External Meetings: Meeting with Roundtable of Swap Dealers

The meeting was held at the headquarters of the US-EU building in Brussels, Belgium. Topics discussed include:~-Description of the Dodd-Frank Act, as well as the rulemaking process, including the importance of consultation with industry and cooperation with regulators internationally.~-Certain participants had questions regarding the rules on client asset protection/segregation applicable to derivatives clearing organizations (DCOs).~-Certain participants were interested in determining whether RFQs would be included within the scope of swap execution facilities (SEFs).~-Participants wanted to know more about how valuation and market-to-market requirements would be implemented.~-Participants expressed that governance and risk methodologies were a concern with regard to choosing DCOs that are sufficiently robust for clearing swaps.~-Chairman Gensler and participants emphasized the need for a consistent approach to swap regulation between the US, Europe and other jurisdictions.