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CFTC Approves Phased Compliance Proposal For Certain Swap Regulations

Date 29/06/2012

The Commodity Futures Trading Commission (Commission) today voted to propose a phased compliance program regarding certain swaps to non-U.S. swap dealers, non-U.S. major swap participants, U.S. swap dealers, U.S. major swap participants, and foreign branches of U.S. swap dealers and U.S. major swap participants. In order to ensure an orderly transition to the Dodd-Frank Act the Commission released for public comment a phased compliance regarding certain entity-level requirements (Entity-Level Requirements) and transaction-level requirements (Transaction-Level Requirements) subject in each case to specified conditions. The vote was conducted via a seriatim vote of the commission and was passed by a vote of 5 to 0. The Comment period is open for 30 days after the publication in the Federal Register.
BATS 1000 Index Rebounds By 2.4% This Week

Date 29/06/2012

BATS Global Markets, a leading operator of securities markets in the U.S. and Europe, reports the BATS 1000® Index (Ticker: BATSK) rose 359.68 points, or 2.4%, this week to close at 15,305.28 as of 4 p.m. ET today.
Statement Of Concurrence: (1) Cross-Border Application Of Certain Swaps Provisions Of The Commodity Exchange Act, Proposed Interpretive Guidance And Policy Statement; (2) Notice Of Proposed Exemptive Order And Request For Comment Regarding Compliance With Certain Swap Regulations - CFTC Commissioner Jill E. Sommers

Date 29/06/2012

Over a year ago, the Commission finally acknowledged that we needed to address the growing uncertainty brewing among swap market participants who were trying to decipher the extraterritorial reach of the Dodd-Frank Act. We held a two-day roundtable last August and have received numerous comments since then from market participants and other regulators asking us to consider a global approach to the regulation of these global markets. We were encouraged to coordinate with our foreign and domestic partners and urged not to implement our regulatory approach in a silo.
ISDA-SIFMA Response To CFTC Proposed Rulemaking - Aggregation, Position Limits For Futures And Swaps

Date 29/06/2012

The International Swaps and Derivatives Association, Inc. (“ISDA”) and the Securities Industry and Financial Markets Association (“SIFMA”) appreciate the opportunity to provide the Commodity Futures Trading Commission (“Commission”) with comments and recommendations regarding the Commission’s Notice of Proposed Rulemaking on Aggregation, Position Limits for Futures and Swaps (the “Proposed Aggregation Rule” or “Aggregation Notice”).
Statement Of Concurrence: (1) Proposed Interpretive Guidance And Policy Statement Regarding Section 2(i) Of The Commodity Exchange Act - And (2) Notice Of Proposed Exemptive Order - CFTC Commissioner Scott D. O’Malia

Date 29/06/2012

I respectfully concur with the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) approval of its proposed interpretive guidance and policy statement (“Proposed Guidance”) regarding section 2(i) of the Commodity Exchange Act (“CEA”) and its notice of proposed exemptive order (“Proposed Order”). While I have strong reservations about the statutory authority and disagree with the Commission’s decision to issue interpretive guidance instead of a formal rulemaking, I believe that the timely release of these proposals is critical for firms to have some sense of what U.S. standards will apply to their cross-border transaction, and how those standards will comport with international standards. We expect that these proposals will improve as a result of input from market participants, as well as an open dialogue with global regulators.

NYSE Announces Third-Quarter 2012 Circuit-Breaker Levels

Date 29/06/2012

The New York Stock Exchange will implement new circuit-breaker collar trigger levels for third-quarter 2012 effective Monday, July 2, 2012.

Circuit-breaker points represent the thresholds at which trading is halted marketwide for single-day declines in the Dow Jones Industrial Average (DJIA). Circuit-breaker levels are set quarterly as 10, 20 and 30 percent of the DJIA average closing values of the previous month, rounded to the nearest 50 points.
Statement Of Support - CFTC Chairman Gary Gensler

Date 29/06/2012

I support the proposed release on phased compliance for foreign swap dealers. The release provides phased compliance for foreign swap dealers (including overseas affiliates of U.S. swap dealers) of certain requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
Direct Edge To Present To The Comissão De Valores Mobiliários At Hearing On Exchange Competition

Date 29/06/2012

Direct Edge, one of the world’s leading equities exchange operators, has been invited to the offices of Comissão de Valores Mobiliários (CVM) for a presentation and discussion on the potential benefits to Brazilian investors of exchange competition and the most effective implementation plan for introducing competition. The meeting, which brings together several market participants and potential Brazilian market entrants, will consider the conclusions of a study conducted by Oxera Consulting Ltd which examines the costs and benefits of changing the competitive structure of the market for trading and post-trading services in Brazil. When the study was released earlier this month, Direct Edge commented that it was “entirely consistent” with the benefits and principles that have guided its efforts to offer exchange competition for the benefit of Brazilian investors.
CFTC Approves Proposed Interpretive Guidance On Cross-Border Application Of The Swaps Provisions Of The Dodd-Frank Act

Date 29/06/2012

The Commodity Futures Trading Commission (Commission) today approved for public comment proposed interpretive guidance regarding the cross-border application of the swaps provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) and the Commission’s regulations. The proposed guidance interprets Section 2(i) of the Commodity Exchange Act (CEA), which states that the swaps provisions of the CEA shall not apply to activities outside the United States unless those activities have a direct and significant connection with activities in, or effect on, commerce of the United States. The vote was conducted via seriatim, which was approved by all five commissioners. The guidance will be open for public comment for 45days after publication in the Federal Register.
SEC Charges Peter Madoff With Fraud And False Statements To Regulators

Date 29/06/2012

The Securities and Exchange Commission today charged Peter Madoff, the brother of Bernie Madoff, with committing fraud, making false statements to regulators, and falsifying books and records in order to create the false appearance of a functioning compliance program over Madoff’s fraudulent investment advisory operations.