External Meetings: Air Transport Association Board of Directors Meeting

Chairman Gensler described the rulewriting process of the CFTC to implement the Dodd-Frank Act. Richard Anderson (Delta) spoke to the end user exception and also spoke about the role that speculation plays and the need for effective limits on speculation. A question was asked during the discussion as to whether, in setting position limits, the Commission could put a limit on total speculation in a market. Chairman Gensler described the legal requirements of position limit rulemaking. Discussion also occurred regarding: (i) The definition of 'swap' and the forward contract exclusion; (ii) Whether 'puts and calls' fall under the definition of swap; (iii) Clearing requirements for swaps and the end user exception from clearing; (iv) Further on the rulemaking process and, in particular, as to how to be heard (Chairman Gensler responded by describing the Commission's rulemaking process); (v) That a challenge to position limit rulemaking is the lack of data; (vi) Commission process for establishing large trader reporting for swaps