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Commentary by Nihal Patel

FINRA proposed expanding the instructions to the Derivatives and Other Off-Balance Sheet Items Schedule ("OBS") pursuant to FINRA Rule 4524 ("Supplemental FOCUS Information"). The proposed instructions include certain non-carrying/non-clearing firms that have significant amounts of off-balance sheet obligations. FINRA noted "considerable principal trading activities" of certain non-clearing firms during an examination of firms' margining practices in "extended settlement" transactions (including TBA transactions). FINRA stated that it is concerned about firms appropriately monitoring their

Commentary by Steven Lofchie

Board of Governors of the Federal Reserve System ("FRB") Governor Jerome H. Powell discussed volatility in the Treasury markets and emerging considerations that would provide greater or more stable liquidity. At the 2015 Roundtable on Treasury Markets and Debt Management, Mr. Powell addressed the October 15, 2014 episode of "sudden, outsized volatility" in the Treasury markets. He pointed out that further episodes could cause more market participants to react in ways that reduce liquidity, and add to pressures for changes in market structure. Mr. Powell explained that his preference would be

Commentary by Steven Lofchie

A request by the Chicago Mercantile Exchange Inc. ("CME") to withdraw from registration as a securities clearing agency under Section 17A of the Exchange Act was published in the Federal Register. The CME currently is registered as a derivatives clearing organization ("DCO") with the CFTC and "offers clearing services for futures and swap products." CME stated that it registered as a clearing agency pursuant to Section 17A of the Exchange Act "solely for the purpose of clearing security-based swaps" ("SBS")." However, CME reported, it has not cleared any SBS to date and does not plan to clear