SEC Release 34-63811 February 1, 2011 The SEC published for comment a proposal by the Options Clearing Corporation (OCC) to accommodate the clearance of options on certain indexes measuring the "relative performance of one reference security or reference index relative to a second reference security or reference index." The proposal relates to a proposal by NASDAQ OMX PHLX to list and trade a set of options on certain indexes calculated based on two ETFs or other reference securities underlying options. Cross References SR-OCC-2011-02

CFTC PR 5981-11 February 7, 2011 The CFTC announced that Newedge USA, LLC, a Chicago-based futures commission merchant, will pay a $140,000 civil monetary penalty and disgorge $80,910 to settle CFTC charges of exceeding speculative position limits in the October 2009 live cattle futures contract on the Chicago Mercantile Exchange by more than 4,000 contracts and failing to provide accurate and timely reports to the CFTC regarding their large trader positions. Cross References CEA Sec. 4a(e)

Bloomberg February 4, 2011 The CFTC may stagger the effective dates for Dodd-Frank Act rules to govern the $583 trillion swaps market, CFTC Chairman Gary Gensler said today in a speech. "Public comments will help inform the commission as to what requirements can be met sooner and which ones will take a bit more time," Gensler said in remarks prepared for delivery by videoconference to an American Bar Association derivatives and futures law committee at a conference in Naples, Florida. Cross References Dodd-Frank Act, Title VII

In-depth article analyzing the CFTC's efforts to implement new authority to impose federal position limits on derivatives. The article quotes a Cadwalader attorney regarding the scope of the rules being proposed by the CFTC and the methodology being employed to calculate limits as they would apply to swaps. The article also observes that the proposed aggregation requirement could force commodity exchange-traded funds to aggregate their positions leaving them vulnerable to breaching the proposed limits. Publication Risk.net Date February 3, 2011 Cross References Dodd-Frank Act, Title VII, Secs

Jacques Diouf, director general of the U.N. Food and Agricultural Organization, said deregulation during the past 12 years has fueled commodity-market speculation , and that needs to be corrected to curb food price volatility. "We have created an environment that allows pure speculation," Diouf told Reuters Insider TV shortly after the agency said its closely watched Food Price Index had climbed to a record high in January. "I am calling for going back to the regulation that existed (until 1999)." "Buying on the future markets ... buying only the contract and reselling it at higher prices