Two municipal entities filed an antitrust class action suit against multiple financial institutions for alleged misconduct related to cleared interest rate swaps.

The Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing on President Obama's SEC Commission nominees Lisa M. Fairfax and Hester Maria Peirce.

Federal Reserve Bank of Chicago Senior Policy Specialist Ivana Ruffini cautioned that the "concentration of risk in [central counterparties] must not be underestimated, as CCP failures, while rare, do happen."

CFTC Chair Timothy Massad highlighted progress on (i) a common approach to transatlantic central clearing counterparties, (ii) a rule on margin for uncleared swaps, (iii) improving domestic and international clearinghouse resiliency, and (iv) proposals to strengthen cybersecurity.

University of Houston Finance Professor Craig Pirrong argues that synergies in clearing are pushing the proposed merger between the LSE and Eurex and suggest that consolidation in the industry is "nearly inevitable."