NERA Vice President Dr. Sharon Brown-Hruska conducted a CLE program on "Price Discovery, Clearing, and the Centralized Trading Requirements" at The John Marshall Law School in Chicago on 17 April 2012. The event included a keynote address by Leo Melamed, Chairman Emeritus of the CME Group. Dr. Brown-Hruska discussed the Dodd-Frank Wall Street Reform and Consumer Protection Act requirements for centralized clearing and trading of swaps; questions raised by the implementation of rules proposed by the Commodity Futures Trading Commission; and NERA's cost-benefit analysis of the swap dealer and entity definitions, and the economic impact of requiring commercial firms to register as a swaps dealers and major swap participants.