Risk.net August 15, 2011 The Swap Execution Facility Clarification Act, introduced to the US Congress on July 19 by Republican congressman Scott Garrett calls for restraint in rulemaking directed at swap execution facilities at the risk of "driving the swaps market to our foreign competitors simply because regulators have resisted providing the methods of swap execution that market participants require". Among other requirements, the Act would prohibit the CFTC and SEC from interpreting the SEF definition to require a minimum number of participants to receive or respond to quote requests, or
On Thursday the CFTC held a public meeting to consider a final rule on core principles and other requirements for designated contract markets and a proposed order amending the effective date for swap regulation. Statements: Statement on the Proposed Exemptive Order Regarding Certain Dodd-Frank Effective Dates (Commissioner Gary Gensler) Concurrence Statement on the Amendment to the July 17, 2011 Exemptive Order (Commissioner Scott O'Malia) The Draft CFTC 2012 Rulemaking Schedule (Commissioner Scott O'Malia) “Lettuce Produce” (Commissioner Bart Chilton) To view additional materials from this
Ranking Member of the House Committee on Agriculture Glenn Thompson (R-PA) released a revised draft of the Digital Commodity Exchange Act, a bill "to bring certainty to developers, intermediaries, and customers in the digital asset marketplace by establishing clearly defined rules."
In a speech at an Insider Trading symposium hosted by the New York Law School, Attorney General Eric. T. Schneiderman ("A.G. Schneiderman") called for tougher regulations and market reforms to address the "unfair advantages commonly provided to high-frequency trading firms at the expense of other investors." & In his remarks, A.G. Schneiderman detailed a number of services that trading venues offer to high-frequency traders ("HFTs"), including, but not limited to: allowing traders to locate their computer servers within the trading venues themselves; providing extra network bandwidth to HFTs
The SEC published a request from Automated Matching Systems Exchange, LLC ("AMSE") seeking a limited volume exemption from registering as a national securities exchange under Exchange Act Section 6. The SEC published the request in the Federal Register to solicit the views of any interested persons on AMSE's exemption request, even though publication of such a request is not required by the Exchange Act. AMSE seeks to operate as a centralized market place for alternative trading systems ("ATS") without maintaining its own centralized order book. Instead, each of the ATS members would maintain