The Futures Industry Association Principal Traders Group ("FIA PTG") released a position paper detailing its targeted improvements to equity market structure. The paper follows the framework laid out by SEC Chair Mary Jo White in her policy speech on June 5, 2014. In the paper, FIA PTG shares recommendations on several points addressed by Chair White, including issues such as the securities information processor, co-location, timestamps, order protection and pilot programs. The paper concludes that Regulation NMS has contributed to undue market fragmentation. See: FIA PTG Position Paper; FIA

The CFTC announced that CFTC Chair Tim Massad and Australian Securities and Investments Commission ("ASIC") Chair Greg Medcraft signed a Memorandum of Understanding ("MOU") regarding the cooperation and the exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and Australia. The CFTC and ASIC expressed their willingness to cooperate in the interest of fulfilling their respective regulatory mandates and reducing systemic risk. The scope of the MOU includes: markets and organized trading platforms; trade

The CFTC Divisions of Clearing and Risk and Market Oversight announced that swap execution facilities ("SEFs") and designated contract markets ("DCMs") will have time-limited no-action relief from certain CFTC rules if a SEF or DCM permits a new trade, with terms and conditions that match those of the original trade other than time of execution, to be submitted for clearing. Specifically, the CFTC announced that SEFs and DCMs will have time-limited no-action relief from CFTC Rule 37.9(a)(2) ("Methods of Execution for Required and Permitted Transactions"), or CFTC Rule 37.203(a) ("Rule

FINRA issued a regulatory notice requesting comment on a proposed rule to implement the Comprehensive Automated Risk Data System ("CARDS"). Initially, FINRA released CARDS as a concept proposal in Regulatory Notice 13-42. CARDS is intended to enhance investor protection and ensure market integrity by allowing FINRA to identify and quickly respond to high-risk areas and suspicious activities not identified through its current surveillance and examination programs. The proposed rule reflects comments received on the concept proposal. According to FINRA, the rule proposal would be implemented in

The NFA issued a notice to remind swap dealers ("SDs") and major swap participants ("MSPs") that, beginning with the quarterly Risk Exposure Reports as of September 30, 2014, SDs and MSPs will be required to submit all quarterly and interim Risk Exposure Reports to the NFA and CFTC through the WinJammer system. The recent amendments to NFA Compliance Rule 2-49, which are effective as of September 30, 2014, provide that the NFA be authorized to require SDs and MSPs to submit identified reports or other documentation to the NFA and CFTC in the form and manner prescribed by the NFA. See: NFA