Statements of Support by Chairman Gary Gensler

September 8, 2011

Swap Transaction Compliance and Implementation Schedule – Clearing and Trade Execution Requirements:

I support the proposed rule to establish schedules to phase in compliance with the clearing and trade execution requirement provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal would provide greater clarity to market participants regarding the timeframe for bringing their swap transactions into compliance with the clearing and trade execution requirements. The rule also would make the market more open and transparent, while giving market participants an adequate amount of time to comply. The proposed rule would help facilitate an orderly transition to a new regulatory environment for swaps.

Swap Transaction Compliance and Implementation Schedule – Trading Documentation and Margining Requirements:

I support this proposal to establish schedules to phase in compliance with previously proposed requirements, including the swap trading relationship documentation requirement and the margin requirements for uncleared swaps. The proposal would provide greater clarity to swap dealers and major swap participants regarding the timeframe for bringing their swap transactions into compliance with new documentation and margining rules. The proposal also would make the market more open and transparent, while giving market participants an adequate amount of time to comply. The proposal would help facilitate an orderly transition to a new regulatory environment for swaps.

Last Updated: September 8, 2011