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U.S. Securities and Exchange Commission

SEC, CFTC To Host Joint September Roundtables On Swap and Security-Based Swap Matters


Washington, D.C., Sept. 8, 2010 — Staff from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) will hold two joint public roundtables in September on issues relating to implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Additional Materials

The first roundtable on September 14 will be on 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 second public roundtable on September 15 will be on issues related to swap execution facilities and security-based swap execution facilities.

The September 14 roundtable will be held in the Hearing Room at the CFTC Headquarters located at 1155 21st Street NW in Washington, D.C. The September 15 roundtable will be held in the Multi-Purpose Room (Room L-006) at the SEC Headquarters located at 100 F Street NE in Washington D.C. The discussions will be open to the public with seating on a first-come, first-served basis. Members of the public also may listen by telephone and should be prepared to provide their first name, last name and affiliation.

The dial-in information for the September 14 roundtable is:

  • U.S./Canada Toll-Free: (866) 312-4390
  • International Toll: (404) 537-3379
  • Conference ID: 98801653

The dial-in information for the September 15 roundtable is:

  • U.S./Canada Toll-Free: (877) 732-6722
  • Conference ID: 7772

Transcripts of the public roundtable discussions will be published on both agencies' websites. The September 15 roundtable will be webcast live on the Internet at www.sec.gov.

Members of the public wishing to submit their views on the topics addressed at the discussions may do so through the comment form on the SEC website or through the email addresses provided on the individual rulemaking pages on the CFTC website (http://www.cftc.gov/LawRegulation/OTCDerivatives/otc_rules.html).

All submissions provided to either the CFTC or the SEC in any electronic form or on paper will be published on the website of the respective agency, without review and without removal of personally identifying information.

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September 14, 2010

Opening Statements by CFTC and SEC Staff
8:45 a.m.

Panel One — SDR Registration, Functions, and Responsibilities
9:00 a.m.

  • Duties of SDRs in addition to those required by the Dodd-Frank.
  • The most efficient and effective way for SDRs to execute their statutory duties.
  • How to implement the confirmation function under Dodd-Frank - to what extent and under what circumstances will SDRs be expected to do trade confirmations

10:45 a.m.

Panel Two — Mechanics of Data Reporting
11:00 a.m.

  • Type of data reported by SDRs, derivatives clearing organizations (DCOs), designated contract markets (DCMs), swap execution facilities (SEFs), swap dealers and major swap participants (MSPs).
  • Parties responsible for reporting of swap and security-based swap data.
  • Means by which mandatory reporting may be made.
  • Reporting of swap and security-based swap transactions executed or cleared on an electronic platform.
  • The time by which swap and security-based swap transactions must be reported.
  • Handling of data corrections.
  • Reporting of life cycle events.
  • Reporting of past transactions.

Lunch Break
12:45 p.m.

Panel Three — Models for Real-Time Transparency and Public Reporting
1:45 p.m.

  • Benefits of real time reporting of swaps and security-based swaps transactions.
  • Entities responsible for reporting.
  • Data elements.
  • Ensuring anonymity of market participants.
  • The meaning of "real-time".
  • Appropriate media for real-time reporting of swap and security-based swap transaction data.
  • Feasibility/desirability of a consolidated tape or ticker for swaps and security-based swaps.

3:30 p.m.

Panel Four — Effect of Transparency on Liquidity: Block Trade Exception
3:45 p.m.

  • Defining block trades and large transaction sizes for swaps and security based swaps.
  • Determining an appropriate delay for reporting block trades and large transactions.
  • Effects of transparency on post-trade liquidity.
  • Responsibility for determining minimum block sizes and large transaction sizes for reporting purposes.

Roundtable concludes
5:30 p.m.

* * *


September 15, 2010

Opening Statements by CFTC and SEC Staff
9:00 a.m.

  • Robert Cook, Director, Division of Trading and Markets, SEC
  • Richard Shilts, Director, Division of Market Oversight, CFTC

Panel One — Swap Execution Facilities ("SEFs") and Security-based Swap Execution Facilities ("SB SEFs")
9:15 a.m.

  • Definition and scope of SEFs/SB SEFs.
  • Scope of exception from mandatory trading requirement.

10:45 a.m.

Panel Two — Compliance with Core Principles for SEFs and SB SEFs
11:00 a.m.

  • Block trades
  • Surveillance, investigation, and enforcement of SEF/SB SEF rules.
  • Cross-market issues.
  • Obligation of SEFs /SB SEFs to provide impartial access

Roundtable concludes
12:30 p.m.



Modified: 09/14/2010