CFTC Commissioner Jill E. Sommers delivered a statement on the Chicago Mercantile Exchange's ("CME") request for CFTC approval of new Chapter 10 and new Rule 1001. While Commissioner Sommers agreed with the CFTC's view of the consistency of CME Rule 1001 with the Commodity Exchange Act ("Act"), she stated that she would have taken it a step further and explicitly provided that the Part 45 rules do not apply to cleared swaps. To that end, Sommers stated she believes that there is an important distinction to be made between cleared and uncleared swaps: Since the CEA and the CFTC rules don’t

The CFTC issued a public letter to the Chicago Mercantile Exchange ("CME") in which it confirmed that CME Rule 1001, which requires that creation and continuation data for swaps cleared by the CME, as clearing organization, shall be reported to the CME, as swap data repository. In a related statement, the CFTC concluded that this CME Rule is not inconsistent with the CEA, specifically CEA Sections 2(a)(13)(G), 5band 21, or with the CFTC rules. The CFTC statement concludes that the Part 45 rules (Swap Data Recordkeeping and Reporting Requirements) do not preclude CME from reporting the

SEC Chairman Elisse Walter delivered an opening speech in which she discussed how rules for market-wide circuit breakers, and a new limit-up/limit-down mechanism to pause trading when markets move too far too fast, are already in place. Furthermore, the SEC clarified when erroneous trades are to be broken and prohibited stub quotes and naked access to the market. However, Walter stated that she believes that improved quality assurance is needed through more careful design, testing and monitoring. See: Chairman Walter's Opening Statement. See also: Commissioner Daniel M. Gallagher's Opening

The Federal Reserve released its Dodd-Frank Act Stress Test 2013: Stress Test Methodology and Results. View results in full (Federal Reserve website). See also: Press Release.

Governor Jerome H. Powell spoke before the Committee on Banking, Housing, and Urban affairs in Washington D.C. with regard to the role that the Federal Reserve plays in the U.S. Government's effort to combat money laundering and terrorist financing. During his speech, Governor Powell highlighted the following points: The Bank Secrecy Act ("BSA") requires supervised institutions to establish a BSA compliance program. The Federal Reserve conducts a BSA and Treasury's Office of Foreign Assets Control ("OFAC") compliance program review to ensure that all banks are meeting their requirements