lists of the major swap

    contracts (including trading volumes, clearing volumes, and notional

    values) in each geographic area; and (3) a description of the methods

    for clearing swaps and the systems used for setting margin in each

    geographic area.\7\

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    \6\ Section 719(c)(1) provides:

    (1) IN GENERAL.-The Commodity Futures Trading Commission and the

    Securities and Exchange Commission shall jointly conduct a study-

    (A) relating to-

    (i) swap regulation in the United States, Asia, and Europe; and

    (ii) clearing house and clearing agency regulation in the United

    States, Asia, and Europe; and

    (B) that identifies areas of regulation that are similar in the

    United States, Asia and Europe and other areas of regulation that

    could be harmonized[.]

    \7\ Section 719(c)(2) provides:

    (2) REPORT.-Not later than 18 months after the date of enactment

    of this Act, the Commodity Futures Trading Commission and the

    Securities and Exchange Commission shall submit to the Committee on

    Agriculture, Nutrition, and Forestry and the Committee on Banking,

    Housing, and Urban Affairs of the Senate and the Committee on

    Agriculture and the Committee on Financial Services of the House of

    Representatives a report that includes a description of the results

    of the study under subsection (a), including-

    (A) identification of the major exchanges and their regulator in

    each geographic area for the trading of swaps and security-based

    swaps including a listing of the major contracts and their trading

    volumes and notional values as well as identification of the major

    swap dealers participating in such markets;

    (B) identification of the major clearing houses and clearing

    agencies and their regulator in each geographic area for the

    clearing of swaps and security-based swaps, including a listing of

    the major contracts and the clearing volumes and notional values as

    well as identification of the major clearing members of such

    clearing houses and clearing agencies in such markets;

    (C) a description of the comparative methods of clearing swaps

    in the United States, Asia, and Europe; and

    (D) a description of the various systems used for establishing

    margin on individual swaps, security-based swaps, and swap

    portfolios.

    The provision's reference to ``subsection (a)'' presumably

    should be replaced with a reference to subsection (1) because no

    such subsection (a) applies to this study. Moreover, although

    Section 719(c) is entitled ``International Swap Regulation'' and

    does not consistently refer to both swaps and security-based swaps

    throughout, Congress mandated a joint study and, accordingly, the

    Commissions have interpreted the terms ``swap'' and ``swaps'' to

    include both swap(s) and security-based swap(s) in the context of

    this statutory provision.

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    II. Request for Comments

    In connection with the study and report required by Section 719(c)

    of the Dodd-Frank Act, the CFTC and SEC have determined to issue this

    request for information through public comment. Congress has directed

    the Commissions to conduct an independent joint study on specific

    topics and, in particular, to identify areas of regulation that could

    be harmonized.\8\ The Commissions have determined that this request for

    public comment will be an effective and transparent means of gathering

    information necessary for the study and report from interested parties.

    This public comment process will, as needed, be supplemented by other

    means of gathering the comprehensive range of information requested by

    Congress.\9\

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    \8\ In addition to the study and report required by Section

    719(c), Congress directed the Commissions (and prudential

    regulators) in Section 752(a) of the Dodd-Frank Act to ``as

    appropriate * * * consult and coordinate with foreign regulatory

    authorities on the establishment of consistent international

    standards with respect to the regulation (including fees) of swaps,

    security-based swaps, swap entities, and security-based swap

    entities'' in order to ``promote effective and consistent global

    regulation of swaps and security-based swaps''.

    \9\ For example, Commission staff will engage in ongoing

    consultation with regulatory authorities and others throughout the

    study.

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    The Commissions also are mindful of differences in regulatory

    development across jurisdictions. In the United States and under the

    Dodd-Frank Act, many of the required regulations with regard to swaps

    already have been proposed and made available for public comment.\10\

    Other jurisdictions, however, are proceeding under different time

    frames. For example, the Japanese Diet amended the Financial

    Instruments and Exchange Act by adopting legislation on over-the-

    counter (OTC) derivatives on July 10, 2009, and on May 12, 2010. These

    amendments are expected to be implemented by November 2012. The

    European Commission (EC), in turn, proposed legislation on clearing and

    trade repositories on September 15, 2010.\11\ This proposed legislation

    calls for the European Securities and Markets Authority to propose

    technical standards by June 30, 2012.\12\

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    \10\ For more information, visit CFTC and SEC Web sites on

    implementation of the Dodd-Frank Act, respectively at http://www.cftc.gov/LawRegulation/DoddFrankAct/index.htm and http://www.sec.gov/spotlight/dodd-frank.shtml.

