Next Era elaborated on points in its comment letter dated February 22, 2011 (Comment No.

ISDA elaborated on the position in its comment letter dated Feb. 22, 2011 (Comment No. 27904) that a swap dealer test based on whether a person makes two-way markets would resolve ambiguities in the definition, because it encompasses in a single concept all four prongs of the definition.
ISDA believes the “regular business” exception should apply where a person does not make a regular practice of acting as a swap dealer.  Also, if a person only responds to requests-for-quotation regarding swaps, it is not a swap dealer.

The Coalition of Derivatives End Users (CDEU) made the following points regarding the various definitions:

The meeting discussed how the Dodd Frank swap dealer requirements would apply to non-U.S. banks with swap activities that relate to the U.S.

The agenda of the meeting was to discuss the following questions:  1) Assuming some financially-settled instruments related to electricity are swaps, are swap dealers active in this market?  If so, what are the identifying characteristics of the swap dealers? 2) Assuming there are swap dealers in this market, how should a “de minimis” level of swap dealing be defined?

The meeting discussed the potential application of the major swap participant (MSP) definition to the California State Teachers’ Retirement System (CalSTRS).  CalSTRS requested that the final rule clarify that a pension system’s obligations to its pension beneficiaries are not included in determining if the system is “highly leveraged” for purposes of the MSP test, or the test should compare the system’s liabilities to its assets (not equity) to determine if it is “highly leveraged.”  CalSTRS is also concerned that any exemptions or elaborations on the MSP test will a

The meeting was a general discussion of how the major swap participant (MSP) definition will apply to various types of financial swaps, and the impact of collateral requirements on the swaps.  Riverside asserted that standardization of the credit relationship between dealers and end-users  will impede customization of swaps.  In particular, it will discourage major banks’ use of swaps to transfer financial risks to other parties.  Riverside said that the end-user exception from clearing should be available for such swaps, because the collateralization required for cle

Company representatives discussed with CFTC staff the margin rules recently proposed by the Commission.  Among other items, they expressed support for any final margin rules to include an effective date that would provide sufficient time for the swap dealer's and major swap particpants' counterparties to address certain operational issues.

Participants discussed the definition of a Swap Dealer and product definitions.