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ISDA sought and was granted permission to intervene in the case of Lomas and others v JFB Firth Rixson, Inc and others to ensure that arguments reflecting the market's understanding of the construction were made before the Court. The Court found that Section 2(a)(iii) is "suspensive" in effect, overturning the non-binding comments in the Marine Trade case that Section 2(a)(iii) is a once-and-for-all test. It was one of ISDA's key goals in participating in the action to achieve this result. ISDA will consult with its members to agree a form of amendment to Section 2(a)(iii) that ISDA will make

In accordance with Section 712(d)(1) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 the CFTC and SEC, in consultation with the Board of Governors of the Federal Reserve System, are proposing rules and interpretative guidance under the Commodity Exchange Act and the Securities Exchange Act of 1934, to further define the terms "swap dealer," "security-based swap dealer," "major swap participant," "major security-based swap participant," and "eligible contract participant." Document Number 75 Fed. Reg. 80174 Date December 21, 2010 Cross Reference (links

The CFTC has promoted Andrei Kirilenko, an economist known for his role in the review of the May 6 "flash crash," as chief economist for the agency. Kirilenko, who has worked on research into how high-frequency and algorithmic trading affects markets, has been highly sought after by commissioners seeking opinions on how to use new authority to rein in computer-driven trading, and how to try to prevent another flash crash. Kirilenko joined the CFTC in 2008 after 12 years at the International Monetary Fund, where he worked on global capital markets issues. He has a PhD in economics from the

The CFTC announced the appointment of Dr. Andrei Kirilenko as the CFTC's Chief Economist. Dr. Kirilenko has been with the CFTC since 2008. He received his Ph.D. in Economics from the University of Pennsylvania, where he specialized in Finance. His research has focused on the informational properties and the microstructure of financial markets. Prior to joining the CFTC, he spent 12 years at the IMF working on global capital markets issues. Most recently, Dr. Kirilenko has been working on issues related to algorithmic and high frequency trading and played a key role in the review of the unusual

The Basel Committee issued today a consultative paper on the capitalization of bank exposures to central counterparties. The Committee's proposals relate to the capitalization of bank exposures to a central counterparty and, in particular, those related to the capitalization of default fund exposures. The consultative paper seeks comments from banks, central counterparties and other stakeholders on the proposed Basel III reforms reflected in the proposed regulatory capital adequacy rules text by February 4, 2011. Date December 22, 2010