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Ex Parte Meeting for Proposed Rule 84 FR 36434

  • Title:
    Meeting with OneChicago, LLC about a unique product offering.

    Ex Parte No: 1423
    Date: 9/12/2019

    Meeting Date:

    Thursday, September 12, 2019

    CFTC Staff:

    Sarah E. Josephson, Melissa A. D’Arcy, Michael Garvey, Paul Schlichting, Michael Penick, and Ayla Kayhan.

    Organization(s):

    OneChicago, LLC

    External Attendees:

    Sheila Swartz (SEC), Abraham Jacob (SEC), and Maciej Szefler (SEC) participated from the SEC. 

    Thomas McCabe (OneChicago, LLC), and Graham Deese (OneChicago, LLC).

    Additional Information:

    CFTC and SEC staff met with representatives from OneChicago, LLC to discuss the economic terms of their Securities Transfer and Return Spreads (“STARS”) products.  OneChicago, LLC representatives explained the economic function of STARS transfers and their similarity to equity repurchase agreements or stock loan agreements.  OneChicago, LLC reiterated support for the points included in its comment letter to the joint notice of proposed rulemaking on Customer Margin Rules Relating to Security Futures (July 26, 2019, 84 FR 36434).