The SEC recently approved a proposal by The Nasdaq Stock Market LLC ("Nasdaq") to adopt its proposed Retail Price Improvement Program (the "Nasdaq Program") on a one-year pilot basis. The Nasdaq Program is similar to the NYSE's previously approved Retail Liquidity Program and is also similar to the program of the BATS Y-Exchange. In connection with the approval of the Nasdaq Program, the SEC also granted exemptive relief from Rule 612 of Regulation NMS, which prohibits a national securities exchange from accepting or ranking orders priced greater than $1,00 per share in an increment smaller

The CFTC issued an Order filing and simultaneously settling charges against Enskilda Futures Limited ("EFL"), a London-based FCM, for failing to meet the minimum capital requirements as set forth in Commodity Exchange Act Section 4f(b) and CFTCRule 1.17. According to the Order, the failure to meet the minimum capital requirements was a result of "EFL's failure to call for sufficient margin collateral on an intra-month basis from its ultimate parent, Skandinaviska Enskilda Banken, AB ("SEB"), which holds an omnibus account at EFL." The CFTC Order requires EFL to pay a $125,000 civil monetary

The SEC has extended , until May 5, 2013, an exemptive order from the "locate," short sale price test, and close-out requirements of Regulation SHO for sales of securities that had been held in the DTCC vault. In the aftermath of Hurricane Sandy, the Depository Trust Clearing Corporation ("DTCC") reported significant damage within its vault, and that some physical certificates had been made inaccessible. As a result, sales by the owners of these securities, whose settlement is dependent on the delivery of the damaged or missing physical certificates, may experience settlement delays that could

SIFMA has released a statement from Kenneth E. Bentsen, Jr., executive vice president of public policy and advocacy, applauding introduction of legislation by Representatives Steve Stivers and Gwen Moore that would clarify and narrow the scope of municipal advisor regulations under Dodd-Frank Section 975 ("Regulation of municipal securities and changes to the board of the MSRB"). Click hereto view statement (links externally to SIFMA website). See also: H.R.677 - "To exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform and Consumer

FINRA filed with the SEC a proposed rule change to amend FINRA Rules 4210(g) ("Margin Requirements - Portfolio Margin") and 4240("Margin Requirements for Credit Default Swaps") to permit members to elect to comply with portfolio margining programs that are approved by either the CFTC or the SEC, subject to specified requirements. In addition, the proposed rule change makes other revisions to FINRA Rule 4240 to clarify and update the rule. The key text of the proposed rule change is as follows: ".02 Portfolio Margin Accounts Holding CDS. The margin requirements set forth in this Rule shall not