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Commentary Prof. Pirrong takes issue with the notion that improved transparency unambiguously increases competition, noting that "greater price transparency [the goal of swap execution facilites] can lead to less competitive outcomes. In particular, transparency can facilitate collusion, and opacity can make it more difficult to collude." Publication Streetwise Professor Date December 21, 2010 Cross Reference (links require a Cabinet subscription) Dodd-Frank Act, Title VII, Sec. 733.

SEC Press Release The SEC announced (1) the filing of a civil action against a former executive of a clothing company for engaging in financial fraud and insider trading, and (2) perhaps more notably, the entering into of a non-prosecution agreement with the company with which he was formerly associated. The non-prosecution agreement is said to reflect the company's "prompt and complete self-reporting of the misconduct," as well as its actions in cooperating and investigating the misconduct. The non-prosecution agreement is the first entered into by the SEC since the announcement of its new

MSRB Notice The MSRB issued a notice to remind firms that its interpretive guidance on political contributions and prohibitions on municipal securities business became effective on December 12. The interpretation could result in a PAC formed by or otherwise maintaining a relationship with an affiliate of a broker, dealer, or municipal securities dealer being viewed as "controlled" being treated as a dealer-controlled PAC for purposes of MSRB Rule G-37. Document Number MSRB Notice 2010-57 Date December 17, 2010 Cross Reference (links require a Cabinet subscription) MSRB Notice 2010-45

News Article In a recent speech, Richard Ketchum, chief executive of FINRA, said that high-frequency trading firms should expect greater surveillance of their operations in 2011. In particular, Mr. Ketchum cited a recent enforcement action brought by FINRA against Trillium Brokerage Services as a "good example" of what to expect. Please contract the following Cadwalader attorneys if you have any questions about this item: Steven Lofchie; [email protected] Glen Barrentine; [email protected] Publication The Wall Street Journal Date December 20, 2010 Cross Reference (links require a

News Article U.S. regulators have proposed lowering the bar for membership into clearinghouses, which guarantee swaps. The move would force big banks to share profits relating to OTC derivatives business with non-incumbent firms under the new regulatory regime-a business opportunity estimated to be several billion dollars, according to consultants at Booz Co. The CFTC last week voted in a proposal that derivatives clearing organizations wouldn't be permitted to set capital requirements on new members above $50 million-significantly lower than the existing hurdles. "The proposed participant