The participants discussed various issues related to entities’ positions in OTC markets, including possible methods of reporting such positions for the purposes of position limits.  They also discussed exemptions from limits and account aggregation.

Commission staff met with representatives of the public sector, not for profit, energy industry to discuss issues related to implementation of Dodd-Frank.


 


Issues discussed were:


 


The structure and make up of the public energy sector and how it differed from the commercial, for-profit energy sector.


 


The significance of these differences and the structure of the industry as regards implementation of Dodd-Frank, particularly:


 

The meeting covered the following topics.  The definition of Major Swap Participant, the scope of the pension plan exclusion from the substantial position test in that definition, and how the definition relates to systemic risk.  The reporting of swaps to data repositories and entities involved in the clearing process, and how the terms and conditions of such entities may affect swap terms.  The points covered in a letter submitted by the American Benefits Council on September 8, 2010 on independent representatives for special entities.  How the terms of ISDA and other

Discussed issues related to the real-time public reporting of swap transactions.

Chairman Gensler addressed how the CFTC will implement the Dodd-Frank Act with respect to regulation of the swaps marketplace. During the question and answer period following the speech, audience members asked questions regarding the definition of a swap dealer and major swap participant, clearing requirements and clearinghouse governance.

A group of agriculture producer cooperatives, led by the NCFC, discussed various issues surrounding the Dodd-Frank Act with the CFTC's Agricultural Swaps Team, Definitions Team, Capital and Margin Team, and the End User Exception Team.

See attached handouts.

Key issues concerning IIB, including cross-border application of the Dodd-Frank Act; interaffiliate transactions; provisional SD registration.

Presentation of TriOptima's proposed risk rebalancing service, designed to reduce bilateral and CCP risk exposure. In order to reduce bilateral risk and risk exposure to CCPs, a modification to the risk profile would be essential; this modification might not be consistent with the Commission's clearing rules. TriOptima is asking whether we can find a way to permit it to offer this service within the Dodd-Frank framework.