Comment Text:
Meeting with ICE
Wednesday, February 16, 2011
Memo from
Adriance, Riva
CFTC Staff :
Chairman Gary Gensler
Eric Juzenas
Megan Sperling
Timothy Karpoff
Dan Berkovitz
Riva Adriance
David Taylor
Irina Leonova
John Lawton
External Attendees :
Trabue Bland
Chuck Vice
Thomas Farley
Alex Albert
Additional Information :
ICE discussed the timing of the clearing and trading mandates. ICE suggested that swaps clearing should be based upon an open offer model, not novation. ICE also discussed the need for pre-trade clearing member level risk checks for Swap Execution Facilities (SEF) as in the proposal for DCMs. ICE had asked questions about how the Request for Quote (RFQ) provisions of the SEF rulemaking worked. ICE also and discussed the timing of implementing swap data repositories. CFTC staff and ICE also discussed the definitions of swap dealer and major swap participants as those terms relate to the energy markets.
