The Senate Banking Committee, more particularly the Subcommittee on Securities, Insurance, and Investment, held hearings on electronic trading venues, e.g., exchanges, ATSs, and dark pools. The hearings are interesting because they do NOT focus on algorithmic trading, but rather on the roles and the responsibilities of the various types of trading venues. Click here for full details of the hearing entitled "Computerized Trading Venues: What Should the Rules of the Road Be?"

In the News distributed on December 24, we provided information as to the various CFTC actions taken on December 21, including the CFTC's Cross-Border Order. However, we recognize that while the Cadwalader Cabinet does not take holidays, some of our readers do. Accordingly, we provide links below to the principal CFTC items from December 21st. (In the alternative, readers may simply go into any news item on the Cabinet, hit the "Next" button near the top left and just flip through the news items for the day.) CFTC Approves Exemptive Order on Cross-Border Application of the Swaps Provisions of

In the attached report, GAO reiterates its 2011 recommendations that the federal financial regulators more fully incorporate OMB's guidance into their rulemaking policies and that FSOC work with federal financial regulators to establish formal interagency coordination policies for rulemaking.GAO examined the following: (1) the regulatory analyses federal agencies performed for rules issued pursuant to the Dodd-Frank Act;(2) how the agencies consulted with each other in implementing the final rules to avoid duplication or conflicts; and (3) what is known about the impact of the Dodd-Frank Act

FINRA has released the attached notice which lists: disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules and regulations; and the rules of the Municipal Securities Rulemaking Board (MSRB). The most common reason for firms to be fined was for violations of the various trade reporting rules. Click hereto view notice in full (links externally to FINRA website).

SIFMA commented on the MSRB's revised draft rule requiring underwriters to submit 529 college savings plan information to the MSRB, MSRB Notice 2012-59. SIFMA began by applauding the revisions to the original proposal including: reducing the reporting frequency from quarterly to semiannually; providing filers a 60-day lag time to report the semi-annual information; providing filers an implementation period of at least one year following approval by the SEC; and revising certain terms and definitions. However, SIFMA continues to have concerns with aspects of the proposal, including as to the