The MFA submitted a letter to the CFTC requesting relief from the CFTC's final rules on "Business Conduct Standards for Swap Dealers and Major Swap Participants with Counterparties" (External Business Conduct Rules) prior to the compliance date in order to allow intermediated trading to continue in its current form and to prevent disruptions to market liquidity. Specifically, MFA requested relief for all intermediated trading relationships related to any class of products where the swap dealer is acting in its capacity as a prime broker or intermediary and where both the prime broker and

The CFTC announced that Jonathan L. Marcus has been named General Counsel. Marcus has served at the CFTC for the past two years as the Deputy General Counsel for Litigation. View Press Release in full here (links externally to CFTC website). For a compilation of recent news items relating to personnel changes, primarily at the regulators, including as to the departure of Mr. Marcus' predecessor, Dan Berkovitz, link to Current Topics - Personnel.

FINRA released its podcast for April 9, 2013, focusing on financial and operational priorities. See the outline below. Accuracy of Reporting FINRA is especially concerned with the accuracy of books and record regarding the valuation of assets and liabilities on balance sheets in regards to consumer asset protection. FINRA inspectors have recently noticed during net capital reviews that some guarantees have not been properly recorded. Deductions from net worth and net capital computations must properly reflect any assumption of an affiliate or subsidiary's liability. Liability must be recorded

The SEC approved amendments, effective May 9, 2013, to FINRA Rule 6440 to expand the grounds upon which FINRA may halt trading and quotations in OTC Equity Securities to include notice to FINRA of a foreign regulatory halt for news pending, including notice from a reliable third-party source, and to extend beyond ten business days a halt initiated for an extraordinary event . View Notice in full here (links externally to FINRA website).Related Item: FINRA Rule 6440.

The CFTC Staff held a meeting with TeraExchange regarding SEF Registration. Click here to view meeting information.