The Managed Funds Association ("MFA") announced the development of a Hong Kong Client Electronic Trading Services Representation Template intended to assist members with streamlining representations to dealers with respect to electronic trading services. MFA developed the Client Electronic Trading Services Representation Template based on Code of Conduct, Schedule 7, Section 2.2 regarding minimum client requirements for DMA services. MFA stated that the Client Electronic Trading Services Representation Template may be helpful to members that are asked to make electronic trading services

According to a Managed Funds Association ("MFA") blog post and a Wall Street Journal article, the CFTC is struggling to resolve issues regarding inaccuracies with the trade data that the CFTC requires from its market participants. The MFA noted that the lack of quality data could "throw a wrench" into creating a central system to track trades. For example, MFA cited that the notional value of the swaps market was estimated by the CFTC to be about $432 trillion on Thursday, an increase of more than $40 trillion in one week. Lofchie Comment: For financial regulators, it seems that almost every

The SEC, the Board of Governors of the Federal Reserve System ("FRB"), the FDIC, and the Office of the Comptroller of the Currency ("OCC") (the "Agencies") stated that they are reviewing whether it would be appropriate, and consistent with Dodd-Frank, not to subject collateralized debt obligations backed by trust preferred securities to the investment prohibitions of Dodd-Frank Section 619, or the Volcker Rule. According to the SEC release, a number of community banking organizations have expressed concern that the final Volcker Rule conflicts with the Congressional determination under Dodd

The CFTC and the Monetary Authority of Singapore ("MAS") signed a Memorandum of Understanding ("MOU") regarding 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 Singapore. According to the CFTC, the MOU states the willingness of the CFTC and the MAS to cooperate with each other in the interest of fulfilling their respective regulatory mandates regarding derivatives markets. The scope of the MOU includes markets and organized trading platforms, central counterparties, trade

The CFTC granted Singapore Exchange Derivatives Clearing Limited ("SGX-DC") registration as a derivatives clearing organization, pursuant to CEA Section 5b ("Derivatives Clearing Organizations"). SGX-DC, a subsidiary of Singapore Exchange Limited, is organized under the laws of Singapore and is regulated in Singapore by the Monetary Authority of Singapore. Subject to the terms and conditions of the Order, SGX-DC is authorized to provide clearing services for swaps that SGX-DC currently clears and such other swaps that the CFTC determines SGX-DC is eligible to clear. See: CFTC Order of