News Article While big brokers are spending hundreds of millions of dollars on technology for connectivity to clearing houses and swap execution facilities (SEFs) to be in compliance with Dodd-Frank, their regulator is not going to have the risk management tools to watch over their trading. "Putting people ahead of technology will not ensure our compliance with Dodd-Frank, and it will certainly not ensure that we do so in the most cost-effective manner," said CFTC Commissioner Scott O'Malia. Publication Advanced Trading Date January 26, 2011 Cross References Dodd-Frank Act, Title VII, Secs

SEC Release 34-63764 (MSRB Rulemaking) The SEC granted approval to amendments to MSRB Rule A-3. The rule change relates to the establishment of Nominating Committee for membership on the Board. Date January 25, 2011 Cross References SR-MSRB-2010-17 MSRB Rule A-3

News Article CFTC Commissioner Scott D. O'Malia said Tuesday that new rules spawned by the Dodd-Frank Wall Street Reform Act could make it "too costly to clear" credit default and other swaps. He said regulators such as the CFTC will be challenged to implement the new rules in ways that do not make it "too costly to clear." "Regardless of what the new market structures ultimately look like, hedging commercial risk and operating in general will become more expensive as costs increase across the board, from trading and clearing, to compliance and reporting," he said. Publication Securities

News Article The CFTC should voluntarily follow President Barack Obama's effort to streamline regulations as it sets new rules on the $583 trillion swaps market, two top House Republicans said. The "wide-ranging impact" of Dodd-Frank's derivatives measures "warrants a commitment to uphold the same standard of review that the president has set for other federal agencies." Publication Bloomberg Date January 27, 2011 Cross References Dodd-Frank Act, Title VII

Section 622 of Dodd-Frank establishes a financial sector concentration limit that would prohibit a financial company from merging or consolidating with, or acquiring, another company if the resulting company's consolidated liabilities would exceed 10 percent of the aggregate consolidated liabilities of all financial companies. This concentration limit is intended, along with a number of other provisions in the Dodd-Frank Act, to promote financial stability and address the perception that large financial institutions are "too big to fail." Date January 18, 2011 Cross References (links may