Attached is an analysis by Robert Zwirb of the written arguments of the parties and the CFTC (as intervenor) in the Brian Hunter v. FERC manipulation case. Hunter is a former Amaranth Advisors trader. The question in this case is whether FERC can prosecute a trader of natural gas futures contracts under FERC's anti-manipulation rule, in particular, whether it has jurisdiction to bring that case. The CFTC intervened in the case and argued that its own exclusive jurisdiction over futures transactions precludes FERC from asserting jurisdiction over the same transactions. A prior analysis by Zwirb

Representatives of Newedge discussed with the CFTC staff questions regarding eligible collateral, capital charges for uncollateralized trades and calculation methods for margin and capital charges for SDs. Newedge expressed special interest in the approval processes for the use of risk models, and whether they are internal, third party, or DCO-linked. Staff informed Newedge that these issues are still undecided, pending coordination efforts with other regulatory bodies. Click here to view CFTC Staff and all visitors and organizations present (links externally to CFTC website).

Federal Reserve Governor Daniel K. Tarullo gave a speech discussing the cross-border effects of the financial crisis, existing efforts to strengthen international regulatory cooperation, and the next steps toward advancing global financial stability. As to the causes of the financial crisis, Governor Tarullo pointed to (i) insufficiently high capital charges and a capital system that favored off-balance sheet activities such as the establishment of structured investment vehicles and (ii) a system of oversight that relied less on regulation than it did on supervision. He also discussed "shadow

On Feb. 25, 2013, the CFTC received notice from ICE Clear Credit LLC that it has begun offering customer clearing of the iTraxx CDS indices which are subject to the clearing requirement under Rule 50.4(b) and Section 2(h) of the Commodity Exchange Act ("CEA"). In accordance with the timeframe previously set forth by the Commission in a final rulemaking, Clearing Requirement Determination under Section 2(h) of the CEA, 77 FR 74284, 74319-21 (December 13, 2012), the following compliance dates shall apply to the clearing of these iTraxx swaps (in accordance with CFTC Rule 50.25): • Category 1

Germany's Finance Ministry announced on February 22 that Germany and the United States had initialed an Intergovernmental Agreement ("IGA") based on the Foreign Account Tax Compliance Act ("FATCA") to encourage tax compliance. The agreement is based on the reciprocal Model 1 agreement published by the U.S. Treasury last July. According to the German Finance Ministry, the IGA will include the following: Germany will commit to make the information of U.S. customers with accounts at German banks available to U.S. authorities. In return, the United States will need to disclose information to