The Senate Committee on Homeland Security and Governmental Affairs' Permanent Subcommittee on Investigations scheduled a hearing to examine conflicts of interest in the U.S. stock markets and the impact of such conflicts on consumer confidence, including in the context of high-frequency trading ("HFT"). In particular, the hearing will focus on the conflicts of interest that arise between the obligation of brokers to provide their customers with best execution of their orders to buy or sell securities, and the brokers' receipt of payments from other brokers for order flow and rebates from some

The Managed Funds Association ("MFA") launched a new webpage outlining issues and offering resources concerning MiFID. See: New MiFID II and MiFIR Webpage; Press Release.

The London Bullion Market Association ("LMBA") concluded its London Silver Price Consultation survey, which indicated the general consensus that an electronic, auction-based benchmark should replace the London silver fix. The 440 participants in the survey also called for a tradable pricing system with an increased number of direct participants. More specifically, responses to the survey included: an average rating of 7.5 out of 10 regarding the usefulness of the current London silver price mechanism; 64 percent of respondents said they use the silver price mechanism daily, 24 percent said

The Futures Industry Association ("FIA") released the third report in a series covering the specific areas of the ESMA consultation process for the implementation of the recast MiFID II and MiFIR. The report provides an overview of the proposals for open access for trading venues and central counterparties ("CCPs"). Topics covered in the report include: open access requirements; non-discriminatory access to CCPs and trading venues (grounds for denying access, conditions under which access is granted and temporary exception for exchange-traded derivatives); and non-discriminatory access to, and

CFTC Chairman Timothy Massad named Aitan Goelman as the CFTC Director of the Division of Enforcement. Mr. Goelman was formerly a federal prosecutor in both criminal and civil matters, serving as a litigation partner for 11 years with a focus on white-collar crime and complex commercial litigation. Mr. Goelman also served in the Department of Justice for nine years as an Assistant U.S. Attorney in the Southern District of New York and as a Special Attorney to the U.S. Attorney General. See: CFTC Press Release.