New SRO rules and rule proposals have been announced by the SEC. Click on the links below to view the SEC's notices of each rule change and proposal. BOX: Effective Immediately - Rule Change to Amend the Fee Schedule for Trading on BOX (See also: Exhibit 5) CBOE: Order Granting Accelerated Approval of Proposed Rule Changes to Permit the Minimum Price Variation for Mini Options to Be the Same as Permitted for Standard Options on the Same Underlying Security

SIFMA's Asset Management Group ("SIFMA AMG") published the comments submitted to the SEC on proposed capital, margin and segregation requirements for security-based swap dealers ("SBS Dealers") and major security-based swap participants ("MSBSPs"). SIFMA AMG's recommendations include: "SBS collateral requirements should be bilateral at the election of the non-SBS Entity counterparty. To the extent that the SEC requires SBS Dealers to collect collateral, the SEC should also require SBS Dealers to post collateral to a counterparty upon the election of such counterparty. The amount of collateral

SIFMA's Asset Management Group ("SIFMA AMG") published the comments it submitted to the CFTC on proposed rulemaking which would enhance protections afforded customers and customer funds held by FCMs and DCOs. SIFMA AMG strongly endorsed the CFTC's proposal to better protect clients' collateral and improve transparency regarding the FCMs with which they trade. Specifically, SIFMA AMG believes that: "FCMs should maintain sufficient margin to cover all margin deficits and maintain segregation between customer accounts - an FCM should not be able to look to one customer's excess margin to cover

ISDA announced the publication of a new study, "Non-Cleared OTC Derivatives: Their Importance to the Global Economy."The study outlines how the non-cleared segment of the over-the-counter ("OTC") derivatives market includes products that are significant to the economy in the following ways: They enable industrial companies and governments to effectively finance and manage risk in their operations and activities, and help pension funds meet their obligations to retirees; They help support economic growth by enabling banks to lend to corporate and individual customers; and They play a vital role

The Financial Services Authority has published a survey aimed at UK-based fund managers that manage funds which will qualify as Alternative Investment Funds for the purposes of the Alternative Investment Fund Managers Directive (the "AIFMD"), which is set to come into force across the European Economic Area on July 22, 2013. The survey intends to identify the likely timings by which those firms will apply for AIFMD permission and, in particular, to identify those funds which may require early full scope authorization in order to continue their operations in other European Economic Area