External Meetings: Meeting with Shell Energy North America

Participants discussed: ~ ~- Whether transactions involving physical commodities with some embedded optionality are swaps~- Whether swaps with affiliates should be subject to margin requirements~- Whether hedge positions should crowd out the ability to speculate~- Whether intraday position limits should apply to swaps~- Whether there should be real-time reporting of certain transactions~- Whether it is practical to require the time-stamping of swaps