SIFMA published a pamphlet explaining the role of a municipal securities broker's broker ("MSBB") and the purpose of MSRB Rule G-43 ("Broker's Broker"). The pamphlet explains why market participants deal with or through MSBBs. According to the pamphlet, the principal reasons are that: (i) dealers are seeking liquidity on behalf of themselves or their customers; (ii) dealers are seeking to distribute a new issue or adjust an inventory position; and (iii) dealers, market professionals and institutions desire direct access to the bid-wanted market. Lofchie Comment : I am really looking forward to

The British Banking Association has confirmed that it will be reducing the number of LIBOR rates which are published daily from over 150 down to 37 by June 2013. The move was one of many recommended in the Wheatley Review of LIBOR, and follows the results of a public consultation exercise on the issue. The timeline for the changes will be as detailed in the Association's Feedback Statement of December 14, 2012. Lofchie Comment: Firms should survey their derivatives and lending documentation and determine what agreements will be impacted by the discontinuance. Additionally, firms should

FINRA filed with the SEC a proposed rule change to amend NASD Rule 1022(g) ("Limited Principal-General Securities Sales Supervisor") and NASD IM-1022-2 ("Limited Principal-General Securities Sales Supervisor"). The rule amendments would remove the restriction that prevents General Securities Sales Supervisors from approving advertisements as defined in NASD Rule 2210 ("Communications with the Public"). See: Text of Proposed Rule Change (links externally to FINRA website).

FINRA has filed with the SEC a proposed rule change to amend FINRA trade reporting rules. The amendment would require that members report OTC transactions executed during business hours (as defined in FINRA provisions) in NMS stocks and OTC Equity Securities (and cancellations of such transactions) to FINRA as soon as practicable following execution, but not later than 10 seconds after execution (currently firms are allowed 30 seconds to report). FINRA also cautioned firms against programming their systems to delay the execution of trade reports to the latest possible instant. The proposed

The SEC published in the Federal Register an extension of the expiration dates to its interim final rules that provide exemptions under the Securities Act, the Exchange Act, and the Trust Indenture Act for security-based swaps that are presently defined as "securities". Without the exemption, security-based swaps would be subject to the ordinary provisions of the securities laws. Click here to view our original story. Effective Date: The amendments are effective February 4, 2013, and the expiration dates in the interim final rules published July 1, 2011 (76 FR 40605) are extended to February