External Meetings: Staff Meeting with MFA

"Consultation was held at CFTC's Offices in Washington, D.C. Attendees discussed the major swap participant (MSP) definition as it might apply to hedge funds. Topics raised were the term ""substantial position in outstanding swaps;"" systemic importance; implications of collateral; and cleared vs. uncleared trades. Also addressed were moving in and out of the MSP definition, applicability of capital and margin, and FCM registration issues."