Participants discussed the application of the Swap Dealer and Major Swap Participant defintions to energy companies and how hedging activities were treated under the proposed rule.

Participants discussed the ABA's comment letter of 11-03-2011 regarding the treatment of commodity swaps under the Swap Dealer Definition.

Participants discussed SEF execution methods and voice brokerage, workups, block trades, access provisions, and real time reporting issues.

Discussion of cross-border issues for swap execution facilities.

Participants discussed SEF execution methods and impartial access.

Discussion of ERISA plans as swap counterparties to swap dealers

Discussion of CFTC's proposed Volcker Rule;


discussion of market-making provisions;


discussion of hedging provisions;

Discussion of CFTC's proposed Volcker Rule and its effect on the insurance industry.  Discussed various statutory provisions applicable to the business of insurance companies.

Mr. Berkovitz gave a presentation on the status of Dodd-Frank rulemakings.  The status of the rulemakings to define swap dealers and swaps, the end user exception, and issues concerning the implementation of the position limits rulemaking received particular attention.  Mr. Berkovitz also discussed the implemementation of completed rulemakings.

Participants discussed issues related to clearing determinations and the proposed rulemaking regarding the "made available to trade" provision in the CEA.