The SEC issued an opinion and order regarding several administrative proceedings that at least temporarily rejected increases in market data fees. As previously covered, SIFMA filed charges against NYSE Arca, Inc. and the Nasdaq Stock Market LLC (collectively, the "exchanges"), alleging that the exchanges were not justified in levying fee increases for proprietary equity market data due to a lack of competition. An administrative law judge dismissed the case in 2016, but it was later appealed ( see SEC order dated July 19, 2018). While SIFMA's first challenge was still pending with the SEC

CFTC Chair J. Christopher Giancarlo warned European Union regulators that the agency does not approve of and will oppose any proposed cross-border legislation that is conflicting or overly burdensome. In remarks at the Futures Industry Association Expo, Mr. Giancarlo warned that, if the EU imposed such policies, he would see that the CFTC took material responsive measures. If any foreign jurisdiction were to adopt measures to the detriment of U.S. firms, Mr. Giancarlo stated, the CFTC could delay or withdraw existing exemptions from entities based in "particular overseas jurisdictions." He

CFTC Chair J. Christopher Giancarlo announced that CFTC Commissioner Dawn Stump will sponsor the Global Markets Advisory Committee and Commissioner Dan Berkovitz will sponsor the Energy and Environmental Markets Advisory Committee. The CFTC Advisory Committees are intended to provide input and recommendations to the CFTC on various regulatory and market issues that affect U.S. markets.

ISDA analyzed the use of uncleared margin for derivatives as an incentive to clear. In a new white paper that draws on internal research, ISDA concludes, among other things, that: (i) initial margin ("IM") for uncleared derivatives should not be required for counterparties that pose little or no systemic risk and (ii) the role of margin as a clearing incentive should be reconsidered, given other incentives to clear. With this paper, ISDA seeks to answer two questions: (1) does the scope of the existing IM requirements for uncleared derivatives appropriately achieve the goal of reducing

ISDA updated its Model Netting Act, which provides a template for jurisdictions considering enforcing close-out netting.