Open Meeting CFTC Press Release 6148-11 The CFTC held a public meeting on, December 5, 2011 on the following topics: (1) Final Rule on Investment of Customer Funds and Funds Held in an Account for Foreign Futures and Options Transactions; (2) Further Notice of Proposed Rulemaking on Process for Making a Swap Available to Trade under Section 2(h)(8) of the Commodity Exchange Act (3) Final Rule on Registration of Foreign Boards of Trade The CFTC unanimously approved items (1) and (3), and item (2) by a vote of 4-1. Highlights of the CFTC's actions include: Rule 1.25 Changes The changes in Rule 1

ISDA Press Release ISDA and SIFMA filed a legal challenge to the CFTC's final rules that limit the positions that investors may own in certain commodities. The Associations believe that the Position Limits Rule may adversely impact commodities markets and market participants, including end-users, by reducing liquidity and increasing price volatility. In addition, the Associations contend that the CFTC's decision-making process in enacting the Rule was procedurally flawed. Among other deficiencies, the CFTC adopted the Rule without making findings as to the necessity and appropriateness of the

76 FR XXXX The CFTC adopted a final rule that creates a registration system for Foreign Boards of Trade that make their products available to U.S. customers by providing them with direct access to their electronic trading system. This rule will replace the existing process of staff-issued no action relief letters that FBOTs rely upon to provide direct access from the U.S. Under the new system, the CFTC will continue to consider whether the FBOT is subject to comparable, comprehensive supervision and regulation by the appropriate governmental authorities in the FBOT's home country Cross

76 FR XXXX The CFTC has adopted a final rule regarding the investment of customer funds by FCMs and DCOs that i) eliminates in-house transactions and repurchase agreements with affiliates (repos with third-parties are still allowed, subject to a 25% counterparty concentration limit); ii) eliminates foreign sovereign debt as a permitted investment; iii) limits investments in money market mutual funds based on a number of factors, and iv) and harmonizes Rule 30.7 with the investment limitations of Rule 1.25 and the concentration limits on various investments to promote portfolio diversification

11-08 The CFTC's Division of Market Oversight issued a letter granting no-action relief to the Natural Gas Exchange Inc. ("NGX") and its clearing members in connection with the reporting requirements of new part 20 of the Commission's regulations. The relief allows NGX for, and in the place of, its clearing members, to submit the information required of its clearing members for all cleared positions, in fulfillment of the clearing members' reporting requirements with respect to cleared positions under regulations 20.4 and 20.5(a). In addition, pursuant to this relief certain NGX clearing