NFPEEU, as a whole, stressed that they are not financial entities, engage in no speculation and perform a public service.

NFPEEU, as a whole, stressed that they are not financial entities, engage in no speculation and perform a public service.

NFPEEU, as a whole, stressed that they are not financial entities, engage in no speculation and perform a public service.

NFPEEU, as a whole, stressed that they are not financial entities, engage in no speculation and perform a public service.

NFPEEU, as a whole, stressed that they are not financial entities, engage in no speculation and perform a public service.

NFPEEU, as a whole, stressed that they are not financial entities, engage in no speculation and perform a public service.

BP explained that it can be difficult to separate its activities as an end user of swaps from its activities that may potentially constitute dealing in swaps.  As an end user, BP uses swaps to fix prices of its forward sales and purchases of oil, gasoline, diesel fuel and aircraft fuel.  Its use of swaps is part of an overall risk management program.

Professor Duffie made the following points, primarily relating to the definition of major swap participant (MSP).

The discussion covered the following points made by SIFMA AMG, primarily relating to the definition of major swap participant (MSP).

PIMCO is a large asset manager representing millions of individuals and corporate clients, endowments, universities, and municipalities. They are not a dealer and do not have a proprietary book.