ICE Clear U.S. ("ICUS") announced that the CFTC has granted an extension to the effective date of the Gross Customer Margin ("GCM") requirements scheduled to go into effect on November 8, 2012. The CFTC is requiring full compliance no later than January 15, 2013. As a result of this extension, the ICE Clear U.S. Platform Release scheduled for November 3, 2012 also will be delayed. Click here to view notice in full (links externally to ICE website).

According to OCIE Director Carlo V. di Florio, conflicts of interest are at the heart of many cases that the Commission brings on a routine basis. The SEC Director of the Office of Compliance Inspections and Examinations delivered a speech in which he explained the term "conflicts of interest," the reason conflicts of interest are of particular concern, and what the SEC and other regulators are currently focusing on as to conflicts. Director di Florio went on to discuss the role of risk management and risk controls within firms in identifying and managing conflicts of interest, especially the

In Regulatory Notice 12-26 (May 2012), FINRA announced that amendments to FINRA Rule 6700 Series and TRACE dissemination protocols, and related amendments to FINRA Rule 7730, would become effective on November 5, 2012. Due to disruptions in normal business operations related to Hurricane Sandy, FINRA has changed the effective date of these TRACE rule amendments to November 12, 2012. Similarly, the expiration dates of the pilot programs in FINRA Rules 6730(a)(3)(D)(i) and 6730(a)(3)(E)(i) regarding the reduction in reporting times for TBA transactions have changed from May 10, 2013 to May 17

Rule changes from DTC and NASDAQ. Click on the links to view the SEC notices of each rule change. DTC: Effective Immediately - Rule Change to Update Its Corporate Actions Service in Order to Introduce a New Standard to Communicate Certain Corporate Actions Information to Participants NASDAQ: Effective Immediately - Rule Change to Amend and Adopt Several NASDAQ Rules to Reflect Changes to Rules of the Financial Industry Regulatory Authority ("FINRA") NASDAQ: Effective Immediately - Rule Change to Apply the Position Limit Exemption Rules of NASDAQ OMX PHLX LLC for Certain Index Options (See also

The Spanish authorities are limiting short positions with respect to Spanish financial institutions. Click here to view notice in full (links externally to CNMV website).