As Bart Chilton informed SilverDoctors’ readers on May 31st when he stated that the CFTC’s silver investigation would conclude by September if not sooner, and that the CFTC would meet shortly after the 4th of July to consider final rules on the definition of the word ‘swap’, the CFTC has just publicly announced that it will hold an open meeting July 10th to consider the final rule on the definition of swaps, and the proposal to exempt certain swaps.
Full CFTC release below:
From the CFTC:
CFTC to Hold Open Meeting to Consider Final Rule on the Further Definition of the term “Swap,” Final Rule on the End-User Exception to Clearing, and Proposed Rule to Exempt from Clearing Certain Swaps by Cooperatives
Washington, DC – The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Tuesday, July 10, 2012, at 9:30 a.m., to consider two Final Rules and a Proposed Rule:
- Final Rule related to the Further Definition of “Swap,” “Security-Based Swap,” and “Security-Based Swap Agreement”; Mixed Swaps; Security-Based Swap Agreement Recordkeeping.
- Final Rule related to the End-User Exception to the Clearing Requirement for Swaps.
- Proposed Rule related to Clearing Exemption for Certain Swaps Entered into by Cooperatives.
| What: | Open Commission meeting to consider two Final Rules and a Proposed Rule |
| Where: | CFTC Headquarters Conference Center, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581 |
| When: | Tuesday, July 10, 2012, 9:30 a.m. |
Viewing/Listening Information: The CFTC has made available the following options to access the meeting:
Watch a webcast of the meeting at www.cftc.gov or call-in to a toll-free telephone line to connect to an audio feed.
Call-in participants should be prepared to provide their first name, last name and affiliation.
Conference call information is listed below:
| Domestic Toll-Free Number: | 866-844-9416 |
| International Toll Numbers: | Listed under Related Document |
| Participant Passcode: | CFTC |
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Bart Who?
Right on Sergio. I’m not holding my breath. I’m sure it will be akin to the recent ruling by SCOTUS.
Another smoke screen as far as I’m concerned. Same old business. I wonder how much the spot will drop after that meeting. Mmmmmmmmm
Agreed Sergio. This trainwreck is poised and ready to go. The Engineer’s nameplate says CFTC on it.
to eight some months to define “Swap”?
thorough investigation and report that: After a complete investigation they have
concluded that there is absolutely nothing to any allegations of manipulation in
the Silver market.
A swap is like a “swaffle”. That’s when one takes his dick out and wacks it around hitting for example an ATM.
Next question?
Last time they were debating the definition of “default”. Remember that? Initially they wanted to argue that a 50-70% haircut was not a default. Bought ‘em just enough time to not have CDS triggered. Same wheeling and dealing now. For one thing this means they’re in deep do-do.
Same as it ever was… <a href=”
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”>Talking Heads great song</a>
Best all,
R3K
ahh link failed to render as intended:
4 oz you sure got that right. Thats what they are going to say. Go to the bank on it!
Wait, how long have “swaps” existed? They’re getting to this now?
An “open meeting”??? LMAO …. I’m sure they will let anyone walts right in… As has been said they have a team of people from the industry and a lawyer and yet they still can not give and answer to these questions… Hell they knew when they labeled this “open meeting” that they would not leave with anything… They will consider some stuff and then POOF no answers… And then, they will end up needing to change the timeline or get an extension cause they just need more time…. All the while the manipulative fat kats get fatter and the guys trying to do the “right” thing get screwed…. Same story, same song, different dance…. Someday…… Someday we will get what were looking for…. I say make them bleed silver and gold!!!! It’s there gryptonite!!!