External Meetings: Jefferies and Company, Inc.

The Chairman and staff discussed the following with the group:~--Rules applicable to entity acting in the market as a swaps dealer for cleared swaps~--Open access to clearing: Dodd-Frank rulemaking and facilitation of dealers' ability to have access to clearinghouses; membership restrictions that limit ability of similarly situated firms to participate in swaps clearing~--Access to swap execution facilities - desirability of reasonable standards; criteria that limit exclusiono f firms' access; access for non-clearing members~--Governance of clearinghouses~--Pre-trade price transparency