G. M. Bollenbacher & Co.

, Ltd

May 22, 2013 Mr. Gary Barnett, Director Division of Swap Dealer and Intermediary Oversight Commodity Futures Trading Commission Three Lafayette Center 1155 21st St. NW Washington, DC 20581 Reference: De minimis calculations under 1.3 (ggg) (4) Dear Mr. Barnett: I am writing you to follow up on several communications I have had with the CFTCs staff regarding the de minimis calculations under 1.3 (ggg) (4). That rule sets a de minimis level for swap dealers (SDs) as, among other values: $25 million with regard to swaps in which the counterparty is a special entity [SE] (as that term is defined in Section 4s(h)(2)(C) of the Act. However, this rule section does not have an exemption for trades done on a SEF or DCM, which means that a market participant who would otherwise not qualify as a SD, and whom the CFTC would presumably not want to qualify as a SD, could become qualified by doing a blind trade with a SE on an exchange. Since one category of SEs is ERISA accounts, and many of those are managed by asset management firms, this presents the very real possibility that a market participant could exceed this de minimis threshold on a trade where the counterparty is only known when the asset manager makes an allocation, potentially hours after the trade is done. As things now stand, the only way a non-SD market participant could be sure of not exceeding this threshold on a SEF or DCM would be to make any bids or offers not available to SEs, which I dont think the CFTC wants. Thus I am recommending that the CFTC amend 1.3 (ggg) (4) so as to specify that the $25 million threshold for SE trades does not apply to trades done on a SEF or DCM. Please do not hesitate to contact me if you have any questions. Very truly yours,

George M. Bollenbacher

71 Miller Ave, Tarrytown, NY 10591 (914-393-7327) georgebollenbacher@gmail.com Management Consulting