CFTC Dodd-Frank Rulemaking 76 Fed. Reg. 6708 February 8, 2011 Closing Date for Comments: April 11, 2011 The proposed rule would set forth parameters for the inclusion of an orderly liquidation termination provision in the swap trading relationship documentation for swap dealers and major swap participants. The rule is being proposed pursuant to Section 731 of the Dodd-Frank Act added a new section 4s(i) to the Commodity Exchange Act, which requires the Commission to prescribe standards for swap dealers and major swap participants related to the timely and accurate confirmation, processing

News Article Reuters February 7, 2011 The CFTC is requiring Newedge USA LLC, one of the world's largest futures brokerages, to pay more than $220,000 to settle charges that it sharply exceeded limits to investor positions in cattle futures. The CFTC said the Chicago-based futures commission merchant exceeded speculative position limits in the October 2009 live cattle futures contract by more than 4,000 contracts, almost nine times the limit. The CFTC has vowed to crack down on traders exceeding speculative limits in order to prevent market manipulation. The futures regulator on January 26 also

SEC Litigation Release 21844 February 8, 2011 The SEC announced the filing civil securities fraud charges against three hedge fund traders alleged to have illegally traded on confidential information obtained from employees of technology companies that were moonlighting as consultants for expert networks. The charges are the first brought by the SEC against traders in its current investigation of expert network activities (the SEC last week filed charges against certain consultants at expert networks). Please contact any of the following Cadwalader attorneys if you have any questions about

Petition for Rulemaking 4-623 January 28, 2011 TD Ameritrade Inc. submitted a petition to the SEC urging it to initiate rulemaking on market data structure. TDA questions whether effective price competition for market data products exists, and argues, among other things, that (1) the SEC should overhaul the CTA/UTP structure; and (2) closely examine private data feeds. Cross References Regulation NMS NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010)

Speech by SEC Commissioner Troy A. Paredes February 4, 2011 In a recent speech, SEC Commissioner Troy Paredes discussed, among other things, (i) liability for credit rating agencies; (ii) making Regulation D more broadly available to issuers; and (iii) the benefits to investors of having a wide variety of trading venues and financial products. Cross References Securities Act Regulation D