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Commentary by Nick Allen

The SEC approved a proposed rule change that will permit the listing and trading of the first quadruple-leveraged exchange-traded funds ("ETFs"). Prior to this approval, the highest-leveraged ETFs offered three times leveraged (or inverse leveraged) exposure to their benchmarks.

The Managed Funds Association ("MFA") submitted a letter requesting that the CFTC conduct targeted compliance reviews of the rulebooks and user agreements of temporarily registered swap execution facilities ("SEFs"), and enforce the CFTC's SEF rules and related staff guidance before the effective date of the first "made available-to-trade" ("MAT") determination. In requesting such action, the MFA outlined the material issues that MFA members have encountered related to SEF rulebooks, SEF user agreements, and operational and documentation readiness for the SEF trading of bunched orders in

See: 77 FR 37803 The CFTC is correcting certain text published in the Federal Register of April 9, 2012, and June 19, 2012, regarding the final rule for Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management, and Core Principles and Other Requirements for Designated Contract Markets. Effective Date(s) : The corrections to FR Doc. 2012-7477 are effective October 1, 2012. The corrections to FR Doc. 2012-12746 are effective August 20, 2012. Cross References : CFTC Rule 38.601; 77 FR 21278; 77 FR 36611. For more information about this document, you