CFTC Press Release 6144-11 CFTC Staff Letter The CFTC's Division of Market Oversight issued a letter to market participants requiring compliance with the new large trader reporting system for physical commodity swaps and swaptions. Clearing organizations and clearing members must begin reporting under the new system on November 21, 2011, and the Division requires fully compliant month-end open interest reports to be collected beginning September 2011 through February 2012 and submitted to the Commission by March 20, 2012. The Division is providing a temporary and conditional safe harbor for

Statement of CFTC Commissioner Scott O'Malia on MF Global In his statement, Commissioner O'Malia points out that unlike the Lehman Brothers Inc. bankruptcy where there was no shortfall in the segregated account, customer funds are missing from the segregated account in MF Global, which complicates efforts to make customers whole, especially those whose accounts hold only cash. O'Malia urges a quicker resolution so that Cash-Only customers, who have not received any of their money, can participate in the distribution along with customers with open positions. O'Malia calls for the CFTC to

Speech by CFTC Chairman Gary Gensler Arguing that the pre-Dodd-Frank financial regulatory system failed, Chairman Gensler concludes that "the current debt crisis in Europe is but a stark reminder for the need to complete financial reform in the United States. It's a reminder of the financial system's interconnectedness. . . . Furthermore, it is precisely during times of heightened market uncertainty that transparency is even more essential. While European leaders are working to avert a deepening crisis, it is critical that we implement the Dodd-Frank reforms to protect the American public and

Speech by CFTC Commissioner Chilton CFTC Commissioner Bart Chilton covers a number of topics involving his view of "cheetahs" (high-frequency traders), position limits, and the end-user exemption. With respect to MF Global, Chilton states: "I am from the government, and I am here to help, here to help stop these internal repos once and for all. I think we have seen and heard quite enough on this rule and I have urged that we move forward on it at the very earliest opportunity, which I sure hope will be no later than December 5th." Cross References: CEA Section 4d; CFTC Rules, Part 190; CFTC

Speech by CFTC Commissioner Bart Chilton Commissioner Chilton's speech to the New York Law School, Center on Financial Services Law, focuses on ponzi schemes and fraud. Speaking to his audience of law students, Chilton states: "And, by the way, government is a super place to work as a lawyer. But, believe me, if you end up in the world of billable hours where you must account for every 15 minutes of your time, it will be tough to keep an eye on what is right."