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  • Speech by SEC Chairman Mary L. Schapiro: Opening Statement At SEC Open Meeting: Item 1 — Product Definitions

    Date 27/04/2011

    Good morning. This is an Open Meeting of the Securities and Exchange Commission on April 27, 2011.

    Today, we will consider two items stemming from the Dodd-Frank Wall Street Reform and Consumer Protection Act.

    First, we will consider proposing new rules and interpretive guidance regarding the definitions of swaps; and

    Second, we will consider proposing new rules that would further remove from our rules references to credit ratings.

  • Statement On Support Of The Dodd-Frank Rulemaking Of Chairman Gary Gensler

    Date 27/04/2011

    Statements for the record on each rule:

    Segregation

    I support the proposed rule on protection of cleared swaps customer contracts and collateral and the associated conforming amendments. The proposal carries out the Dodd-Frank Act’s mandate that futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) segregate customer collateral supporting cleared swaps. FCMs and DCOs must hold customer collateral in an account that is separate from that belonging to the FCMs or DCOs.

    Under the Dodd-Frank Act, an FCM or DCO must not use the collateral of one swaps customer to cover the obligations of another swaps customer or itself. Under the proposed rule, in the event that an FCM defaults simultaneously with one or more of its cleared swaps customers, the DCO may access the collateral of the FCM’s defaulting cleared swaps customers to cure the default, but not the collateral of the FCM’s non-defaulting cleared swaps customers. The proposal also asks a variety of questions regarding alternative means of implementing protection of customer collateral.

  • Speech By SEC Chairman Mary L. Schapiro: Opening Statement At SEC Open Meeting: Item 2 — Ratings Removals

    Date 27/04/2011

    Next we turn to a proposal to remove references to credit ratings from various rules under the Securities Exchange Act of 1934. These proposals represent the next step in a series of actions we have taken to remove references to credit ratings within our rules and, where appropriate, replace them with alternative criteria.

  • Opening Statement, Meeting of the Commodity Futures Trading Commission Chairman Gary Gensler

    Date 27/04/2011

    Good morning. This meeting will come to order. This is a public meeting of the Commodity Futures Trading Commission to consider issuance of a proposed rulemaking under the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding:

    • Capital requirements for nonbank swap dealers and major swap participants;

    • Segregation of customer collateral for cleared swaps;

    • Product definitions, a joint rule with the Securities and Exchange Commission; and

    • Conforming amendments to certain CFTC regulations.

  • Federal Open Market Committee Statement

    Date 27/04/2011

    Information received since the Federal Open Market Committee met in March indicates that the economic recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually.  Household spending and business investment in equipment and software continue to expand.  However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed.  Commodity prices have risen significantly since last summer, and concerns about global supplies of crude oil have contributed to a further increase in oil prices since the Committee met in March.  Inflation has picked up in recent months, but longer-term inflation expectations have remained stable and measures of underlying inflation are still subdued.

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