CFTC Commissioner Bart Chilton delivered a speech before the 5th Annual Risk Management in Energy Trading Conference in Houston, Texas on the current progress of implementing Dodd-Frank. Chilton discussed the following topics: Transparency - Commissioner Chilton stated that Swap Data Repositories (SDRs) will provide the regulators with needed transparency. Market Integrity - According to Chilton, the two challenges in ensuring market integrity are excessive speculation and high-frequency trading. Chilton argues that Dodd-Frank has unambiguously mandated speculative trading limits to avoid

At the Houston energy conference at which he spoke (link here to related news item), CFTC Commissioner Chilton laid out a projected timetable for the completion of swap rules by the CFTC. December 31, 2012 GoalsFinal Rules : Clearing Requirement Determination [this may go on November 15] Cooperative Clearing Exemption Inter-affiliate Clearing Exemption SEF Rules Block Trading Rule for Swaps DCMs – Core Principle 9 Disruptive Trade Practices Interpretation Records of cash commodity, futures, option, and swap transactions (Rule 1.35) CPO Harmonization RTO/ISO Exemptive Relief 201(f) Exemptive

New rules and rule proposals from BOX, EDGA, and EDGX. Click on the links to view the SEC's notices of each rule change and proposal. BOX: Effective Immediately - Rule Change to Amend the Fee Schedule for Trading on BOX (See also: Exhibit 5) EDGA: Effective Immediately - Rule Change Relating to Amendments to the EDGA Exchange, Inc. Fee Schedule (See also: Exhibit 5) EDGX: Effective Immediately - Rule Change Relating to Amendments to the EDGX Exchange, Inc. Fee Schedule (See also: Exhibit 5)

FINRA announced that it is filing with the SEC a proposed rule change to amend FINRA Rule 7730(c) in order to establish a pilot program to provide a limited waiver of certain fees to access certain Real-Time Trade Reporting and Compliance Engine ("TRACE") transaction data. FINRA also proposed technical amendments to Rule 7730(c) and related statements in the fee chart. Click hereto view text of the proposed rule change (links externally to FINRA website).

The attached guidance document has been prepared by the staff of the SEC Division of Investment Management, and includes a list of no-action letters which funds engaging in securities lending can rely upon. The following areas are addressed: Approval of fees paid; Benefits must be commensurate with the risks; Board's fiduciary duty to invest the fund's assets in accordance with fund's investment goals; Compensation to the lending fund; Delegation of authority to negotiate loans; Directors' fiduciary duty to act in the best interests of fund shareholders; Investment segregation; Loan