The MFA released a presentation on the benefits of electronic trading and the recent regulatory actions applicable to electronic trading. The presentation discusses the role of high-frequency trading in the markets and explains the use of algorithmic trading. The presentation also argues the benefits of electronic trading which include the following: reduced transaction costs, increased liquidity, reduced volatility, and decreased bid/ask spreads. Click here to view presentation in full (links externally to MFA website).For a compilation of recent news items on algorithmic and high-frequency

A new CBOE fee rule change has been announced. Click on the link below to view the SEC notice of the rule change. CBOE: Effective Immediately - Rule Change to Amend the Fees Schedule (See also: Exhibit 5)

The CFTC issued a final rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement under section 2(h)(1)(A) of the Commodity Exchange Act ("CEA") and CFTC regulations, subject to a number of conditions. On November 29, 2012, the CFTC had adopted its first clearing requirement determination, requiring that swaps meeting the specifications outlined in four classes of interest rate swaps and two classes of credit default swaps ("CDS") be cleared. On March 11, 2013, swap dealers, major swap participants, and private funds active in the swaps

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued time-limited no-action relief for swap dealers ("SDs") and major swap participants ("MSPs") concerning certain recordkeeping obligations under Part 23 of the CFTC regulations. The no-action letter is an extension of relief previously granted to SDs and MSPs which was scheduled to have expired on March 31, 2013. See CFTC Letter No. 12-29 (October 26, 2012). The new no-action letter extends until June 30, 2013, the compliance date for the following provisions: (1) For landline telephones that are not located in one of

The MSRB received approval from the SEC to expand the disclosures required by MSRB G-37 related to contributions made by municipal securities dealers to bond ballot measure campaigns. The new disclosure requirements require more information on, among other items, (i) the timing of dealer contributions, (ii) the value and nature of non-cash contributions, and (iii) the identity of the municipal entity issuing the voter-approved bonds. There are also a number of definitional changes made in the relevant rule. The requirements will become effective on July 1, 2013. The information will be