The NFA filed with the CFTC proposed technical amendments to NFA Bylaw 406 regarding the election process for Board Representatives and Nominating Committee Members. Earlier this year, the NFA amended its Articles of Incorporation to (i) combine retail foreign exchange dealers ("RFEDs") with swaps dealers and major swap participants for purposes of representation on NFA's Board of Directors ("Board"), Executive Committee and Nominating Committee, and (ii) eliminate the requirement that NFA's Board include at least one RFED director. The proposed technical amendments to Bylaw 406, which governs

The SEC approved the Options Price Reporting Authority's proposed amendment to its "Plan for Reporting of Consolidated Options Last Sale Reports and Quotation Information" to revise the definition of the term "Nonprofessional." See: Approval of Proposed Rule Change.

The NFA filed with the CFTC a proposed amendment to NFA Compliance Rule 2-4 ("Just and Equitable Principles of Trade") regarding swaps-related activities. NFA Compliance Rule 2-4 requires Members and Associates to observe "high standards of commercial honor and just and equitable principles of trade." The rule, however, is currently limited to a Member's commodity futures business. The proposed amendment subjects swaps to the rule's ethical standards requirement, formally imposing the requirement upon swap dealers, major swap participants and other Members engaging in swaps activities. See

The Futures Industry Association ("FIA") published the eighth issue of FIA SEF Tracker, a periodic report on trading activity taking place on swap execution facilities ("SEFs"). This issue contains data for the month of October and shows volume trends and market share for interest rate, credit default and foreign exchange products. The trading data shows that Bloomberg dominates the credit trading market (with over 70% of volume), while a few SEFs have meaningful shares of the FX trading market. See: FIA SEF Tracker; FIA Press Release.

The Federal Financial Institutions Examination Council ("FFIEC") released the revised "Bank Secrecy Act/Anti-Money Laundering ('BSA/AML') Examination Manual." The manual is intended to provide guidance on risk-based policies and procedures for institutions in order to comply with the Bank Secrecy Act, as well as safeguard operations from money laundering and terrorist financing. See: Updated Manual; OCC Press Release. See also: AML Specialty Page (available to Cabinet subscribers only).