A new SRO rule change has been announced by the SEC. Click on the link below to view the SEC's notice of this rule change. PHLX: Effective Immediately - Rule Change to the Schedule of Fees and Rebates for Execution of Quotes and Orders on NASDAQ OMX PSX

The Division of Clearing and Risk ("DCR") of the CFTC announced the issuance of a time-limited, no-action letter, granting relief to banking institutions having assets of less than $10 billion ("Small Banks") which are issuers of securities (or subsidiaries of such issuers), from the Board approval requirements of CEA Section 2(j) ("Committee Approval by Board of Exemption from Clearing or Trade Execution Requirements") and CFTC Rule 50.50 ("Exceptions to the Clearing Requirement"). The no-action letter provides that DCR will not recommend an enforcement action for a Small Bank's election of

The second phase of required clearing for certain credit default swaps (CDS) and interest rate swaps begins today. Commodity pools, private funds, and persons predominantly engaged in activities that are in the business of banking, or in activities that are financial in nature, are included within the definition of Category 2 Entities. These entities are required to begin clearing swaps executed on or after June 10, 2013. The five swap classes that are required to be cleared subject to this timing include the swaps meeting the following specifications: Specification Fixed-to-Floating Swap

The Office of the Comptroller of the Currency (OCC) is revising the OCC’s procedures for national banks to appeal agency decisions and actions to include federal savings associations. See: Description.

The United States and Switzerland signed the attached Memorandum of Understanding setting forth certain clarifications of terms used in the Model 2 IGA Agreement, previously entered into by the two countries on February 14, 2013. The primary provision describes the scope of the FFI Agreement to which each Swiss Financial Institution is required to agree. See: Memo.