Participants discussed the definition of "swap dealer"

Participants discussed the forward exclusion from the swap definition in the context of metals contracts.

Discussion of definition of "related person" as it relates to proposed 20% ownership limit of a SEF.

Participants discussed issues related to foreign exchange spot transactions.

Participants discussed indexes of loans and the index CDS criteria in the product definitions proposing release.

Discussion of the effetive date for compliance with rules limiting ownership of a SEF and prescribing board composition of a SEF.  Discussion of the definition of "public director."

Participants discussed physical commodity options as related to the Dodd-Frank Act.

Participants discussed the classification of physical commodity options.

Issues discussed: client clearing experience and insight with onboarding; indemnity requirements of DCOs and FCMs; know-your-customer requirements for cleared swaps; responsibility for maintaining credit limits and use of central hub to provide real-time credit checks; documentation for ERISA plans and Department of Labor exemption; compression of clearing client trades; and possible new classes of membership for self-clearing.

Tradeweb demonstrated their trading platform to CFTC staff.