Agricultural swaps and termination rules proposed

At a Jan. 20 public meeting, the Commodity Futures Trading Commission (CFTC) has approved two additional sets of rules related to the Dodd-Frank financial reform law. One regulation will affect commodity options and agricultural swaps, while the other defines documentation requirements for swap terminations.

CFTC Chairman Gary Gensler's opening comments for the meeting are below.

The rules will now open to public comment.

Opening Statement, Meeting of the Commodity Futures Trading Commission

Chairman Gary Gensler

January 20, 2010

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

  • Agricultural Swaps and Commodity Options; and
  • Swap Trading Relationship Documentation Relating to Termination Provisions Implicated Under Title II of the Dodd-Frank Act.

Before we hear from the staff, I’d like to thank Commissioners Mike Dunn, Jill Sommers, Bart Chilton and Scott O’Malia for all their thoughtful work to implement the Dodd-Frank Act.

I’d like to welcome members of the public, market participants and members of the media to today’s meeting, as well as welcome those listening to the meeting on the phone or watching the live webcast. This is the tenth public meeting to consider Dodd-Frank rulemakings. Our next meeting will be on January 26, and we will schedule additional meetings in February. The agenda items for Wednesday’s meeting are posted on cftc.gov, and we will announce the rulemakings that the Commission will consider at the February meetings at least one week in advance.

The staff has worked very hard on the rulemakings that the Commission is considering today. They will present thoughtful recommendations for how the Commission can best comply with its statutory obligations under the Dodd-Frank Act.

We look forward to receiving public comments on all of the proposed rules we are considering today. Each of the rules, as well as fact sheets and “Questions and Answers” on the rules, will be posted on our website shortly.

Now I’d like to turn to my fellow commissioners for their opening statements.

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