External Meetings: Meeting with Financial Services Forum

Chairman Gensler began by describing the rulemaking process and the creation of the thirty rulemaking teams. He talked about the timing for promulgating proposed rules, the comment period, and the finalization of the rules. He then took questions from the attendees. The first question addressed the CFTC's relationship with the SEC and with European regulators. The Chairman stated that cooperation has been very productive, especially with the SEC. Second, one attendee asked about the oversight of clearinghouses with a specific focus on prudential regulations. The Chairman noted specifically the proposed rule concerning financial resources that went out the previous Friday and also stressed that the CFTC was working in close consultation with the Federal Reserve. Next, another attendee asked about foreign efforts towards derivatives regulation. The Chairman noted that the Europeans were approximately one year behind, and that Japan had mandated clearing before the US did. The next question concerned margin for end-users. The Chairman stressed that any margin requirement would be prospective from the effective date of the legislation and that the agency understood the distinction Congress has drawn between financial and non-financial end-users for clearing. He also stressed that the Commission wanted to be in lock-step with the Fed.
IX. Governance & Possible Limits

XI. End-user Exception

XXI. Joint Rules w/ SEC

CFTC Staff
Gary Gensler

Tim Karpoff

Scott Schneider
Thomas Wilson, Allstate Insurance Company

Robert Benmosche, American International Group, Inc.

Brian Moynihan, Bank of America

Robert Kelly, BNY Mellon

Josef Ackermann, Deutsche Bank AG

James Weddle, Edward Jones

Michael Neal, GE Capital

Lloyd Blankfein, The Goldman Sachs Group, Inc.

James Dimon, JPMorgan chase & Co.

C. Robert Henrikson, Metlife, Inc.

John Strangfeld, Prudential Financial

Joseph Hooley, State Street Corporation

Oswald Grubel, UBS AG

Richard Davis, US Bancorp

John Stumpf, Wells Fargo & Company

Robert Nichols, Financial Services Forum

Lewis Kaden, Citi

Abigail Johnson, Fidelity Investments

Barry Zubrow, JPMorgan Chase & Co.

John Rogers, The Goldman Sachs Group, Inc.
Allstate Insurance Company

American International Group, Inc.

Bank of America

BNY Mellon


Deutsche Bank AG

Edward Jones

Fidelity Investments

Financial Services Forum

GE Capital

The Goldman Sachs Group, Inc.

JPMorgan Chase & Co.

MetLife, Inc.

Prudential Financial

State Street Corporation


US Bancorp

Wells Fargo & Company