International Organization of Securities Commissions October 20, 2011 The Technical Committee of the International Organization of Securities Commissions (" IOSCO") has published its Final Report on Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency. The Report analyses the most significant technological developments that have arisen in financial markets in recent years and their impact on market integrity and efficiency. The Report contains Recommendations aimed at promoting market integrity and efficiency and to mitigate the risks posed to the

The CFTC adopted a final rule that establishes limits on speculative positions in 28 physical commodity futures and "economically equivalent" swap contracts, requires "visibility reports" to be filed quarterly for traders exceeding a non-spot month position visibility level, revises the bona fide hedging and aggregation standards, and replaces existing CFTC part 150 position limit regulations. Analysis by Cadwalder: Position Limits Rumors Become Reality: CFTC Adopts Final Position Limits Rule Under Dodd-Frank. For more information about this document, you may contact one of the following

Europa October 20, 2011 The European Commission has published its proposals for the MiFID II regime in the form of a new regulation and a revised directive. Highlights of the proposed legislation include: extension of the scope of products and activities governed by the rules; introduction of position management and position limits; greater pre and post trade transparency requirements; and additional transaction reporting requirements. The bulk of the rules are expected to be implemented two years after their publication in the Official Journal; however, some provisions of the new regulation

October 19, 2011 The London Stock Exchange Group's (the " Group") acquisition of the FSA Transaction Reporting Service business has been cleared by The Office of Fair Trading. The Group stated that the acquisition underpinned its commitment to supporting its customers' regulatory, execution and trade processing needs and that it will now progress with migrating customers onto the LSE Group UnaVista platform.

Financial Stability Board October 18, 2011 On 18 October 2011, the Financial Stability Board (FSB) established a Coordination Framework for Implementation Monitoring, to strengthen the co-ordination and effectiveness of the monitoring of member countries' implementation of agreed G20/FSB financial reforms. The priority areas outlined by the FSB are: Basel III framework; over-the-counter derivatives market reforms; compensation practices; policy measures for global systemically important financial institutions; and strengthened regulation and oversight of the shadow banking system.