The CFTC approved final regulations that establish a schedule to phase in new clearing requirements under the Dodd-Frank Act. The final rule will phase in the clearing requirement based on the type of market participant entering into swaps subject to the clearing requirement. In general: the schedule is as follows: (i) 90 days after any type of swap is required to be cleared, swaps dealers, major swap participants and active funds (200 or more swaps average per month) would be subject to the clearing requirement; (ii) 180 days afer a swap is required to be cleared, commodity pools, other

View release in full here (links externally to SEC website).

A sensible rule change given that creation/redemption of an ETF by deposit of the underlying units is really just a change in the form of ownership rather than an economic trade. View notice in full here(links externally to SEC website).

Firms should consider whether the rule change will (or should) have any impact as to where they trade, and if so, how does that impact best execution. (Under the rule, firms may aggregate their own trading volume with that of their affiliates) View release in full here(links externally to SEC website).

Like the rule on trading pauses, focus on rules governing clearly erroneous trades resulted from the flash crash. See Broker-Dealer Guide, Trading Chapter. View release in full here(links externally to FINRA website).