CFTC Commissioner Sharon Bowen delivered remarks at the European Central Bank in Germany. Her focus was on discussions between the CFTC and international regulators, including the European Union. Commissioner Bowen explained that the discussions included critical areas "where risk can accumulate," such as the "financial highways" of settlement, payment and clearing systems. She stated that while the failure of a clearinghouse is "highly unlikely," it also would be "devastating." According to the Commissioner, risk management protocols "need to be designed and tested with the understanding that

CME Group announced that it will delay the closing of open outcry futures trading in Chicago and New York. The delay is due to a technical revision in its filing with the CFTC. Although it was scheduled previously for July 2, 2015, the last day for most open outcry futures trading is now expected to take place on July 6, 2015, pending the expiration of CFTC review periods. Additionally, the CFTC could delay the closure for up to 90 days during its review. According to CME Group, the decision to close open outcry futures trading was announced originally in February after floor volumes had

The Office of Financial Research ("OFR") issued an update to its assessment of threats to financial stability. According to the update, overall risks to financial stability remain moderate. The OFR's latest assessment of vulnerabilities in the financial system was informed by updates to the OFR's financial stability monitor and the monitor's underlying data. Specifically, the monitor provided a high-level summary of five areas of risk: macroeconomics, markets, credit, funding and liquidity, and contagion. The update noted that the risks weren't elevated significantly in any one of these five

CME Clearing Europe appointed Tina Hasenpusch Chief Executive Officer. Hasenpusch replaces Lee Betsill, who will return to Chicago as the Managing Director of Global Clearing Operations at CME Clearing.

The SEC issued a no action letter granting an exemption to Cambria ETF Trust from Exchange Act Rule 14e-5 requirements. The exemption concerns transactions in which equity securities purchased by a "covered person" are the subject of a tender offer and related securities. See: SEC No-Action Relief.