News Article Big speculators could face curbs on wheeling and dealing in commodity markets after the CFTC on Thursday advanced a plan to cap large positions, but internal dissent could delay final adoption of the plan for months or longer. The plan, adopted in a 4-1 vote to allow it to move to the public comment stage, would attempt to curb positions investors can hold in commodity markets, with the aim of preventing large players from controlling the market. An important swing vote on the five-member commission, Michael Dunn, however, expressed skepticism about whether curbs on their trades

European Commission: Consultation Paper The European Commission Services launched a consultation on Central Securities Depositories ("CSD") and on the harmonisation of certain aspects of securities settlement in the EU. CSDs are important infrastructures in financial markets which perform crucial services that allow the registration, safekeeping and settlement of securities, in exchange for cash and efficient processing of securities transactions. The purpose of the consultation is to introduce a regulatory CSD framework and enhance transparency in the financial system. The Commission will

Royal Bank of Scotland The Group Chief Executive of RBS, Stephen Hester, has replied to a letter from the Chairman of the Treasury Committee, Andrew Tyrie MP. In the letter, Hester confirms that RBS has no objection to a public discussion of the key issues which led to its need for re-capitilisation during the financial crisis. He also agrees to make public the report into the re-capitilisation, and certain other confidential material. Date December 16, 2010

CFTC Dodd-Frank Rulemaking The CFTC published its rule proposal governing position limits for derivatives that the Commission issued after voting 4-1 on Jan. 13th to release for public comment. The text of the proposed rule covers 100 pages and will appear in the Federal Register within the next two weeks. Document Number RIN 3038-AD15 and 3038-AD16 Date January 13, 2011 Cross References (links may require a Cabinet subscription) Dodd-Frank Act, Title VII, Secs, 737, 17 CFT Parts 1, 150, and 151.

European Banking Authority The European Banking Authority (EBA) officially came into being on 1 January 2011, taking over all existing and ongoing tasks and responsibilities from the Committee of European Banking Supervisors (CEBS). The EBA convened on 12 January 2011 for its first Board of Supervisors meeting. The EBA Board agreed on a strategic work plan for an EU-wide stress test to take place in the first half of 2011, and to publish results in mid-2011. The 2011 stress test will be carried out in cooperation with the national supervisory authorities, the European Systemic Risk Board (ESRB