The Federal Financial Institutions Examination Council recently approved the attached interagency examination procedures for Regulation Z - Truth in Lending. These revised procedures supersede the Regulation Z interagency examination procedures transmitted with CA Letter 10-10. Date January 28, 2011

SEC Release 34-63796 January 28, 2011 The SEC suspended an order declaring immediately effective a Nasdaq proposal that was intended to reduce to the costs of trading by providing "depth of book" data products for Nasdaq firms that service "non-professional" (retail) users with which such firms have a brokerage relationship. The proposal contained a lengthy discussion from Nasdaq regarding competition in the market for transaction execution and routing services and suggested that "dark" markets were exploiting unfair advantages over exchanges, with whom they compete for order flow. The SEC

SEC Litigation Release LR-21831 January 31, 2011 The SEC announced the settlement of a case, initially brought in 2001, in which it alleged that the defendant participated in a scheme to manipulate the stock price of a number of penny stocks by (1) agreeing to secret discounts in privately-arranged share transfers and (2) interposing a straw market maker into the market portion of the transaction, which doubled the reported volume of the trades. Exchange Act § 10(b) Exchange Act Rule 10b-5

The clearing house LCH.Clearnet Ltd have published an updated set of general regulations, which act as a rulebook of its systems and procedures. LCH Clearnet Ltd have also published new specific regulations related to EquityClear, the clearing service for equity based trades and equity equivalents. Finally, LCH Clearnet Ltd have published new guidance related to LCH EnClear OTC Clearing Service for Freight. January 27, 2011

Board of Governors of the Federal Reserve System Information received since the Federal Open Market Committee met in December confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions. January 26, 2011