The groups named above submitted the attached letter to CFTC staff.

Discussion focused on proposed capital requirements for swap dealers, and also included some discussion regarding position limits, sequencing, extraterritoriality, and chief compliance officer requirements.

Lee Ann Duffy, OGC, as attorney for the day (not a team member), received a phone call from Mr. Casciano on Sept. 23, 2011, during which they discussed matters consistent with those covered in his timely filed prior comment 33900 (3/28/2011).  Ms. Duffy informed team members that such conversation took place.  The listed time of the conversation is not exact.

Discussion of the proposed de minimis exception to the definition of swap dealer and its application to agricultural cooperatives.

Discussion regarding proposed amendment to Rule 1.35(a) requiring telephone recording by members of a DCM.

On August 30, 2011, Commission staff and FXall discussed issues related to related to real-time reporting and the FX market.  FXall explained that they want to understand what is required so that they can build their systems.  Explained that the FX market currently uses SWIFT messaging.

Participants discussed the MFA's comment letter with respect to the Commission's guidance in the NPRM concerning forwards.  MFA clarified its concern expressed in its comment letter with respect to the withdrawal of the Energy Exemption, and its request that the Commission confirm that market participants will be permitted to rely on "alternative delivery procedures" specified in the Exemption.  MFA stated that by "alternative delivery procedures," it meant the provision of the Energy Exemption that permits certain bilateral netting and other similar agreements.

Participants discussed the interpretation of Core Principle 9 for DCMs, including the legal basis for the proposal to require on-exchange trading of a certain percentage of contracts.

The discussion concerned the SEF definition and real time reporting issues.

Participants discusssed CFTC confidentiality of data requirements and provisions, particularly with respect to proposed reporting requirements for commodity pool operators, commodity trading advisers, and investment advisers to private funds.