The SEC recently approved a proposal by the BATS Y-Exchange (the " BATS" to adopt its proposed Retail Price Improvement Program (the " BATS Program") on a one-year pilot basis. See SEC Release 34-68303 (File No. SR-BYX-2012-019) (Nov. 27, 2012) (available at http://www.sec.gov/rules/sro/byx/2012/34-68303.pdf) (the " Approving Release"). The BATS Program is largely based upon the NYSE's previously approved Retail Liquidity Program. See SEC Release No. 67347 (SR-NYSE-2011-55/ SR-NYSEAmex-2011-84) (July 3, 2012). The BATS Program provides for two new order types consisting of " Retail Orders" and

ICE Futures U.S. (IFUS) has announced that, with the launch of 24-hour block trading of the Agricultural and Financial products, the Exchange is implementing new entry and reporting requirements for all block trades that are executed outside of normal trading hours. Click here to view notice in full (links externally to IFUS website). See also: Updated ICE Block Trade FAQ.

Adam Blakemore and Ramona Simms have authored a Clients Friends alert entitled “UK Chancellor’s Autumn Budget Statement 2012". The alert discusses the Chancellor of the Exchequer’s Autumn Statement to Parliament on December 5, 2012. Alongside updated forecasts for rebalancing the UK economy and public sector borrowing requirements were a number of important tax announcements and provisions which will feature in the UK Finance Bill 2013, which is due to be published on December 11th 2012. View Alert in full here (links externally to PDF).

The CFTC's Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter for Swap Entities (SDs and MSPs), providing (limited) relief from compliance with the prohibition in CFTC Rule 23.22(b) against permitting a person who is subject to a statutory disqualification to effect or be involved in effecting swaps on behalf of the Swap Entity. The attached letter provides relief from the statutory disqualification requirement only with respect to: (i) non-domestic associated persons (APs) of Swap Entities who deal only with "non-domestic swap counterparties"; and (ii) persons

Goldman Sachs has been ordered to pay a $1.5 million civil monetary penalty to settle CFTC charges that it failed to diligently supervise one of its employees trading securities futures indexes for several months in late 2007. According to the Order, a former Goldman employee hid an $8.3 billion trading position, resulting in a loss in excess of $100 million for Goldman. Lofchie Comment: One of the persistent themes of Commissioner Chilton has been that the CFTC is not able to impose fines that are high enough, and in particular that the CFTC is not permitted to count each instance of a