The SEC charged Barclays Capital Inc. ("Barclays") with failing to maintain an adequate internal compliance system to ensure the firm did not violate federal securities laws after its U.S. wealth management business acquired the advisory business of Lehman Brothers in September 2008. According to the SEC, an examination and subsequent investigation found that Barclays failed to enhance its compliance infrastructure to integrate and support the acquisition and "rapid growth" of the advisory business from Lehman. The SEC stated that deficiencies in Barclays' compliance system contributed to

MFA submitted a comment letter to the SEC requesting that the comment period on a proposed Tick Size Pilot Program be extended from 21 to 60 days. In the letter, MFA explained that the Tick Size Pilot Program is complex and raises a number of policy and "practical issues" for investors to consider. Therefore, MFA stated, additional time is needed to evaluate the program fully. Lofchie Comment: Rather than rushing the process of evaluating the tick size program, the SEC ought to plan a series of independent programs to test different trading rules. The "trade at" test, which the SEC is

The Futures Industry Association ("FIA") interviewed CFTC Chair Massad regarding his agenda as Chair of the CFTC. Chair Massad explained that, as the chair of an agency that is at the "forefront of regulating some of the most interesting developments in financial markets," he feels that his position at the CFTC affords him the opportunity to address the causes of the financial crisis. Chair Massad mentioned that, while he was an attorney working in private practice, he helped to draft the ISDA agreements in 1986-1987, which contributed to his appreciation of the importance of cross-border

In the latest installment of the Energy Metro Desk series "Around the Desk," editor-in-chief John Sodergreen reports that he spoke with CFTC Commissioner J. Christopher Giancarlo about the CFTC's open meeting on margin requirements and utility special entities, as well as Commissioner Giancarlo's new role as sponsor of the CFTC Energy and Environmental Markets Advisory Committee. Commissioner Giancarlo stated that, in his new committee position, he will focus on improving the efficiency of U.S. energy markets. In the immediate future, Commissioner Giancarlo explained, his committee will

Blackrock issued a report, titled "Corporate Bond Structure: The Time for Reform Is Now," that calls for changes in the secondary trading markets for corporate bonds. The report explains that the system for trading corporate bonds on a secondary market is "masked" by low interest rates and low volatility, coupled with the positive impact of quantitative easing (QE) on credit markets. This environment, according to the report, "breeds complacency" for both issuers and investors. The paper lays out, among other things, four recommendations for reform: more "all to all" trading venues – not just