External Meetings: Meeting with Shell Energy North America

Participants discussed: ~ ~- Whether transactions involving physical commodities with some embedded optionality are swaps~- Whether swaps with affiliates should be subject to margin requirements~- Whether hedge positions should crowd out the ability to speculate~- Whether intraday position limits should apply to swaps~- Whether there should be real-time reporting of certain transactions~- Whether it is practical to require the time-stamping of swaps
V. Capital & Margin

XVIII. Real Time Reporting

XXVI. Position Limits

CFTC Staff
Gary Gensler

Cyrus Amir-Mokri

Eric Juzenas

Bruce Fekrat

Mark Fajfar

Rick Shilts

Julian Hammar

Eileen Donovan
Robert Reilley (Shell Energy North America)

Mark Quartermain (Shell Energy North America)

Kevin O’Donovan (Shell Energy North America)
Shell Energy North America