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December 10 Joint SEC-CFTC Roundtable on Swaps

The SEC and CFTC have announced that the agencies will hold a joint roundtable on swaps on Friday, December 10, beginning at 1:00PM EST.  In particular, the roundtable's discussions will focus on issues related to capital and margin requirements for swap dealers, security-based swap dealers, major swap participants, and major security-based swap participants.  The agencies plan to use the panel discussions and submitted comments to inform potential rulemaking.  

The December 10 roundtable is open to the public, and will be held at the SEC's Washington, DC headquarters located at 100 F Street NE.  The event will also be available to the public via conference call-in at:

 

  • U.S. Toll-Free: 877-951-7311

  • International Toll: 1-203-607-0666

  • Conference ID: 8978249

 

The full agenda is as follows:

 

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.

Break
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.

 

After the roundtable, a transcript will be available at:   http://www.cftc.gov/LawRegulation/DoddFrankAct/OTC_5_CapMargin.html

The full text of the joint announcement, as well as information on submitting comments prior to the the event, are available at:  http://www.sec.gov/news/press/2010/2010-238.htm