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CFTC, SEC to Host Joint Public Roundtable to Discuss Issues Related to Capital and Margin for Swaps and Security-Based Swaps


Washington, D.C., Dec. 6, 2010 — Staff from the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) will hold a public roundtable on Dec. 10, 2010, from 1:00 p.m. to 5:00 p.m., to discuss issues related to capital and margin requirements for swap dealers, security-based swap dealers, major swap participants, and major security-based swap participants. The roundtable will assist the agencies in the rulemaking process to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Additional Materials

The roundtable will be held in the Lobby Level Hearing Room at the CFTC's Headquarters, Three Lafayette Centre, 1155 21st Street, NW, Washington, D.C. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone and should be prepared to provide their first name, last name, and affiliation.

The dial-in information for the roundtable is:

  • U.S. Toll-Free: 877-951-7311

  • International Toll: 1-203-607-0666

  • Conference ID: 8978249

A transcript of the public roundtable discussion will be published at http://www.cftc.gov/LawRegulation/DoddFrankAct/OTC_5_CapMargin.html.

Members of the public wishing to submit their views on the topics addressed at the roundtable may email their submissions to:

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

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Agenda for the Public Roundtable Discussion:

Opening Statements by CFTC and SEC Staff
1:00 p.m.

Panel One: Margin
1:15 p.m. – 3:00 p.m.

  • Margin methodologies and margin requirements for uncleared swaps (including initial and variation margin).
  • Portfolio margining.
  • Margin and end-users.
  • Requirements for form and location of collateral including issues related to portfolio margining.
  • Legacy swap agreements, such as pre-existing swaps and security-based swaps.

3:00 p.m. – 3:15 p.m.

Panel Two: Capital
3:15 p.m. – 5:00 p.m.

  • Establishing capital requirements for jointly registered entities, including broker-dealers, futures commission merchants, swap dealers, security-based swap dealers, major swap participants, and major security-based swap participants.
  • Non-financial firms registered as swap entities.
  • Methods for computing regulatory capital, including models (proprietary and standardized) and standard haircuts.
  • Capital requirements for legacy swap positions.
  • Capital requirements for major swap participants and major security-based swap participants.

Roundtable Concludes
5:00 p.m.

Media Contact — CFTC (Office of Public Affairs)
(202) 418-5080

Media Contact — SEC (Office of Public Affairs)
(202) 551-4120



Modified: 12/06/2010