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SEC & CFTC Rountable on Credit Default Swaps

The SEC and CFTC have announced that the agencies will hold a joint roundtable on October 22 to discuss issues related to the clearing of credit default swaps. Both agencies are in the process of writing rules required by the recent Frank-Dodd legislation, and will use the roundtable's discussions to inform those rules. The event is scheduled to begin at 9:00AM on October 22, and will be held at the the Lobby Level Hearing Room at the CFTC's Headquarters, Three Lafayette Centre, 1155 21st Street NW, Washington, DC. 

The agenda for the roundtable is as follows:

9:00 a.m.  Session on Products and Processing:

  • Characteristics of credit derivatives, including corporate index and single name CDS and other credit derivatives.
  • Standardization, eligibility for clearing, and pricing issues.
  • Operational issues, including credit event processing.
  • Reporting to trade repositories.

10:20 a.m.  Intermission

10:40 a.m.  Session on Clearing Initiatives

  • Current products offered for clearing.
  • Prospective products offered for clearing.
  • Risk management practices, including access to price information, clearing member default management, and management of jump-to-default risk.
    Effect of clearing mandates.

Noon  Roundtable concludes

 

The event is open to the public.  The roundtable will also be available to the public via a teleconference number:    

  • U.S./Canada Toll-Free: 866-844-9416    
  • International Toll: 1-203-369-5026    
  • Passcode: 8693978

 

Following the event, a transcript of the public roundtable discussion will be published on the CFTC's website at http://www.cftc.gov/LawRegulation/DoddFrankAct/OTC_7_DCORules.html.

The full text of the SEC and CFTC's announcement is available at:  http://www.sec.gov/news/press/2010/2010-196.htm