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External Meetings: Meeting with Financial Services Forum
  
    



  Chairman Gensler began by describing the rulemaking process and the creation of the thirty rulemaking teams. He talked about the timing for promulgating proposed rules, the comment period, and the finalization of the rules. He then took questions from the attendees. The first question addressed the CFTC's relationship with the SEC and with European regulators. The Chairman stated that cooperation has been very productive, especially with the SEC. Second, one attendee asked about the oversight of clearinghouses with a specific focus on prudential regulations. The Chairman noted specifically the proposed rule concerning financial resources that went out the previous Friday and also stressed that the CFTC was working in close consultation with the Federal Reserve. Next, another attendee asked about foreign efforts towards derivatives regulation. The Chairman noted that the Europeans were approximately one year behind, and that Japan had mandated clearing before the US did. The next question concerned margin for end-users. The Chairman stressed that any margin requirement would be prospective from the effective date of the legislation and that the agency understood the distinction Congress has drawn between financial and non-financial end-users for clearing. He also stressed that the Commission wanted to be in lock-step with the Fed.
      
  When
              10/06/2010

  Rulemaking(s)
              IX. Governance & Possible LimitsXI. End-user ExceptionXXI. Joint Rules w/ SEC

  CFTC Staff
              Gary GenslerTim KarpoffScott Schneider

  Visitor(s)
              Thomas Wilson, Allstate Insurance CompanyRobert Benmosche, American International Group, Inc.Brian Moynihan, Bank of AmericaRobert Kelly, BNY MellonJosef Ackermann, Deutsche Bank AGJames Weddle, Edward JonesMichael Neal, GE CapitalLloyd Blankfein, The Goldman Sachs Group, Inc.James Dimon, JPMorgan chase & Co.C. Robert Henrikson, Metlife, Inc.John Strangfeld, Prudential FinancialJoseph Hooley, State Street CorporationOswald Grubel, UBS AGRichard Davis, US BancorpJohn Stumpf, Wells Fargo & CompanyRobert Nichols, Financial Services ForumLewis Kaden, CitiAbigail Johnson, Fidelity InvestmentsBarry Zubrow, JPMorgan Chase & Co.John Rogers, The Goldman Sachs Group, Inc.

  Organization(s)
              Allstate Insurance CompanyAmerican International Group, Inc.Bank of AmericaBNY MellonCitiDeutsche Bank AGEdward JonesFidelity InvestmentsFinancial Services ForumGE CapitalThe Goldman Sachs Group, Inc.JPMorgan Chase & Co.MetLife, Inc.Prudential FinancialState Street CorporationUBS AGUS BancorpWells Fargo & Company


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