According to a Managed Funds Association ("MFA") blog post and a Wall Street Journal article, the CFTC is struggling to resolve issues regarding inaccuracies with the trade data that the CFTC requires from its market participants. The MFA noted that the lack of quality data could "throw a wrench" into creating a central system to track trades. For example, MFA cited that the notional value of the swaps market was estimated by the CFTC to be about $432 trillion on Thursday, an increase of more than $40 trillion in one week. Lofchie Comment: For financial regulators, it seems that almost every

The National Futures Association ("NFA") issued a Notice reminding members that the New Year's Day holiday will impact regulatory filings. Additionally, NFA posted a complete schedule of filings for the upcoming 2014 holidays, as well as an updated calendar for due dates of Segregated Investment Detail Reports ("SIDRs"). New Year's Day will impact regulatory filings as follows: Daily segregated, 30.7 secured, cleared swaps customer collateral and daily forex statements prepared as of December 31, 2013 are required to be submitted by 12:00 noon on January 2, 2014; Daily segregated, secured and

The Managed Funds Association ("MFA") announced the development of a Hong Kong Client Electronic Trading Services Representation Template intended to assist members with streamlining representations to dealers with respect to electronic trading services. MFA developed the Client Electronic Trading Services Representation Template based on Code of Conduct, Schedule 7, Section 2.2 regarding minimum client requirements for DMA services. MFA stated that the Client Electronic Trading Services Representation Template may be helpful to members that are asked to make electronic trading services

Chairman Gary Gensler delivered remarks on his departure from the CFTC. Chairman Gensler thanked the staff for their service, saying, "how darn proud I am. . . ." Lofchie Comment: Chairman Gensler's remarks were laudatory of both his time spent with, and the service of, the staff and Commissioners at the CFTC. Chairman Gensler said that the public would be fortunate if his successor were President Obama's nominee, Tim Massad. Chairman Gensler did not, however, address the problems that will be faced by the next Chairman, including the litigation over the CFTC's cross-border guidance, the

The SEC, the Board of Governors of the Federal Reserve System ("FRB"), the FDIC, and the Office of the Comptroller of the Currency ("OCC") (the "Agencies") stated that they are reviewing whether it would be appropriate, and consistent with Dodd-Frank, not to subject collateralized debt obligations backed by trust preferred securities to the investment prohibitions of Dodd-Frank Section 619, or the Volcker Rule. According to the SEC release, a number of community banking organizations have expressed concern that the final Volcker Rule conflicts with the Congressional determination under Dodd