Wall Street Journal February 11, 1011 WSJ editorializes on the lessons of the likely merger of Deutsche Börse/NYSE Euronext, emphasizing that government ("overregulation") has a role in sending trading offshore: "The merger is nonetheless one more lesson in how easily capital, both financial and human, can relocate. It's no coincidence that the heavily regulated equity business has languished or moved out of the U.S., while lightly regulated derivatives markets have boomed in the United States and elsewhere." "If the merger proceeds, the temptation in Washington will be to fret about foreign

Consultation Paper 10 February 2011 The Financial Services Authority (FSA) has published a Consultation Paper entitled, "The Client Money and Asset Return (CMAR), Operational Implementation". The protection of a firm's client assets is an integral supervisory priority for the FSA. The CMAR will give an overview of firm-specific client asset positions and holdings in order to facilitate increased FSA regulatory interventions. The FSA intend to issue a related Policy Statement in May 2011, with the final rules coming into force on 1 June 2011.

February 11, 2011 ISDA submitted comments in response to the CFTC Notice of Proposed Rulemaking on General Regulations and Derivatives Clearing Organizations on proposed rules to implement Section 725(c) of Dodd-Frank. Cross References Section 725(c) of Dodd-Frank

Bloomberg February 10, 2011 The CFTC doesn't have the budget to enforce new derivatives regulations required under the Dodd-Frank Act, CFTC Chairman Gary Gensler told lawmakers. "We don't have the budget, the resources to oversee," Gensler said today at a House Agriculture Committee hearing on implementation of the regulatory overhaul. The agency may finish writing rules by mid-July and needs a budget increase to hire additional employees and improve technology to enforce standards for banks, hedge funds and large swap users, he said. "A dramatic increase to fund the SEC and CFTC, as

9 February 2011 The London Stock Exchange (LSE) has agreed an all share merger of equals with TMX Group, which operates the Toronto Stock Exchange. The merger has been unanimously recommended by the Boards of both LSE and TMX Group. The merged group will be headquartered in both London and Toronto and become the world's largest exchange for mining companies.