The SEC approved a request by BATS Global Markets ("BATS") to launch its second options market ("EDGX Options"). BATS plans to open EDGX Options on November 2, 2015. BATS stated that the launch of EDGX Options will enable it to compete for a new segment of order flow that does not trade on the price-time markets that BATS currently operates. BATS expressed its expectation that all of the industry's multiply listed options will be available for trading on EDGX Options, and that EDGX Options will "leverage BATS' state-of-the-art technology, including customer connectivity, messaging protocols

The SEC announced that an investment management firm agreed to settle charges that include a breach of fiduciary duty, by failing to disclose a $50 million loan received by one of its senior executives from an advisory client. The SEC found that the firm categorized certain investments of an institutional advisory client inadvertently as managed assets when they were not, and charged the client approximately $6.5 million in asset management fees that it did not earn. Additionally, the order stated that the firm's compliance program was not reasonably designed to prevent violations of the

The NFA began implementing Phase 2 of the Section 14 Financial Requirements of the NFA Manual. Phase 2 requires all other depositories to report the end-of-day balances in all accounts that are holding assets used to cover the liability of Forex Dealer Members ("FDMs") to their retail forex customers. The NFA emphasized that it has been working closely with FDMs and their respective depositories that hold such assets to ensure that those depositories have established connectivity with NFA, directly or through the SWIFT network. The NFA stated that Phase 2 will become effective by the close of

MSRB filed changes with the SEC to MSRB Rules A-12 on registration and to A-13 on underwriting and transaction assessments. The MSRB stated that a decrease in the underwriting fee under Rule A-13, coupled with the increase to the initial and annual fees under Rule A-12, effectively will maintain the total fee revenue at approximately the current level. The rule change is effective immediately. The implementation date for the amendments to Rule A-12 (on initial and annual registration fees) is October 1, 2015. The implementation date for the amendments to Rule A-13 (on the underwriting fee and

FINRA revised the Registered Options Principal ("Series 4") examination program pursuant to NASD Rule 1022(f). The program requires firms that engage or intend to engage in transactions in options with the public to have at least one Registered Options Principal. FINRA divided the content outline into "six major job functions that are performed by a Registered Options Principal" and included the following specific tasks for each function: Function 1: Supervise the Opening of New Options Accounts; Function 2: Supervise Options Account Activities; Function 3: Supervise General Options Trading