Participants discussed: (i) Blackbird's business and operations; (ii) registration requirements relating to swap execution facilities; (iii) methods for the execution of swaps; and (iv) issues regarding counterparty risk in swaps transactions.

Meeting participants discussed letter received from SIFMA.

As part of the OTC Derivatives Regulators’ Forum, participants discussed their trade repository businesses and how they operate and interact with regulators globally.

As part of the OTC Derivatives Regulators’ Forum, participants discussed their clearing businesses and how they operate and interact with regulators globally.

Conversation centered around individual segregation for cleared and uncleared swaps, custodians, and fees.

Meeting to discuss the definitions of swap dealer and major swap participant.

Coalition of Physical Energy Companies (COPE) provided information concerning its members and their use of OTC swaps to hedge price risks, and also concerning the margin and other credit risk mitigation arrangements for such swaps.