SEC Commissioner Luis A. Aguilar delivered a speech in which he expressed support for the proposal as seeking to achieve four broad goals. These goals are as set out below: The rules would augment the financial stability of nonbank security-based swap dealers and nonbank major security-based swap participants by setting minimum capital requirements for these entities, and by imposing minimum liquidity requirements on those dealers that calculate net capital using models. The rules seek to prevent the build-up of large, AIG-style, uncollateralized exposures in uncleared security-based swaps by

In Chairman Schapiro's opening statement, she provided some high-level background as to the SEC's proposed new rules that would establish capital, margin, and segregation for security-based swap dealers and major security-based swap participants. She noted that the new rules were intended to be modeled after the SEC's existing capital rules, but conceded that a lack of experience in establishing capital regulation as to swaps made this an inherently uncertain exercise. Chairman Schapiro notes that these proposals place heavy importance on requiring security-based swap dealers to hold liquid

SIFMA, the Government Finance Officers Association (GFOA), and the National Association of Independent Public Finance Advisors (NAIPFA) submitted the attached comments to the Depository Trust Clearing Corporation (DTCC) expressing concerns about a proposed increase in fees for municipal issues with multiple CUSIPs. The letter states that the fee proposal is flawed and urges the DTCC to reconsider the proposal pending discussions with all interested parties. See: SIFMA and Other Associations Submit Comments to the DTCC on a Proposed Fee Increase for Municipal Issues (links externally to SIFMA

ICE Futures U.S. announced that, effective October 17, the Exchange is implementing rule amendments which formally establish a new member category for participants with a direct connection to the electronic trading system. Such participants are identified as "Direct Access Members." Such firms do not own any interest in the exchange; however, they are eligible for lower margin requirements. In connection with the codification of Direct Access Members, the Exchange has also defined Clearing Member obligations with respect to such Members and to other customers. View exchange notice here (links