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Comment for Proposed Rule 77 FR 15460

  • From: Ex Parte Communication
    Organization(s):
    Wholesale Market Brokers Association (WMBA)
    BGC Cantor
    ICAP
    Tradition Financial Services ("Tradition")
    Tullett Prebon
    GFI Group ("GFI")
    Patton Boggs

    Comment No: 58134
    Date: 2/23/2011

    Comment Text:

    Meeting with WMBA

    Wednesday, February 23, 2011

    Memo from
    Steiner, Jeffrey L.

    CFTC Staff :
    Gary Gensler
    Tom Leahy
    Megan Sperling
    Riva Adriance
    Tom Leahy
    George Pullen
    Rick Shilts
    Jeff Steiner
    Mauricio Melara
    Amir Zaidi

    External Attendees :
    Stephen Merkel (BGC Cantor)
    Ed Brown (ICAP)
    Christopher Ferreri (ICAP)
    Julian Harding (Tradition)
    Christopher Giancarlo (GFI)
    William Shields (GFI)
    Shawn Bernardo (Tullett Prebon)
    Brian Donnelly (Tullett Prebon)
    Micah Green (Patton Boggs)
    Matthew Kulkin (Patton Boggs)

    Additional Information :
    On February 23, 2011, the WMBA discussed the contents of their comment letter relating to the real-time public reporting notice of proposed rulemaking.  With regard to the block trade formula, the WMBA stated that a 3x multiple works for some markets but not for others and that the multiple should be asset classe specific.  The WMBA suggested using industry expertise to develop a matrix and proposed that an advisory committee be set up to make these determinations.  With regard to the block trade time delay, the WMBA stated that we just do not know what an adequate amount of time is for block trades and that there should be SEC/CFTC coordination.

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