    \11\ On December 8, 2010, the EC also issued a public

    consultation to solicit views on revisions to the Markets in

    Financial Instruments Directive that are designed, among other

    things, to increase transparency for OTC derivatives and other

    instruments by setting requirements for trading venues and

    investment firms, and to enhance business conduct standards

    applicable to all investment firms. The EC is expected to publish a

    proposal further to this consultation during summer 2011.

    \12\ See various provisions of the EC's proposed European

    Markets Infrastructure Regulation, available at http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2010:0484:FIN:EN:PDF.

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    In order to strike a balance between meeting the statutory deadline

    for the study and report and providing timely information to Congress,

    the Commissions have determined to publish the request at this time and

    to provide for a 60-day comment period. Given the pace of developments

    in the regulation of OTC derivatives here in the United States and in

    other jurisdictions, the Commissions plan to conduct the study based

    upon information received and collected by the last day of the comment

    period.\13\ Comments should be submitted during the open comment

    period, but staff may consider comments filed after the deadline and

    may consult with interested and/or relevant parties after the comment

    period closes in order to obtain additional or clarifying information.

    The Commissions welcome public comment on all aspects of the study.\14\

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    \13\ The Commissions may, however, in their discretion and

    depending on the significance of the developments, decide to address

    certain legislative or regulatory developments that take place after

    the comment period has ended.

    \14\ In light of the statutory deadline established in Section

    719(c) of the Dodd-Frank Act, the Commissions request comment on how

    best to ensure that the study reflects the latest state of

    regulatory implementation in Asia and Europe. Commenters are

    encouraged to submit information regarding significant relevant

    legislative or regulatory developments occurring after the end of

    the comment period and prior to the submission of the report to

    Congress.

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    The Commissions have developed the following requests for comment

    to gather information in support of the study mandated by Section

    719(c) and request that commenters include a description, either in

    English or accompanied by an English translation, of the underlying

    source material used in composing each submitted response. Commenters

    may also provide any additional relevant information beyond that

    specifically requested. Because

    [[Page 44510]]

    Section 719(c) requires the Commissions to prepare a report relating to

    the swap markets of the United States, Asia, and Europe, commenters are

    specifically asked to provide information about markets in those

    jurisdictions. Commenters also may provide any relevant information on

    other jurisdictions. If regulatory requirements in a jurisdiction are

    under consideration but not yet enacted or effective, commenters should

    make note of this in their answer and provide as much relevant

    information as possible on recent and anticipated developments.

    While all commenters are welcome to respond to the items below in

    their entirety, in order to provide more focus, the requests for

    comment have been divided into three groups. The first group, items A-

    E, inquires about information to which foreign regulators may have the

    most efficient access. Item F, by contrast, inquires about information

    that may be available to a wider range of commenters, while item G

    inquires about information that exchanges and clearinghouses might be

    uniquely positioned to provide.

    A. Status of Regulation

    1. For each jurisdiction on which comment is being provided, please

    provide the name of the jurisdiction being commented upon.

    2. Does the jurisdiction have a legal definition of the term

    ``swap'', ``security-based swap'', or other similar term or terms

    (hereinafter referred to as a ``Swap'' or ``Swaps'')? If so, please

    provide such definition(s).\15\

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    \15\ These terms may include, but may not be limited to, OTC

    derivatives. The Dodd-Frank Act includes definitions of the terms

    ``swap'' and ``security-based swap''.

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    3. Are Swaps included within the scope of any statute, regulation,

    or other legal requirement in the jurisdiction?

    a. If not, is the jurisdiction planning to or considering whether

    to regulate, or to modify regulation of, Swaps?

    b. Please further describe the present status of regulatory efforts

    and the anticipated timeline for such efforts.

    4. What type of counterparty may enter into a Swap? Do any

    limitations apply?

    5. Are certain types or classes of Swaps prohibited, or are certain

    entities prohibited from entering into certain types or classes of

    Swaps?

    6. If Swaps are regulated:

    a. Who determines which instruments, transactions, or agreements

    should be regulated as Swaps?

    b. Which Swaps, if any, are required to be executed on an organized

    market, on an electronic execution facility, or on any other type of

    market?

    c. Which Swaps, if any, are required to be cleared by a central

    counterparty and, for those required to be cleared, how are the trades

    of non-clearing participants cleared? \16\

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    \16\ If applicable, how does the mandatory clearing requirement

    work, e.g., who decides which Swaps are required to be cleared, what

    criteria are applied, does the requirement apply to existing Swaps

    or to those entered into at a certain point in time, are any

    entities exempt from the clearing requirement?

