External Meetings: Meeting with Ontario Securities Commission

Chairman Wetston of the Ontario Securities Commission discussed the rule proposed by the CFTC that a DCO shall not set a minimum capital requirement of more than $50 million for any person that seeks to become a clearing member in order to clear swaps.  Chairman Wetston commented that he agrees with the CFTC’s initiative to improve access for persons seeking to become clearing members and supports setting DCO minimum capital requirements at a level that does not restrict DCO membership to only the largest swap market participants.  Chairman Wetston believes that setting the capital requirement too high would make many Canadian firms ineligible to become clearing members of DCOs to clear swaps.