SIFMA and 16 other financial services trade associations (the "Associations") provided comments to the Department of Labor ("DOL") in which they requested an extension to the comment period for a proposed conflict of interest rule (the "Proposal"). The Associations explained that the Proposal comprises a "voluminous" amount of information, including elaborate new rules and "a host of detailed changes to existing and widely-used exemptions." The Associations argue that the industry will need time to assess their ability to comply with the conditions of the exemptions, which will require

Craig Pirrong shared his doubts about the CFTC's ability to demonstrate that accused spoofer Navinder Sarao caused or even contributed to the Flash Crash. In his popular "Streetwise Professor" series, he states that "it is difficult to see how his [Sarao's] activities would have caused prices to move systematically in one direction or the other as the government alleges. . . . Attributing the Flash Crash to his activity is also highly problematic. It smacks of post hoc, ergo propter hoc reasoning."

ISDA published a research study, titled "Cross-Border Fragmentation of Global Derivatives: End-Year 2014 Update," that analyzes the changes in global derivatives markets and liquidity pools since the introduction of the U.S. swap execution facility ("SEF") regime in October 2013. The study found that global derivatives markets continued to fragment along geographic lines since the introduction of the U.S. SEF regime in October 2013, particularly in the market for euro interest rate swaps. The study found, however, that cross-border liquidity pools are growing, particularly for U.S. dollar

The North American Securities Administrators Association ("NASAA") issued an investor advisory based on new research showing that investors are confused about the service and maintenance fees charged by brokers for brokerage accounts. The research also showed that investors "want clear and easy access" to fee information from their brokerages. Lofchie Comment: The advice that NASAA gives investors in its advisory is good and sensible, particularly regarding situations in which unsuspecting investors could be overcharged. However, the "research" on which the advice was based (linked below)

The MSRB released its content outline for the first qualifying examination for individuals who wish to provide municipal advisory services to state and local governments. The outline includes topics that will be covered in the examination, as well as sample questions and a list of reference materials to assist municipal advisor professionals in preparing for the Municipal Advisor Representative Qualification Examination. According to the MSRB, this is the first time that municipal advisors will be required by a regulatory organization to demonstrate competence in their field. All municipal