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    d. Which Swap transactions, if any, are required to be reported to

    a data repository or other entity, the public, or regulatory

    authorities?

    e. Is regulatory oversight of the Swap market conducted by one

    single regulatory authority or divided among different regulatory

    authorities? If the latter, please identify each relevant regulatory

    authority and describe its responsibilities and jurisdiction.

    f. How does the regulatory framework regulate potential systemic

    risk created by Swaps? Does it, for example, create a new oversight

    body or designate certain entities as systemically important?

    g. Does the regulatory authority, or regulatory authorities if more

    than one regulator has oversight responsibilities over the Swap market,

    have the ability to share information related to Swaps with domestic

    and foreign regulatory authorities? \17\

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    \17\ In particular, are there any legal or other barriers to the

    collection of information or to the sharing of information, e.g.,

    client confidentiality protection or data privacy safeguards?

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    h. How are cross-border Swap transactions regulated? Does the Swap

    regulatory framework apply to persons located outside of the

    jurisdiction doing business with persons located within the

    jurisdiction, and, more generally, to cross-border Swap activities?

    i. What enforcement authority exists over Swaps, and who may

    exercise such authority?

    B. Regulatory Requirements for Market Participants

    1. How does the regulatory framework address participants in the

    Swap market? What are the registration or licensing requirements for

    Swap-related dealers, market participants, intermediaries, or others

    (individually and collectively, ``Participants'')?

    2. Are any types of Participants in the Swap market excluded or

    exempted from Swap-related registration or licensing requirements?

    3. What is the process for updating, withdrawing, or terminating

    Swap-related registration or an exemption from Swap-related

    registration?

    4. What are the Swap-related prudential regulatory requirements

    (e.g., capital, liquidity, margin, risk management, segregation,

    collateral)?

    5. What are the requirements related to insolvency or bankruptcy in

    regard to Participants?

    6. What are the Swap-related business conduct requirements (e.g.,

    interaction with counterparties, disclosure, supervision, reporting,

    recordkeeping, documentation, confirmation, valuation, conflicts of

    interest, avoidance of fraud and other abusive practices)?

    7. Do Participants have the ability to share information with

    domestic and/or foreign regulatory authorities?

    8. How are foreign Participants treated (e.g., a special

    recognition category, an exclusion or an exemption from registration)?

    C. Regulatory Requirements for Organized Markets, Electronic Execution

    Facilities, and Other Types of Markets

    1. Does the regulatory framework include requirements for organized

    markets, electronic execution facilities, and/or other types of markets

    for Swaps (hereinafter referred to as ``Markets'')?

    2. What are the registration or licensing requirements for such

    Markets?

    3. Are any Markets excluded or exempted from such registration or

    licensing requirements?

    4. What is the process for updating, withdrawing, or terminating

    such registration or exempting from such registration?

    5. What are the ongoing regulatory responsibilities of such Markets

    (e.g., access, surveillance, transparency, compliance, recordkeeping)?

    6. Do Markets have the ability to share information with domestic

    and/or foreign regulatory authorities?

    7. How are foreign Markets treated (e.g., a special recognition

    category, an exclusion or an exemption from registration)?

    D. Regulatory Requirements for Central Counterparties

    1. Does the regulatory framework include requirements for central

    counterparties that provide clearing and settlement services for Swaps?

    2. What are the registration or licensing requirements for such

    central counterparties?

    3. Who is excluded or exempted from such registration or licensing

    requirements?

    4. What is the process for updating, withdrawing, or terminating

    such registration or exempting from such registration?

    [[Page 44511]]

    5. What are the ongoing regulatory responsibilities of such central

    counterparties (e.g., financial resources, risk management, safeguards

    against member or participant default, authority in the event of a

    default, recordkeeping)? \18\

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    \18\ The Recommendations for Central Counterparties were

    published in November 2004 (and currently are being revised) by the

    Committee on Payment & Settlement Systems of the Bank for

    International Settlements and the Technical Committee of IOSCO.

    Links to this standard, as well as related standards and the

    consultative report for revising them, are available at http://www.bis.org/publ/cpss94.htm.

    ---------------------------------------------------------------------------

    6. Do such central counterparties have the ability to share

    information with domestic and/or foreign regulatory authorities?

    7. How are foreign central counterparties treated (e.g., a special

    recognition category, an exclusion or an exemption from registration)?

    E. Regulatory Requirements for Data Repositories

    1. Does the regulatory framework include requirements for data

    repositories for Swaps? \19\

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    \19\ If entities other than data repositories can fulfill this

    function, please describe the jurisdiction's requirements for such

    activity and provide the relevant information for each question on

    this topic.

    ---------------------------------------------------------------------------

    2. What are the registration or licensing requirements for such

    data repositories?

    3. Who is excluded or exempted from such registration or licensing

    requirements?

    4. What is the process for updating, withdrawing, or terminating

    such registration or exempting from such registration?

    5. What are the ongoing regulatory responsibilities of such data

    repositories (e.g., timing of reporting to the public, recordkeeping)?

    6. Are such data repositories required to use a specified data

    standard when they provide data to regulatory authorities and, if so,

    what standard is required?

