CMC Meets with CFTC Commissioner Wetjen

CMC, jointly with the Energy Working Group, took the opportunity to sit down with CFTC Commissioner Mark Wetjen earlier this week. We discussed the upcoming Swap Dealer definition. All meeting participants were encouraged by what they heard from the Commissioner and his senior staff. A couple of highlights: The de minimis level is going to be raised to $3 billion of gross notional swaps value at the upcoming public meeting on February 23, Thursday. Footnote # 18 in the proposed swap dealer definition will be removed – in other words, it will not be mandatory for every swaps transaction to necessarily involve at least one swap dealer counterparty.

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