SIFMA provided feedback on the Federal Housing Finance Agency's ("FHFA") Request for Input ("RFI") regarding the alignment of the operations of Fannie Mae and Freddie Mac (together, "GSEs") and whether to direct the GSEs to issue a single form of mortgage-backed security ("MBS"). To create a "full understanding of the many granular details of this proposal," SIFMA listed considerations and suggestions in the "general ordering of priority" that it believes should be explored further: FHFA should continue to seek out and address industry feedback; FHFA should be confident that any changes to

SIFMA submitted comments urging the SEC to disapprove NYSE Arca's two proposals to amend and establish new market data fees. In the letter, SIFMA asserted that because the NYSE's actions are inconsistent with the decision in NetCoalition v. SEC, the SEC should disapprove the proposed fee increase. That specific rule change, according to SIFMA, is based on invalid grounds and omitted cost data, and otherwise fails "to comport with the Exchange Act as interpreted by the Court. . . ." Se e: SIMFA Comment Letter.

IOSCO issued a correction involving two charts published in its Securities Markets Risk Outlook 2014-15 (" Risk Outlook"). According to IOSCO, market participants have raised concerns regarding the accuracy of the underlying data on which the charts are based. In light of this, IOSCO has removed charts 82 and 83 on page 68 of the Risk Outlook. Se e: Amended Securities Markets Risk Outlook 2014-15. Related news: IOSCO Launches Securities Markets Risk Outlook (with Lofchie Comment) (October 2, 2014).

ISDA announced that 18 major global banks ("G-18 banks") agreed to sign a new ISDA resolution. The Stay Protocol ("the Protocol") will impose a stay on cross-default and early termination rights within standard ISDA derivatives contracts between G-18 banks in the event that one of them is subject to resolution action in its jurisdiction. According to ISDA, the stay is intended to give regulators time to facilitate an orderly resolution of a troubled bank. The Protocol is intended to enable adhering counterparties to opt into certain overseas resolution regimes via a change to their derivatives

The FDIC held a meeting and an exercise in which financial regulatory officials from the United States and the United Kingdom explored resolution strategies in the event of the failure of a global systemically important bank ("G-SIB"). The event consisted of discussions of principles regarding G-SIB resolution strategies under U.S. and UK resolution regimes, aspects of those strategies requiring coordination between U.S. and UK authorities, and key challenges to the successful resolution of U.S. and UK G-SIBs. It built on prior bilateral work between U.S. and UK authorities, which included the