External Meetings: Meeting with WMBA

On February 23, 2011, the WMBA discussed the contents of their comment letter relating to the real-time public reporting notice of proposed rulemaking.  With regard to the block trade formula, the WMBA stated that a 3x multiple works for some markets but not for others and that the multiple should be asset classe specific.  The WMBA suggested using industry expertise to develop a matrix and proposed that an advisory committee be set up to make these determinations.  With regard to the block trade time delay, the WMBA stated that we just do not know what an adequate amount of time is for block trades and that there should be SEC/CFTC coordination.