CFTC publishes names & details for its meetings on new derivatives rules

CFTC publishes names & details for its meetings on new derivatives rules

By Jon H. Harsch

© Copyright Agri-Pulse Communications, Inc.

Washington, Sept. 8 - As the Commodity Futures Trading Commission (CFTC) races to complete its proposals for new derivatives market rules by December, the CFTC is publishing details of all its meetings “with outside organizations regarding the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.”

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The CFTC's new summary page at lists all meetings held from July 26 to Sept. 7 regarding the new rules. Links provide further information including the names of all CFTC staff and all visitors at each meeting, along with a summary of what was discussed. As an example, on Aug. 19, seven CFTC staffers met with five Cargill Risk Management officials to discuss agricultural swaps. According to the CFTC summary, “Cargill gave a presentation at the CFTC's Washington, D.C. office. Their presentation described their over-the-counter agricultural swaps business and the Cargill Risk Management business, generally. The participants discussed the agricultural swaps market that currently exists, and they talked about the relationship of that market to the Commodity Exchange Act and the changes made by the Dodd-Frank law.”

In other meetings, CFTC heard from a wide variety of interests including: Air Transport Association, American Airlines, American Petroleum Institute, Bank of America, Bank of NY Mellon, BlackRock, BP North America, Citigroup, Inc., Coalition for Derivatives End Users, ConocoPhillips, Constellation Energy, Consumer Federation of America, Delta Air Lines, Deutsche Bank, DTE Energy Trading, Inc., Federal Deposit Insurance Corporation, Federal Reserve Bank of NY, FedEx Express, First National of Nebraska, Goldman Sachs, Government of Singapore Investment Corporation, Intercontinental Exchange, Iowa Public Employees' Retirement System, JP MorganChase & Co., Luminant Power, MidAmerican Energy, Morgan Stanley, National Association of Manufacturers, National Futures Association, Office of the Comptroller of the Currency, Securities & Exchange Commission, Standard & Poor's, U.S. Chamber of Commerce, U.S. Department of the Treasury, and Wells Fargo.

CFTC Chair Gary Gensler explains that “The CFTC is committed to promoting both market and agency transparency. As we implement the Dodd-Frank Act, we will make meetings that we have with outside organizations regarding the rule-writing process public. We also will continue publishing materials provided to the Commission by outside organizations. This commitment to open government will help promote the integrity of the rule-writing process.”

The next joint CFTC/SEC public roundtable will be held Tuesday, Sept. 14 to discuss “issues related to swap data repository (SDR) registration, functions and responsibilities, the mechanics of data reporting, models for real time public reporting and the effect of transparency on liquidity of block trades and large transaction sizes.”

The roundtable will also be accessible by phone toll free at (866) 312-4390 or from overseas at (404) 537-3379. Just identify yourself and use Conference ID: 98801653. For further details, to submit comments, or to read the agenda for the Sept. 14 roundtable, go to:

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