Meeting to discuss the major swap participant definition and insurance as it relates to the swap definition.

The meeting discussed the definition of "major swap participant," tests that could be used in the definition, and its application to investment funds.

Meeting to discuss the concerns of the ERISA Pension Plan concerns and ideas relating to real-time public reporting.  Please see attachment for further description.

Participants discussed the notice of proposed rulemaking on DCO requirements for the mitigation of conflicts of interest.

The meeting discussed the different uses of swaps by Hess Energy and HETCO and how they may qualify for the end-user exception from clearing.  The meeting also discussed "book-outs" of forward contracts.

The meeting was held at the CFTC's Washington, D.C. office.


 


Participants discussed background and considerations regarding the ClearPort model.

Discussion of materials presented by external attendees regarding master agreements netting credit and collateral in energy markets.

This meeting focused on the derivatives-related strategies employed in the asset-intensive energy industry, and how such strategies might fit within the context of the end-user clearing exception to clearing under the Dodd-Frank Act.

The discussion focused on emerging Dodd-Frank Act implementation issues, particularly with respect to the complexities arising from the presence and interaction of multiple clearing, execution, and repository facilities in the new regulatory environment.

Participants discussed the scope of the definitions of Swap Dealer and Major Swap Participant and how the definitions would apply to different situations and different types of entities.  The discussion also covered how swaps between affiliated entities would be considered in application of the definitions.