The CFTC issued an order granting a request from ICE Clear Europe Limited, permitting portfolio margining of futures and foreign futures contracts. This Order amends an earlier Order dated October 15, 2012, setting forth terms and conditions under which ICE Clear Europe and its clearing members that are registered futures commission merchants may (1) commingle in an account (subject to CEA Section 4d(a) and (b), positions in futures and options, and foreign futures and foreign options, and related customer money, securities, and property); and (2) portfolio margin these futures and options

The CFTC Division of Swap Dealer and Intermediary Oversight issued a time-limited no-action letter providing relief from the requirement that swap dealers furnish risk exposure reports on a quarterly basis to each of five Canadian banks that are registered with the CFTC as swap dealers. The five Canadian Banks covered by the relief are the Bank of Montreal, the Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the Royal Bank of Canada, and the Toronto Dominion Bank. Specifically, the letter provides time-limited no-action relief covering the quarterly risk exposure reports for any

At the MSRB Municipal Securities Regulator Summit, SEC Commissioner Daniel Gallagher delivered the keynote address, which discussed significant issues facing the municipal markets. Commissioner Gallagher stated that, as the primary regulator for both the equity and fixed income markets, the SEC must allocate its resources properly. He explained that a good starting point for addressing major market issues would be to review the SEC 2012 Report on the Municipal Securities Market ("Muni Bond Report"), adding that the SEC should consider undertaking a similar effort with respect to the corporate

At the Shanghai Derivatives Market Forum, Futures Industry Association ("FIA") President and CEO Walt Lukken delivered the keynote address in which he discussed global trends in derivatives markets. In his speech, Mr. Lukken highlighted the opportunities and challenges presented by the transition from over-the-counter trading to exchanges and clearinghouses. He stressed the value in the exchange and clearinghouse model for price discovery and risk management, but urged international regulators to be mindful of the potential problem that could result from concentrating risk in clearinghouses

At the D.C. Bar, Acting CFTC Chairman Mark Wetjen spoke about the CFTC's efforts to implement Dodd-Frank and other upcoming priorities. Mr. Wetjen stated that the most important focus for the CFTC in the past six months has been overseeing the CFTC swap-trading mandate. He explained that the CFTC has taken steps to ensure that swaps executed as packaged transactions are treated appropriately as the marketplace moves toward greater use of swap execution facilities. Mr. Wetjen stated that it is important to "remain true to congressional intent to maximize transparency where appropriate, but work