FINRA has filed with the SEC a proposed rule to add a new entrant to the Alternative Display Facility ("ADF"). ADF is a quotation collection and trade reporting facility that provides ADF Market Participants with the ability to post quotations, display orders and report transactions in national market system ("NMS") stocks for submissions to the Securities Information Processor for consolidation and dissemination to vendors and other market participants. Additionally, the ADF delivers real-time data to FINRA for regulatory purposes, including enforcement requirements from the SEC. According to

The CFTC has announced that it will hold a public meeting on December 10th at 9:30 a.m. to consider "Proprietary Trading and Certain Interests in and Relationships with Covered Funds"; i.e., the Volcker Rule. The Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System have also announced meetings in regard to Volcker. The Office of the Comptroller of the Currency is also expected to adopt final Volcker Rule regulations on December 10th as well. Additionally, the CFTC will consider (i) core principle 9 for designated contract markets ("DCMs") and (ii)

The CFTC has published new proposed regulations regarding speculative position limits. The proposed rules are intended to establish position limits for 28 exempt and agricultural commodity futures and option contracts, and physical commodity swaps that are "economically equivalent" to such contracts. The CFTC also proposed to update some relevant definitions, revise exemptions for speculative position limits and update reporting requirements. In addition, the CFTC proposed to update certain rules, guidance and acceptable practices for compliance with Designated Contract Market ("DCM") core

The Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System ("FRB") and the Federal Deposit Insurance Corporation ("FDIC") have published new rules in the Federal Register to strengthen the liquidity positions of large financial institutions. The proposal would for the first time create a standardized minimum liquidity requirement for large, internationally active and systemically important banking organizations ( i.e., banking organizations with more than $250 billion in total assets or more than $10 billion in on-balance sheet foreign exposure

The MFA has submitted a comment letter to the Financial Stability Board ("FSB") regarding its consultative document titled "FSB Policy Framework for Addressing Shadowing Banking Risks in Securities Lending Repos." In the comment letter, the MFA commended the FSB's goal of identifying and addressing gaps in regulation, and identifying shadow banking activities that create systemic risk. The MFA encouraged the FSB to carefully consider the types of information that would be most valuable to regulators before designing a new reporting framework. The MFA recommended that the FSB conduct a review