CFTC Commissioner Bart Chilton delivered a speech before SEFCON (Swaps Execution Facilities Conference) in New York, New York. The SEF challenge is unlike anything the CFTC has done before, according to Chilton. Prior to Dodd-Frank, the CFTC did not have a system making the platforms registered entities, with concomitant regulatory responsibilities. In his speech, Chilton first addressed the need to have the most up-to-date technologies in the markets for both the industry and regulators. He argues that what is being done today is unacceptable. Chilton then discussed the lack of preparedness

CFTC Commissioner Scott O'Malia suggested that the CFTC rethink Dodd-Frank implementation within a framework of good governance, highlighted several places where the CFTC has failed (including the position limits rule), and urged the Commission to "scrap" its entire cross-border guidance. As to the cross-border guidance, he stated that he "cannot support a Commission proposal that puts U.S. firms at a competitive disadvantage to foreign banks." In terms of following a platform of good governance in implementing Dodd-Frank, O'Malia suggests the following three guiding principles: For rules that

CFTC Chairman Gensler has published remarks before the Financial Stability Oversight Council in which he said that it is difficult to find the appropriate balance of money market reforms that improve their safety but do not diminish their worth as investment products. Gensler discussed the "race" of "some" investors to exit money market funds at the first sign of trouble (which he likened to some investors running from the bear in the woods while other investors sleep, presumably to be eaten by the bear). View remarks in full here (links externally to CFTC website).

FINRA announced that it significantly increased transparency in the so-called "To-Be-Announced" (TBA) market for agency pass-through mortgage-backed securities. Through the Trade Reporting and Compliance Engine (TRACE), FINRA has begun disseminating TBA transaction information, including, but not limited to, (i) the CUSIP, (ii) the time of transaction, (iii) the price, and (iv) the size. In addition to the TBA market, the SEC has approved a FINRA proposal to publicly disseminate transaction information in agency pass-through mortgage-backed securities traded "specified." Click here to view

NFA announced its list of its nominees for positions on NFA's Board of Directors and 2013 Nominating Committee. Click here to view regulatory notice in full (links externally to NFA website).