The SEC charged three traders with (i) mismarking option orders to obtain execution priority and lower fees and (ii) engaging in "spoofing" to generate liquidity rebates from an options exchange. The SEC Enforcement Division alleges that the defendants violated Section 17(a) of the Securities Act, Sections 9(a)(2) and 10(b) of the Exchange Act and Rule 10b-5. The details of the SEC allegations include: Mismarking of Options Orders Options exchange rules provide that a non-broker-dealer that places more than 390 orders in options per day (on average) during any calendar month in a quarter will

Five federal agencies ("the Agencies") published interim and final rules on margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers and major security-based swap participants. The Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System ("FRB"), the Federal Deposit Insurance Corporation ("FDIC"), the Farm Credit Administration ("FCA") and the Federal Housing Finance Agency ("FHFA") published the rules in the Federal Register. The final rule implements Dodd-Frank Sections 731 ("Registration

Board of Governors of the Federal Reserve System Vice Chair Stanley Fischer: (i) offered an assessment of vulnerabilities in the financial system; and (ii) identified gaps in the current understanding of conditions inside and outside of the banking sector that should be addressed by regulators and researchers. In discussing the current financial system's cyclical developments, Mr. Fischer mentioned the following "five factors that contribute to financial fragility": (i) high debt burdens at households and firms; (ii) elevated leverage and maturity transformation within the financial sector;

George Mason University Mercatus Center research fellow Sherzod Abdukadirov published a commentary criticizing the Unified Agenda of Federal Regulatory and Deregulatory Actions issued by the Office of Management and Budget (OMB). Mr. Abdukadirov suggested that the Unified Agenda is inaccurate, difficult to use and poorly organized. He pointed to studies indicating that a quarter of proposed regulations did not appear in the Unified Agenda, and 40% of regulations that did appear in the Unified Agenda did not get published within the following 16 months. He further suggested that the

George Mason University Mercatus Center research fellow Sherzod Abdukadirovpublished a commentary criticizing the Unified Agenda of Federal Regulatory and Deregulatory Actions issued by the Office of Management and Budget (OMB). Mr. Abdukadirov suggested that the Unified Agenda is inaccurate, difficult to use and poorly organized. He pointed to studies indicating that a quarter of proposed regulations did not appear in the Unified Agenda, and 40% of regulations that did appear in the Unified Agenda did not get published within the following 16 months. He further suggested that the organization