CME Group announced the launch of CME Direct Messenger, a sophisticated instant messaging platform for traders in the energy markets.

Trustee Louis J. Freeh submitted this written testimony to the Senate Agriculture Committee. A hearing is to take place today. In his testimony, Freeh notes that farmers, ranchers, traders, other investors and financial institutions are still owed an estimated $1.6 billion. However, he expects that all of such customers "eventually will be made whole." View testimony in full here.

Cross Reference(s): Dodd-Frank Section 619. View video here (via SIFMA, links externally to CNBC website).

Further to a news entry from July 19, 2012, this is a reminder of an interpretive notice to MSRB Rule G-17 that will become effective on Thursday, August 2. Additional Materials: Interpretive notice to MSRB Rule G-17 concerning the duties of underwriters to state and local governments; Summary of interpretive notice; Comprehensive implementation guidance; Presentation froM& June 27, 2012 live webinar.

EUR-Lex July 27, 2012 Regulation 648/2012 of the European Parliament and of the European Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (more commonly known as EMIR) has been published in the Official Journal of the European Union. The regulation will now enter into force on August 16, 2012. EMIR will be directly applicable in all Member States from that date, although many rules will only become effective after the publication of further delegated and implementing legislation, for example, the clearing and reporting obligations.