Participants discussed SEF reporting responsibilities, block trades, execution methods, aggregators, and application timelines.

Discussion about proposed Regulation 37.19 (Conflicts of interest rules pertaining to SEFs) and Proposed Regulation 1.3(ccc) (Definition of public director).  Including discussion concerning proposals in a April 27, 2012 SEF Coalition letter on impact of proposed rule on SEFs.

Discussed the uncleared margin proposal and BIS/IOSCO consultative paper.

Participants discussed SEF application process, execution methods, intermediaries, non-mandatorily cleared swaps, extraterritoriality, SEF aggregators, regulatory reporting, and financial resources.

Business Conducts Standards as applied to dealing with pension funds and ERISA regulated funds.

Participants discussed business conduct standards as applied to dealing with pension funds and ERISA regulated funds and issues related to real time reporting and SEF's.

Participants discussed business conduct rules, SEFs, block trades and real time public reporting.

Participants discussed business conduct rules, SEF's, real time reporting and block trades

Participants discussed Dodd-Frank rule regarding business conduct standards.