Participants discussed a comment letter submitted March 25, 2011, regarding the Commission's proposed rules regarding position limits.

Discussed Volcker Rule and its impact on the insurance industry;


discussed effects of proposed Volcker Rule on separate and general insurance accounts;

Participants discussed drafting language around what is a 'regulated entity."

Participants discussed the entities definiton and business conduct standards as related to the Dodd-Frank Act.

Participants discuss SEF rulemakings, block trades and the treatment of bulk risk mitigation services.

Participants discussed SEF execution methods, block trades, and available to trade issues.  ICAP requested clarification about using voice as a method to execute trades if firm bids and offers are available on a SEF's screen.  ICAP requested clarification about "work ups" and if this feature could be part of any voice based or hybrid system.

Participants discussed SEF execution methods and effective date.

Javelin Capital Markets presented their view of several approaches to determining appropriate minimum block sizes for swap transactions.  Specifically, Javelin suggested that the Commission should consider determining appropriate minimum block sizes for USD-denominated interest rate swaps by tenor as a function of (1) market depth, as measured by available liquidity, (2) market breadth, and/or (3) a multiple of the average trade size or "screen size."  The Swaps and Derivatives Market Association, an industry group that represents Javelin and others, subsequently drafted a

Participants discussed real time reporting for block traders as related to the Dodd-Frank Act.