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124 STAT. 1722 PUBLIC LAW 111–203—JULY 21, 2010

‘‘(C) periodically conduct tests to verify that backup
resources are sufficient to ensure continued order proc-
essing and trade matching, price reporting, market surveil-
lance, and maintenance of a comprehensive and accurate
audit trail.
‘‘(21) FINANCIAL RESOURCES.—
‘‘(A) IN GENERAL.—The board of trade shall have ade-
quate financial, operational, and managerial resources to
discharge each responsibility of the board of trade.
‘‘(B) DETERMINATION OF ADEQUACY.—The financial
resources of the board of trade shall be considered to be
adequate if the value of the financial resources exceeds
the total amount that would enable the contract market
to cover the operating costs of the contract market for
a 1-year period, as calculated on a rolling basis.
‘‘(22) DIVERSITY OF BOARD OF DIRECTORS.—The board of
trade, if a publicly traded company, shall endeavor to recruit
individuals to serve on the board of directors and the other
decision-making bodies (as determined by the Commission) of
the board of trade from among, and to have the composition
of the bodies reflect, a broad and culturally diverse pool of
qualified candidates.
Records. ‘‘(23) SECURITIES AND EXCHANGE COMMISSION.—The board
of trade shall keep any such records relating to swaps defined
in section 1a(47)(A)(v) open to inspection and examination by
the Securities and Exchange Commission.’’.

SEC. 736. MARGIN.
Section 8a(7) of the Commodity Exchange Act (7 U.S.C. 12a(7))
is amended—
(1) in subparagraph (C), by striking ‘‘, excepting the setting
of levels of margin’’;
(2) by redesignating subparagraphs (D) through (F) as sub-
paragraphs (E) through (G), respectively; and
(3) by inserting after subparagraph (C) the following:
‘‘(D) margin requirements, provided that the rules,
regulations, or orders shall—
‘‘(i) be limited to protecting the financial integrity
of the derivatives clearing organization;
‘‘(ii) be designed for risk management purposes
to protect the financial integrity of transactions; and
‘‘(iii) not set specific margin amounts;’’.

SEC. 737. POSITION LIMITS.
(a) AGGREGATE POSITION LIMITS.—Section 4a(a) of the Com-
modity Exchange Act (7 U.S.C. 6a(a)) is amended—
(1) by inserting after ‘‘(a)’’ the following:
‘‘(1) IN GENERAL.—’’;
(2) in the first sentence, by striking ‘‘on electronic trading
facilities with respect to a significant price discovery contract’’
and inserting ‘‘swaps that perform or affect a significant price
discovery function with respect to registered entities’’;
(3) in the second sentence—
(A) by inserting ‘‘, including any group or class of
traders,’’ after ‘‘held by any person’’; and

LAWS (B) by striking ‘‘on an electronic trading facility with respect to a significant price discovery contract,’’ and inserting ‘‘swaps traded on or subject to the rules of aPUBLIC with on anorris VerDate Nov 24 2008 12:08 Aug 19, 2010 Jkt 089139 PO 00000 Frm 00348 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203