Meeting Date:
Wednesday, June 3, 2020
CFTC Staff:
Daniel Grimm
Meghan Tente
Dorothy DeWitt
Organization(s):
U.S. Department of the Treasury
External Attendees:
David Aron
Eric Froman
Brad Lerner
Bimal Patel
Jonathan Greenstein
Mark Schlegel
Gary Grippo
Peter Phelan
Kipp Kranbuhl
Jeffrey Stout
Additional Information:
The discussion centered on a request by the U.S. Department of
the Treasury to include a data field in the Part 45 technical specifications that
asks whether a swap involves a federal counterparty. Federal counterparties may include entities
such as (1) agencies, as
defined in 5 U.S.C. § 551(1); (2) government corporations, including as defined
in in 5 U.S.C. § 103(1) or in 31 U.S.C. § 9101; (3)
government-sponsored enterprises, such as those defined in 2 U.S.C. § 622(8);
(4) a federally funded research and development center on the master list
referenced in 48 CFR 35.017-6; (5) an entity chartered pursuant to federal law
after formation, such as an entity listed in title 36 of the U.S. Code;
and (6) an entity established by any of the prior-listed
entities, or which has an ultimate parent listed in the GLEIF-LEI database that
is one of the prior-listed entities.
Treasury explained
that adding a field to the technical specification to identify federal
counterparties is important to monitor the total exposure of federal entities to
the swaps markets, particularly with respect to Treasury-related derivatives. This information could assist with a variety
of functions, including monitoring for systemic risk.
