FINRA proposed extending the Tier Size Pilot program scheduled to expire on December 11, 2015 until June 10, 2016. The Tier Size Pilot was filed originally with the SEC on October 6, 2011 to amend the minimum quotation sizes for OTC Equity Securities. The purpose of the extension is to provide FINRA with additional time to finalize its recommendation concerning the pilot. The proposed rule change amends FINRA Rule 6433 ("Minimum Quotation Size Requirements for OTC Equity Securities").

The FDIC added content to its available cybersecurity awareness resources for financial institutions. Submitted under the FDIC's Community Banking Initiative, the new resources include a cybersecurity awareness video and three vignettes for the Cyber Challenge, a series of exercises that are intended to encourage the discussion of cyber-risk issues.

The SEC approved amendments to Trade Reporting and Compliance Engine (TRACE) FINRA Rule 6730 (Transaction Reporting). The amendments require an indicator to identify pricing information when the TRACE report does not reflect a commission or mark-up/mark-down. The implementation of the amendments will become effective on May 23, 2016.

Federal Reserve Bank of New York ("NY Fed") Executive Vice President Alberto G. Musalem outlined NY Fed initiatives to promote a positive banking culture. Mr. Musalem explained that the initiatives are a response to recent incidents of misconduct, including a case involving the manipulation of LIBOR. He also stressed that the "responsibility to address these flaws" in the "culture of banking . . . rests with the banks themselves." Mr. Musalem described the NY Fed's message to the banking industry as follows: (i) cultural problems are the banking industry's responsibility to solve, (ii) a bank

Board of Governors of the Federal Reserve System ("FRB") Governor Jerome H. Powell discussed volatility in the Treasury markets and emerging considerations that would provide greater or more stable liquidity. At the 2015 Roundtable on Treasury Markets and Debt Management, Mr. Powell addressed the October 15, 2014 episode of "sudden, outsized volatility" in the Treasury markets. He pointed out that further episodes could cause more market participants to react in ways that reduce liquidity, and add to pressures for changes in market structure. Mr. Powell explained that his preference would be