The Senate Banking Committee, more particularly the Subcommittee on Securities, Insurance, and Investment, held hearings on electronic trading venues, e.g., exchanges, ATSs, and dark pools. The hearings are interesting because they do NOT focus on algorithmic trading, but rather on the roles and the responsibilities of the various types of trading venues. Click here for full details of the hearing entitled "Computerized Trading Venues: What Should the Rules of the Road Be?"

In the News distributed on December 24, we provided information as to the various CFTC actions taken on December 21, including the CFTC's Cross-Border Order. However, we recognize that while the Cadwalader Cabinet does not take holidays, some of our readers do. Accordingly, we provide links below to the principal CFTC items from December 21st. (In the alternative, readers may simply go into any news item on the Cabinet, hit the "Next" button near the top left and just flip through the news items for the day.) CFTC Approves Exemptive Order on Cross-Border Application of the Swaps Provisions of

In the attached report, GAO reiterates its 2011 recommendations that the federal financial regulators more fully incorporate OMB's guidance into their rulemaking policies and that FSOC work with federal financial regulators to establish formal interagency coordination policies for rulemaking.GAO examined the following: (1) the regulatory analyses federal agencies performed for rules issued pursuant to the Dodd-Frank Act;(2) how the agencies consulted with each other in implementing the final rules to avoid duplication or conflicts; and (3) what is known about the impact of the Dodd-Frank Act

The CFTC's Division of Market Oversight ("DMO") issued a letter providing reporting parties under CFTC Rules Parts 45 and 46 with time-limited, no-action relief from requirements to report certain identifying information regarding their non-reporting counterparties. To avail themselves of the relief, reporting parties must first meet specific criteria set forth in the no-action letter, and must also comply with certain conditions attached to the relief. The relief expires no later than April 10, 2013. See: CFTC Letter 12-65: Part 45 and Part 46; No-Action.

Office of the General Counsel ("OGC") issued a no-action letter providing time-limited relief from requirements arising from the CFTC-SEC joint interpretation that compo equity total return swaps are mixed swaps, subject to regulation by both the CFTC and the SEC. The no-action letter provides that OGC will not recommend that the CFTC commence action against any person in connection with any failure of such person to comply with the CFTC Rules (other than those relating to anti-fraud and anti-manipulation authority) to the extent such failure arises solely because such person treats a compo