The Managed Funds Association ("MFA") and the Alternative Investment Management Association ("AIMA") submitted a joint letter to the European Securities Markets Authority ("ESMA") in response to its paper on the clearing obligation under the European Market Infrastructure Regulation ("EMIR"). In the letter, the MFA and AIMA said that the types of derivatives contracts which should be subject to mandatory clearing in Europe generally should be of the same type that are subject to mandatory clearing in the United States. The MFA and AIMA also generally opposed a phase-in of the EMIR clearing

CFTC Commissioner Bart Chilton delivered a brief statement titled "Hot Mess" to the CFTC Technology Advisory Committee in which he called technology in the financial markets "way cool." He then reiterated his concern that high-frequency traders, whom he referred to as "cheetah traders," might use technology in ways that led to bad results. Chilton also said that a number of technology issues should be addressed, including: testing; kill switches; and prohibiting wash sales. See: Text of Chilton's Statement: "Hot Mess". See also: CFTC Commissioner Chilton's Keynote Address on "Market Cheetahs"

SEC Chairperson Mary Jo White issued a statement after meeting with the leaders of equities and options exchanges including FINRA, the Depository Trust Clearing Corporation ("DTCC") and the Options Clearing Corporation ("OCC"). Chairperson White scheduled the meeting immediately following the August 22nd interruption in the trading of NASDAQ-listed securities. In her statement, Chairperson White called for market participants and the SEC to work collaboratively to "strengthen critical market infrastructure and improve its resilience when technology falls short." She requested that the groups

The SEC announced the appointment of Jina L. Choi as Director of the San Francisco Regional Office. Ms. Choi will oversee enforcement and examinations in Northern California and the Pacific Northwest. Ms. Choi joined the SEC staff in 2000 and became a branch chief in 2005 before being promoted to Assistant Director in 2010. See: SEC Press Release.

FINRA released a podcast summarizing the notices, news, and education information issued by FINRA for August 2013. The notice summary included a joint advisory from the SEC, CFTC, and FINRA on business continuity planning, FINRA's new private placement forms that firms must file offering documents, and the FAQ regarding Trade Reporting and Compliance Engine ("TRACE"). Additionally, the news summary included one FINRA enforcement action for penny stock and AML violations, and another for unfair pricing violations in bond markets. (See links below; all of these actions were previously covered in