External Meetings: ICAP

During a telephone conversation, ICAP shared details regarding its recent deployment of a swap trading for euro denominated interest rate swaps in England. ICAP inquired about (a) the expected timing relating to the publication of proposed rules with respect to swap execution facilities, (b) the registration process for swap execution facilities and (c) potential transition issues for entities operating existing swap trading facilities. In response, the Chairman and staff members (i) gave an overview of the rulemaking process, including the work of the rulemaking teams, deadlines and meetings held by the Commission, (ii) the existing framework applicable to exempt commercial markets and exempt boards of trade, and (iii) generally discussed the expected registration, review and approval processes relating to swap execution facilities. The Chairman and ICAP then discussed: (x) request for quote systems and (y) potential governance, conflicts and clearing access issues relating to swap execution facilities.