ISDA published a study titled "Central Clearing in Equity Derivatives Market," which outlines the composition of the equity derivatives market and the extent of central clearing today. The study examines the criteria that should be assessed when determining whether a clearing mandate applies in the European Union. The study also considers whether the liquidity of the underlying reference share, which was proposed by European Securities and Markets Authority ("ESMA") as a possible method of defining a class of product, is appropriate for clearing mandate determinations. According to ISDA, the

The Public Company Accounting Oversight Board ("PCAOB") adopted amendments to auditing standards regarding significant unusual transactions. Specifically, the amendments involve significant transactions that are outside the normal course of business for a company, or that otherwise appear to be unusual due to their timing, size or nature, and the company's financial relationship, as well as financial relationships and transactions with its executive officers. The PCAOB stated that the amendments are designed to "heighten" an auditor's attention to areas that have been associated with risks of

The Federal Reserve Bank of New York released a staff paper that analyzes the reasons why financial professionals may move back and forth between the government and the private sector. The paper disputes the notion that there is a "revolving door" between the government and the private sector that results in lax regulation. It goes on to suggest that government regulators may benefit from harsh regulation, making them more desirable as future private sector employees. See : " The Revolving Door and Worker Flows in Banking Regulation" (Staff Report).

The CFTC Division of Swap Dealer and Intermediary Oversight issued 10 letters granting no-action relief from the requirement under CEA Section 4m(1) to register as a CPO. The relief was issued to a number of delegating CPOs that requested it in accordance with the streamlined approach described in CFTC Letter 14-69. The relief is subject to the conditions that (i) the designated CPO serves as the CPO of the pool(s); (ii) the designated CPO remains registered as a CPO; and (iii) the delegating CPO(s) and designated CPO continue to meet the criteria represented in the letter. Mehta Comment: It

The Senate Committee on Homeland Security and Governmental Affairs' Permanent Subcommittee on Investigations scheduled a hearing to examine conflicts of interest in the U.S. stock markets and the impact of such conflicts on consumer confidence, including in the context of high-frequency trading ("HFT"). In particular, the hearing will focus on the conflicts of interest that arise between the obligation of brokers to provide their customers with best execution of their orders to buy or sell securities, and the brokers' receipt of payments from other brokers for order flow and rebates from some