SEC Open Meeting, February 2, 2011

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Dodd-Frank Timeline, Registration and Regulation of Security-Based Swap Execution Facilities, SEC
Proposal Date Comment Deadline Reopened Comment Period Deadline
February 28, 2011 April 4, 2011 July 22, 2013

The U.S. Securities and Exchange Commission (SEC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act concerning the registration and regulation of security-based swap execution facilities.

Archived webcast:

Meeting Summary[edit]

Topics of Discussion

  • Defining security-based swap execution facilities (SEFs) and establishing their registration requirements, duties and core principles
  • Creating a new category of market for security-based SEFs

Motion to issue proposed rule carries, 5-0

Related Documents[edit]

Registration and Regulation of Security-Based Swap Execution Facilities

Read comment letters.png
Read proposed rule.png


Chairman Mary L. Schapiro; whose statements include:

  • An explanation of security-based SEFs - a new category of markets for security-based swaps.
  • A definition of "made available to trade" for security-based swaps on a SEF or an exchange.
  • SEF rules including "the trading and monitoring of security-based swaps on its market, the dissemination of trading information [and] the mitigation of conflicts of interest."

Commissioner Troy A. Paredes, whose statements include:

  • Support for the proposed rule.
  • Four detailed questions in preparation for comments.

Commissioner Luis A. Aguilar, whose questions and statements include:

  • "How can a security-based swap execution facility best be defined so that trading on security-based swap execution facilities represents a meaningful improvement over the current OTC market and promotes price discovery and competition?"
  • "Would the proposal achieve the Dodd-Frank mandate that trading on a regulated platform will be the rule, rather than the exception?"
  • Support for the proposed rule.



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