External Meetings: Meeting with LCH.Clearnet

On February 1, 2016, a telephone conversation was held with LCH.Clearnet Ltd. (“LCH.Clearnet”), during which Commission staff asked for information on LCH.Clearnet’s statement in its comment letter that swaps between a derivatives clearing organization (“DCO”) and its clearing member that do not replace original swaps may better be described as having been “created” rather than “executed.” Commission staff and LCH.Clearnet discussed LCH.Clearnet’s policies on firm or forced trades at its DCO and how such trades are reported.   In attendance from the Commission were Daniel Bucsa, Andrew Ridenour, and Owen Kopon.  In attendance from LCH.Clearnet were Jonathan Jachym and Richard Pierce.  The Commission received a formal comment letter from LCH.Clearnet on October 30, 2015.