The Senate Committee on Banking, Housing and Urban Affairs held a hearing focusing on the role of the Financial Stability Board ("FSB") in the U.S. regulatory framework. The following witnesses testified: The Honorable Dirk Kempthorne, President and CEO, American Council of Life Insurers (view testimony); Mr. Eugene Scalia, Partner, Gibson, Dunn, Crutcher (view testimony); Mr. Paul Schott Stevens, President and CEO, Investment Company Institute (view testimony); The Honorable Peter Wallison, Arthur F. Burns Fellow in Financial Policy Studies American Enterprise Institute (view testimony); and

The U.S. House Committee on Agriculture held a hearing titled "Energy and the Rural Economy: the Economic Impact of Exporting Crude Oil." The following witnesses testified: The Honorable David J. Porter, Chairman, Texas Railroad Commission (written testimony); Mr. Harold Hamm, Founder, Chairman and Chief Executive Officer, Continental Energy (written testimony); Mr. Terrence A. Duffy, Executive Chairman and President, CME Group (written testimony); Ms. Kari Bjerke Cutting, Vice President, North Dakota Petroleum Council (written testimony); Mr. Jamie Webster, Senior Director, IHS (written

The National Futures Association ("NFA") issued a notice to CPOs and CTAs regar ding changes to the CPO Form PQR and CTA Form PR. In the notice, the NFA explained that firms will have access to active and ended relationships in both the CPO Form PQR and CTA Form PR filings. Additionally, the NFA noted that in the PQR filing, a CPO will no longer be able to list itself as the trading manager for a pool it operates. The notice also mentioned that footing validations were added to the Schedule of Investments in the PQR filing. The changes are effective for the quarter ending on June 30, 2015. See

The National Futures Association ("NFA") issued an enforcement action against EdgeValencia and its two owners (collectively, "EV") for failing to observe high standards of commercial honor and just and equitable principles of trade. According to the NFA, EV recommended trades that were geared more towards maximizing commissions for themselves rather than customers. Moreover, the NFA found that EV used misleading and deceptive promotional material and the co-owners failed to diligently supervise the activities of the firm. See: EdgeValencia Complaint; EdgeValencia Decision; Edge Complaint; Edge

ISDA published a recommendation for an amendment to the single-name credit default swap ("CDS") roll frequency. ISDA recommended making "single-name CDS transactions roll to a new 'on-the-run' contract on a semiannual, rather than quarterly, basis" and consequently, "further align single-name CDS contracts with CDS index trades." According to ISDA, scheduling the roll to occur biannually in March and September rather than quarterly will (i) "improve liquidity around the new semiannual roll dates"; (ii) "increase clearing of eligible single-name CDS transactions and encourage further buy-side