CFTC Press Release 6173-12 Joint Report on International Swap Regulation The CFTC and SEC delivered to Congress a report on international swap regulation, as required by Section 719(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The provision requires the Commissions to report on how swaps are regulated in the United States, Asia, and Europe and to identify areas of regulation that are similar and other areas of regulation that could be harmonized. The report identifies areas of regulation that are similar and other areas of regulation that could be harmonized. Cross

77 FR 2909 The CFTC has issued a correction to the final rule issued January 9, 2012, 77 FR 1182. On page 1228 the following correction is made: On page 1228 in the middle column, beginning on the twelfth line from the top, the text "(1) July 16, 2012 of this Adopting Release in the Federal Register," is corrected to read "(1) July 16, 2012,". Cross References: Dodd-Frank Section 727; new CEA Section 2(a)(13); 17 CFR Part 43; 75 Fed. Reg. 76139; 77 FR 1182.

Remarks by Commissioner Sommers CFTC Commissioner Sommers reviews issues surrounding the MF Global insolvency and the CFTC's efforts to make customers whole. Sommers expresses her support for a task force to develop recommendations for regulatory changes in the aftermath of MF Global. For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie, Mark Ellenberg, Athena Eastwood, Christopher Updike, Assia Damianova, and Robert Zwirb Cross References: CEA Section 4d; CFTC Rules 30.7 Part 190; Lofchie's Guide to CPO/CTA Regulation: Chapter

Remarks of Chairman Gensler CFTC Chairman Gensler stated that the CFTC has made a "down payment" on efforts to bring more transparency to the swaps market but more work needed to be done with 25 rules having been finalized but that more work in implementing Dodd-Frank remains to be done.

Remarks of Chairman Gensler CFTC Chairman Gensler stated users of swaps, both in real economy and the buy side, will benefit from the lower costs and greater pricing information that will come from a more transparent and competitive swaps market brought by Dodd-Frank reforms. He argues that Dodd-Frank reform also matters because it will reduce the risks that Wall Street, from time to time, poses to the rest of us. He notes that to date, the CFTC has made a significant down payment on reform in finalizing 26 rules of the road for the swaps market.