CFTC Chairman Gary Gensler spoke at the 2013 Annual Glauber Lecture at Harvard University, reiterating themes he has covered in past speeches regarding swaps market reform. Chairman Gensler again described the major components of swaps market reform, including: transparency; clearing; swap dealer oversight; international coordination; and benchmark interest rates. He closed by stating that the CFTC is not sized to the task of overseeing the markets, calling for additions to the CFTC staff and budget. Lofchie Comment: For readers who want to take a fuller look at the Chairman's speech, I note

The CFTC is requesting public comment on a certification from TW SEF LLC ("TW SEF") to implement available-to-trade determinations for certain interest rate and credit default swap contracts. TW SEF submitted its available-to-trade determinations to the CFTC on a self-certified basis, pursuant to CFTC Rule 37.10 ("Process for a swap execution facility to make a swap available to trade") and Rule 40.6 ("Self-certification of rules"). If TW SEF's submission is deemed certified by operation of CFTC Rule 40.6, such swap contracts, whether listed or offered by TW SEF or any other DCM or SEF, will

The CFTC voted to dismiss its appeal of the federal district court decision to strike down the CFTC's 2011 position limits rule. CFTC Commissioner O'Malia released a statement regarding the dismissal of the appeal, saying that the CFTC "should never have pursued an appeal in the first place." According to O'Malia, it was clear that the original draft of the rule was not well prepared, and the CFTC should have worked to propose an entirely new rule rather than pursue the old rule while simultaneously drafting a new proposed rule. Commissioner O'Malia stated, "Wasting valuable taxpayer dollars

The CFTC issued an Order against Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. ("Rabobank"), bringing and settling charges of false reporting and attempted manipulation of U.S. Dollar, Yen, and Sterling LIBOR, and the Euro Interbank Offered Rate ("Euribor"), and charges of successful manipulation of Yen LIBOR. The CFTC also settled charges that Rabobank aided and abetted the attempts of derivatives traders at other banks to manipulate Yen LIBOR and Euribor. According to the CFTC Order, these violations spanned six years and involved more than two dozen employees. Rabobank is obligated

The SEC's Office of Investor Education and Advocacy and its Office of Credit Ratings have issued an Investor Bulletin to educate investors about credit ratings. The following subjects were addressed: What is a credit rating? What a credit rating is not. Who provides credit ratings? Potential conflicts of interest in credit ratings. Where can you find credit ratings and related information? Why do investors use credit ratings? Credit ratings are subjective. See: SEC Investor Bulletin.