CFTC Chairman Gensler has published remarks before the Financial Stability Oversight Council in which he said that it is difficult to find the appropriate balance of money market reforms that improve their safety but do not diminish their worth as investment products. Gensler discussed the "race" of "some" investors to exit money market funds at the first sign of trouble (which he likened to some investors running from the bear in the woods while other investors sleep, presumably to be eaten by the bear). View remarks in full here (links externally to CFTC website).

New rules and rule proposals from EDGX, FINRA, NASDAQ OMX BX, NYSE Arca, NYSEMKT, and Phlx. Click on the links to view the SEC's notices of each rule change and proposal. EDGX: Notice of Withdrawal of Proposed Rule Change to Amend EDGX Rule 11.5(c) to Add the Edge Market Close SM Order FINRA: Effective Immediately - Rule Change to Repeal the Changes Described in SR-FINRA-2011-019 NASDAQ OMX BX: Effective Immediately - Rule Change to Modify Fees Assessed under Rule 7003(a) NYSE Arca: Effective Immediately - Rule Change Amending Commentary .05 and .07 to NYSE Arca Rule 6.4 Regarding Strike Price

The NFA submitted to the CFTC the proposed amendments to the NFA's Articles of Incorporation to integrate Swap Participants (SDs and MSPs) into the NFA's membership and governance structure. Click here to view proposed amendments (links externally to NFA website).

The MFA submitted jointly with the Investment Adviser Association ("IAA") a letter to the CFTC requesting a delayed compliance date for CPOs and CTAs of funds of funds. In the letter, the associations requested that the CFTC extend the compliance date for operators of, and advisors to, funds of funds to register or claim an exemption from registration until the later of: six months from the date the CFTC or its staff issues final fund of funds guidance replacing Appendix A to CFTCRule 4.13 (Exemption from Registration as a CPO); or June 30, 2013. The letter discusses some of the problems that

The High Court in London has ruled that the appointment of administrators to oversee MF Global’s U.K. operations did not automatically trigger an event of default under a repurchase agreement entered into with U.S. affiliate, MF Global Inc., as it was not equivalent to the appointment of a liquidator for the purposes of the agreement. The effect of the ruling would allow MF Global UK, rather than MF Global U.S., to be the non-defaulting party under the GMRA between the parties and, thus, to be the party which has the right under the GMRA to determine how much it owes or is owed by its