Participants discussed status of various rulemakings, including rules related to the entities and products definitions, DCM core principle 9, extra-territoriality, and the trading of agricultural swaps on exchanges.

Meeting to discuss Client Clearing Documentation

Participants discussed (1) Timeline of Implementation for Clearing, Trading, Documentation and Margin Requirements
(2) Capital/Margin Requirements and Netting Issues
(3) Real-Time Acceptance for Clearing/Customer Clearing Documentation
(4) Proposed Rules on Making a Swap Available to Trade
(5) Segregation of Collateral/Customer Liens on Collateral

Discussion of Implementation NPRM (Clearing and Trade Execution Requirements) re phasing in of Clearing Requirement, in particular the definition of "Active Fund"

Participants discussed the path to mandatory clearing, specifically the Commission's consideration of the remaining triggering rules to begin the phasing of the mandate, and the timing for all remaining steps for the mandate to become effective.

Participants discussed the Commission's proposed rule regarding position limits.

Participants discussed the Commission's proposed rules regarding business conduct standards, margin and position limits.

Meeting to discuss client clearing documentation, in particular, proposed restrictions on counterparty relationships for swap dealers and major swap participants.

Meeting to discuss customer clearing documentation rulemaking, specifically bunched orders and how real time clearing would impact bunched orders.

Participants discussed comment letters submitted October 28, 2010, and March 28, 2011, regarding the Commission's proposed rules regarding position limits.