The MFA has submitted comments to the SEC in response to the latter's " Order Granting Conditional Exemptions under the Securities and Exchange Act of 1934 in Connection with Portfolio Margining of Swaps and Security-Based Swaps". The MFA expressed its concern that it is taking too long for the the SEC and FINRA to review and approve each individual margin methodology of each broker-dealer and FCM that plans to cross-margin single name CDS (regulated by the SEC) and index CDS (regulated by the CFTC). The worry that the MFA raises is that its member organizations will be required to clear CDS

On February 13, the Senate Finance Committee will hold a hearing to consider the nomination of White House Chief of Staff Jack Lew to be the next Treasury Secretary. Chairman Max Baucus, a Democrat from Montana, released the following statement today in advance of the hearing: “Mr. Lew has been confirmed by the Senate three times already. I don’t expect there to be any reason why he should not be confirmed this time around as well. . . . Mr. Lew deserves to be treated with respect and provided an open and fair hearing. I expect nothing less." Click hereto view statement in full (links

The CFTC granted the petition of Cantor Clearinghouse to amend its order of registration as a derivatives clearing organization ("DCO"). The amended order supersedes the order of registration that was issued to Cantor in April 2010. See: Cantor Clearinghouse, L.P. - Amended Order of Registration as a DCO.

The MSRB released a regulatory notice seeking comment on a proposal to consolidate into a newly proposed rule (which would be titled "G-47: Time of Trade Disclosure") the existing requirements for dealers to disclose material information to customers in connection with the purchase or sale of a municipal security. These disclosure obligations are currently set forth in various interpretations to the MSRB's rule on fair dealing (Rule G-17). Under this guidance, dealers must disclose to their customers, at or prior to the time of trade, all material information about the transaction known by the

The CFTC filed and simultaneously settled charges against the Gelber Group of Chicago for reporting orders during pre-opening trading sessions that Gelber had no intention of executing. The CFTC also settled charges for engaging in wash sales against both Gelber and former Gelber trading manager Martin A. Lorenzen, ordering the two to pay a civil monetary penalty. Commissioner Jill Somers released a statement in support of the action and settlement. Commissioner Chilton, while agreeing with the decision, disagreed with the amount of the penalty, stating that he would "prefer that the