Participants discussed SEF execution methods, audit trail, system requirements, temporary registration, cross-border issues, and FCM and customer access issues.

On December 7, 2010, at 11am, a meeting was held with the Managed Funds Association (“MFA”) in which they presented concerns regarding the definition and registration of MSPs, capital and margin requirements, and business conduct requirements raised in a comment letter submitted 9/23/10.

On December 9, 2010, at 8:30 am, a meeting was held with Nomura in which they presented concerns regarding clearinghouse ownership, governance, and conflicts of interest.

On December 15, 2010, at 1:30 apm, a meeting was held with the National Petrochemical and Refiners Association (“NPRA”) in which they presented concerns regarding the anti-manipulation proposal.

On January 20, 2011, at 1 pm, a meeting was held with the Natural Gas Supply Association and the National Corn Growers Association in which they presented concerns regarding the swap dealer definition and capital and margin requirements impacting the end user exception.

Participants discussed the definition of "swap dealer"