    7. Do such data repositories have the ability to share information

    with domestic and/or foreign regulatory authorities?

    8. How are foreign data repositories treated (e.g., a special

    recognition category, an exclusion or an exemption from registration)?

    9. What are the regulatory requirements in connection with data

    reporting for entities participating in the Swap market, such as

    counterparties or Participants (e.g., maintaining records, reporting

    data to a repository, real-time reporting to the public, providing

    information to domestic and foreign regulatory authorities)?

    F. Regulatory Comparison

    1. Across jurisdictions, for any or all items listed above, which

    areas of regulation are similar and which areas are different?

    2. In viewing the existing laws, institutions, and enforcement

    mechanisms of each respective jurisdiction as a whole, are such

    similarities and differences appropriate and desirable for regulatory

    purposes, or do certain aspects of a particular jurisdiction's Swap

    market warrant a different regulatory approach?

    3. What are the potential costs and benefits (in terms of investor

    protection, market efficiency, competition, or other factors) that may

    arise from further consistency/harmonization of regulations across

    borders?

    4. How should consistency in regulation across jurisdictions be

    measured and are there factors other than the harmonized text of a

    regulation that should be taken into consideration when assessing the

    degree to which cross-border regulatory harmonization has been

    implemented in practice?

    5. Assuming that a theoretically ``optimal'' set of regulations for

    a particular jurisdiction might take into consideration elements unique

    to a specific market in ways that might make cross-border harmonization

    difficult, to what extent do the benefits of greater regulatory

    harmonization across borders outweigh the costs associated with having

    regulations that might be less tailored to a particular market's

    circumstances? In what areas do you believe the benefits of

    harmonization most outweigh any potential downsides? \20\ Are there any

    areas where you believe the likely benefits of ``optimal'' market-

    specific regulation outweigh the likely benefits of harmonization?

    ---------------------------------------------------------------------------

    \20\ In particular, please identify any potential opportunities

    for regulatory arbitrage or impediments to the achievement of

    consistent regulatory standards across jurisdictions.

    ---------------------------------------------------------------------------

    6. In the United States, what steps should or could be taken to

    better harmonize statutory requirements under the Dodd-Frank Act with

    statutory requirements implemented in other jurisdictions?

    7. In the United States, what steps could be taken to harmonize

    CFTC or SEC regulations with regulations promulgated by authorities in

    other jurisdictions?

    G. Swap Market Information

    1. Please identify major organized markets and electronic execution

    facilities (and the Swaps-related regulator(s) for each) for the

    trading of Swaps.

    a. For each market or facility, please provide a listing and

    description of the major contract classes and subclasses, such as

    credit default swaps (CDS),\21\ equity swaps, currency swaps, interest

    rate swaps (IRS),\22\ and commodity swaps;

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    \21\ For CDS, include: corporate single name, sovereign single

    name, multi-name, index; CDS on domestic and non-domestic reference

    assets (classified by country, in the latter case); and CDS between

    domestic and non-domestic participants (classified by country, in

    the latter case).

    \22\ For IRS, include: underlying currency, structure, and

    maturity.

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    b. For classes and subclasses of contracts identified in paragraph

    a above, please provide:

    i. The trading volumes in 2009, 2010, and year-to-date; and

    ii. The outstanding notional values at year-end 2008, 2009, 2010,

    and the most recent available.

    2. Please identify major dealers participating in Swap markets (and

    the Swap-related regulator(s) for each).

    3. Please identify major central counterparties (and the Swap-

    related regulator(s) for each) for the clearing of Swaps.

    a. For each central counterparty, please provide a listing and

    description of the major classes and subclasses of cleared Swap

    contracts, such as CDS, equity swaps, currency swaps, IRS, and

    commodity swaps;

    b. For classes and subclasses of contracts identified in paragraph

    a above, please provide:

    i. The clearing volumes for 2009, 2010, and year-to-date; and

    ii. The outstanding notional values at year-end 2008, 2009, 2010,

    and the most recent available;

    c. For each central counterparty, please provide:

    i. A description of the method used to clear Swaps;

    ii. A description of the systems used to establish margin on

    individual Swaps and on Swap portfolios; and

    iii. The name of each major clearing member of the central

    counterparty (and the Swap-related regulator(s) for each).

    Issued in Washington, DC, on July 20, 2011, by the Commodity

    Futures Trading Commission.

    David A. Stawick,

    Secretary.

    Issued in Washington, DC, on July 20, 2011, by the Securities

    and Exchange Commission.

    Elizabeth M. Murphy,

    Secretary.

    [FR Doc. 2011-18763 Filed 7-25-11; 8:45 am]

    BILLING CODE 8011-01-P; 6351-01-P

    Last Updated: July 26, 2011



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