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SEC Release 34-63825 Date February 2, 2011 The SEC proposed Regulation SB SEF under the Exchange Act to define "security-based swap execution facilities" (SB SEFs) and to establish registration requirements, duties, and core principals applicable to those entities. In addition, the proposal would amend Rule 3a-1 under the Exchange Act to exempt a registered SEF from the definition of "exchange" and would add Rule 15a-12 to exempt registered SEFs from regulation as a broker under § 15(b). Steven Lofchie; [email protected] Jeffrey Robins; [email protected] Cross References SEC Press

www.isda.org March 29, 2011 ISDA has published a paper outlining its views on the role, impact and optimal structure for Swap Execution Facilities (SEFs) in the global OTC derivatives markets. ISDA believes that SEFs can play a positive role in the market by strengthening its infrastructure, helping prevent insider trading and other market abuse, and increasing transparency and access for smaller participants.

The Senate Banking Committee, more particularly the Subcommittee on Securities, Insurance, and Investment, held hearings on electronic trading venues, e.g., exchanges, ATSs, and dark pools. The hearings are interesting because they do NOT focus on algorithmic trading, but rather on the roles and the responsibilities of the various types of trading venues. Click here for full details of the hearing entitled "Computerized Trading Venues: What Should the Rules of the Road Be?"

CFTC has approved the application of Bloomberg SEF LLC ("BSEF") for temporary registration as a swap execution facility ("SEF"). BSEF is the first entity for which the Commission has issued temporary registration as a SEF. It may begin operating after August 5, 2013, the effective date of the SEF rules. Lofchie Comment: Notwithstanding the existence of a SEF, no products will yet be subject to mandatory SEF or exchange trading. See: CFTC Press Release; Bloomberg SEF Letter.

FINRA filed with the SEC a proposed rule change to adopt FINRA Rule 4553 ("Fees for ATS Data") which would establish a fee schedule for optional professional access to alternative trading system ("ATS") volume information published by FINRA on its website. Under the proposed rule, a year's subscription for professionals would be $12,000, for vendors: $18,000, and non-professionals would be provided a non-downloadable version of the volume information at no cost. See: Text of Proposed Rule. T o stay up-to-date with FINRA and other SRO rule changes, please see the Cabinet's Rule Calendars