At the MSRB Municipal Securities Regulator Summit, SEC Commissioner Daniel Gallagher delivered the keynote address, which discussed significant issues facing the municipal markets. Commissioner Gallagher stated that, as the primary regulator for both the equity and fixed income markets, the SEC must allocate its resources properly. He explained that a good starting point for addressing major market issues would be to review the SEC 2012 Report on the Municipal Securities Market ("Muni Bond Report"), adding that the SEC should consider undertaking a similar effort with respect to the corporate

The SEC named Stephanie Avakian as its new Deputy Director of Enforcement. See: Press Release.

At the Shanghai Derivatives Market Forum, Futures Industry Association ("FIA") President and CEO Walt Lukken delivered the keynote address in which he discussed global trends in derivatives markets. In his speech, Mr. Lukken highlighted the opportunities and challenges presented by the transition from over-the-counter trading to exchanges and clearinghouses. He stressed the value in the exchange and clearinghouse model for price discovery and risk management, but urged international regulators to be mindful of the potential problem that could result from concentrating risk in clearinghouses

The CFTC's proposal to reopen the comment periods for the Position Limits for Derivatives Proposal and for the Aggregation Proposal was published in the Federal Register. The CFTC reopened the comment periods for an additional three weeks to request that market participants comment on: hedges of a physical commodity by a commercial enterprise, including gross hedging, cross-commodity hedging, anticipatory hedging and the process for obtaining a non-enumerated exemption; the setting of spot-month limits in physical-delivery and cash-settled contracts and a conditional spot-month limit exemption

At the D.C. Bar, Acting CFTC Chairman Mark Wetjen spoke about the CFTC's efforts to implement Dodd-Frank and other upcoming priorities. Mr. Wetjen stated that the most important focus for the CFTC in the past six months has been overseeing the CFTC swap-trading mandate. He explained that the CFTC has taken steps to ensure that swaps executed as packaged transactions are treated appropriately as the marketplace moves toward greater use of swap execution facilities. Mr. Wetjen stated that it is important to "remain true to congressional intent to maximize transparency where appropriate, but work