The SEC published for comment the Form 1 application of MIAX (Miami International Securities Exchange, LLC) for national securities exchange status. If the application is approved, MIAX would operate as a fully automated electronic trading platform for the trading of standardized options with a continuous, automated matching function. Cadwalader acts as regulatory counsel for MIAX. View notice here (links externally to SEC website).

The MFA submitted a letter to the SEC regarding computer trading and risk management issues, suggesting that the SEC consider new tools to help prevent computer trading errors to better manage risks moving forward. Suggestions include possible enhancements to risk management and technology implementation controls and more routine testing of software. In addition, MFA suggested a number of rule obligations that it proposed should be imposed on broker-dealers, including a requirement of enhanced pre-trade controls and the designation of a particular individual at a broker-dealer who would have

The Republicans on the House Financial Services Committee issued a release praising Republicans for passing the JOBS Act. [Lofchie Comment: From a statutory history perspective, the press release is mildly interesting because it refers to a number of smaller, somewhat unrelated bills which were eventually smooshed together into the Jobs Act.] Cross Reference(s): JOBS Act; JOBS Act Section Summaries; Exchange Act Blacklines (showing JOBS Act statutory amendments); Securities Act Blacklines (showing JOBS Act statutory amendments). View release in full here (links externally House Financial

Julie Williams, Chief Counsel of the Office of the Comptroller of the Currency, announced this week that she will step down on September 30, 2012 and plans to retire from federal service at the end of the year. While the OCC conducts its search for its next Chief Counsel, Deputy Chief Counsel Daniel P. Stipano will serve as acting Chief Counsel from October 1 through the end of the year, and Deputy Chief Counsel Karen Solomon will serve from January 1 through March 31. Cross-Reference(s): Dodd-Frank Act. View in full here (links externally to OCC website).

The staff of the Division of Market Oversight issued a no-action letter providing that, for a limited time, market participants can rely on the trade option exemption in CFTC Regulation 32.3, which the CFTC had proposed to rescind, rather than complying with requirements relating to swaps. The relief is fairly limited in that there are very significant conditions to compliance with Regulation 32.3, including that the offeree be a "commercial" and that the option be physically settled. The no-action letter cites a variety of questions asked by the CFTC in its recent joint release with the SEC