CFTC Chairman Gary Gensler delivered remarks before the Futures Industry Association's (FIA) 38th Annual International Futures Industry Conference discussing the progress of the swaps market since last year. Main topics discussed include: Pre-trade transparency; Further implementation of swaps market reform; Customer protection; Regarding LIBOR, Chairman Gensler highlighted two critical questions: (i) what best alternatives anchored in real transactions are there to LIBOR, Euribor and other similar benchmarks?; (ii) what are the mechanisms and protocols for the financial system and market

The European Banking Authority has issued a public consultation on the Draft Regulatory Technical Standard concerning the content of recovery plans, kickstarting the preparatory work for the implementation of the Recovery and Resolution Directive. The proposed Technical Standard suggests that recovery plans developed at the group and individual levels should include the following key components: a summary, details of governance, a strategic analysis of the institution's business and functions, a plan for internal and external communication, and details of preparatory measures taken or to be

The Financial Conduct Authority and the Prudential Regulatory Authority, the successor bodies to the FSA which will take charge of UK financial services regulation as of April 1, 2013, have published a guide to their new Handbooks. The Handbooks will contain the legislative and other provisions made under powers given to the two new bodies by the Financial Services and Markets Act 2000, as amended, in particular, by the Financial Services Act 2012. Most of the provisions currently contained in the FSA Handbook will be incorporated into the FCA Handbook, the PRA Handbook or both.

SIFMA submitted comments to the SEC on a proposal by the National Stock Exchange, Inc. ("NSX") to adopt a new order type called the "Auto-Ex Only" order. In the letter, SIFMA urges the SEC to disapprove the NSX's proposal. Click here to view letter in full (links externally to SIFMA website).

SIFMA submitted comments to the SEC on proposals to allow participants to attest that "substantially all" orders submitted to the Retail Liquidity Program ("RLP" or the "Programs") will qualify as "Retail Orders." In the letter, SIFMA states that the proposed amendments represent a material and problematic departure from the Programs originally considered by the SEC. The Programs each create a new class of market participants: Retail Member Organizations ("RMOs"). In order to qualify as an RMO, a participant is required to submit an attestation to the Exchange that "any" order flow submitted