On August 9, FIA submitted a letter to the U.S. Treasury as part of the Treasury review of the financial system. This letter follows FIA’s previous submission to the Treasury on May 11: Roadmap to smarter regulation & healthier markets. The letter addresses two broad sets of issues: how current capital regulations are adversely impacting our hedging markets, and a number of matters relating to CCP resilience and risk. The letter provides some additional perspectives on the liquidity impact of inappropriate capital regulations, and on CCP risk. These issues address a number of the Core Principles in the President’s February 3rd Executive Order, namely making regulation efficient, effective, and appropriately tailored, addressing systemic risk and market failures, and enabling American companies to be competitive with foreign firms in domestic and foreign markets.