SIFMA submitted the attached comments to the industry's self-regulatory organizations ("SROs") and the Exchanges on the four selected topics concerning the National Market System Plan (the "NMS Plan") relating to the consolidated audit trail ("CAT") required under Exchange Act Rule 613. The SROs published the request for public comment on April 22, 2013. The four selected topics are as follows: Reporting on the Allocation of Securities in Primary Market Transactions; The Establishment of an NMS Advisory Committee; Time Stamp Requirements; and Clock Synchronization. Click here to view the

In August 2012, the NFA's Board voted unanimously to ratify a proposal to amend the NFA's Articles of Incorporation to increase the size and modify the structure of the Board to integrate swap dealer and major swap participant members into the NFA's governance structure. The amended Articles increase the Board's size by adding seven swap participants to the Board. Because of the NFA's role in the oversight of the OTC derivatives market, the NFA is giving its newest membership categories a representative voice in the organization. Three additional swap participant representatives are expected

ICE Futures U.S. will list the first of ICE's Credit Index Futures, the Markit® CDX® Investment Grade WI Future contract, for trading on June 17, 2013. Contract specifications for the new futures contract can be found here. This contract is the first of four new credit index futures contracts based upon indices that are managed and administered by Markit Group Limited. Click here to learn more (links externally to IFUS website).

On May 29th, the SEC issued findings and imposed a ten million dollar fine against NASDAQ as a result of NASDAQ's technical problems in connection with the Facebook IPO and NASDAQ's responses to those problems. See:NASDAQ Charged for Failures during Facebook IPO. Chris Clearfield of System Logic is writing a series of articles that examine the technical details of the error, NASDAQ's decision making in response to that error, and the broader implications, from the standpoint of technology and processes around technology, of the SEC's findings which impose a disciplinary action against NASDAQ

FINRA issued a new investor alert, Alternative Funds Are Not Your Typical Mutual Funds, to inform investors considering an investment in alternative funds to be aware of the unique characteristics and risks of these investments. According to the alert, as alternative funds are capable of investing in assets such as global real estate, commodities, leveraged loans, startup companies and unlisted securities, they potentially offer exposure beyond traditional stocks, bonds and cash. For customer protection purposes, FINRA urges investors considering alternative funds to ensure that they fully