External Meetings: Meeting with ISDA

Participants discussed: (i) implementation phase in and SEC coordination; (ii) extraterritoriality and international coordination; (iii) SEF issues (number of required participants for RFQs, 15 second rule); (iv) real time reporting/block trading, clearing vs. trading); (v) clearing member qualifications; (vi) inter-affiliate transactions; and (vii) segregation of collateral.