Commissioner Wetjen addressed the following issues in his speech at the ISDA Conference: Implementation Phase: Generally regarding the swap regulatory regime, including rules relating to business-conduct standards, reporting, documentation, risk-management practices, and definitional rules; Guiding Principles for the Dodd-Frank Rules with particular focus on Cross-Border Guidance: Asserting that the CFTC needs to provide clarity, should take a measured approach to rulemaking, and must have workable rules; The Importance of Standardization: Noting that standardization facilitates clearing

The European Commission has announced proposals for a single supervisory mechanism for banks in the Euro area (the " SSM"), with ultimate responsibility for certain supervisory tasks resting with the European Central Bank. The proposal package includes a regulation conferring powers on the ECB to supervise all banks in the Euro area, with a voluntary opt-in for non-Euro countries. The SSM would sit alongside the three other components of an integrated "banking union" - the single rulebook in the form of capital requirements, harmonized deposit protection schemes, and a single European recovery

Peter Cummings, the former head of corporate lending at HBOS, has been given a lifetime ban from "performing any significant influence function" in regulated financial services "on the grounds that he lacks competence and capability to perform such functions" and a fine of pound;500,000 by the Financial Services Authority. The former banker was head of a division which lent billions of pounds to property developers, and which was found guilty by the FSA of "very serious misconduct" in March 2012. The FSA determined that, in pursuing an aggressive expansion strategy within his division, Mr

CME Group and the Shanghai Futures Exchange (SHFE) announced that they have renewed their Memorandum of Understanding (MOU). The MOU was first initiated in March 2003 to create a forum for information sharing between the two organizations regarding the potential development of derivatives products in China. Under the terms of the MOU, the SHFE will provide CME Group with insights and information on the commodities markets in China. This includes regulations and policies, market specifications, and development conditions in order to assist CME Group in gaining a better understanding of China's

New rules and rule proposals from C2, CBOE, EDGA, EDGX, NASDAQ, NYSE Arca, NYSEMKT, OCC, and Phlx: C2: Effective Immediately - Rule Change to Make Technical Amendments to the Rules C2: Proposed Rule - Change Relating to Complex Order Auctions CBOE: Proposed Rule - Change Relating to Complex Order Auctions EDGA: Effective Immediately - Change Relating to Amendments to the EDGA Exchange, Inc. Fee Schedule (See also: Exhibit 5) EDGX: Effective Immediately - Change Relating to Amendments to the EDGX Exchange, Inc. Fee Schedule (See also: Exhibit 5) NASDAQ: Extension for Commission Action on