News Article CFTC Commissioner Scott D. O'Malia said Tuesday that new rules spawned by the Dodd-Frank Wall Street Reform Act could make it "too costly to clear" credit default and other swaps. He said regulators such as the CFTC will be challenged to implement the new rules in ways that do not make it "too costly to clear." "Regardless of what the new market structures ultimately look like, hedging commercial risk and operating in general will become more expensive as costs increase across the board, from trading and clearing, to compliance and reporting," he said. Publication Securities

News Article The CFTC imposed total fines of $2 million on two traders for excessive speculation in U.S. rice futures as prices raced to all-time highs in 2008. The action puts a spotlight on whether speculative trading fuels commodity prices just as the cost of food, oil and metals once again rallies. Publication Reuters Date January 26, 2011 Cross References Dodd-Frank Act, Title VII, Sec. 737

News Article The CFTC unveiled two proposals on Wednesday that would require funds, commodity pools and commodity trading advisors file reports to regulators on their operations, part of a sweeping series of Wall Street reforms. The futures regulator's five commissioners voted unanimously to support the plans at a public meeting. Scott O'Malia, a Republican commissioner, said the new requirements would rescind certain reporting requirement exemptions for commodity pool operators (CPOs) and commodity trading advisors (CTAs). "I continue to support the repeal of certain exclusions to

SEC Release 34-63764 (MSRB Rulemaking) The SEC granted approval to amendments to MSRB Rule A-3. The rule change relates to the establishment of Nominating Committee for membership on the Board. Date January 25, 2011 Cross References SR-MSRB-2010-17 MSRB Rule A-3

The International Securities Lending Association has published a series of recommendations for fixed income securities loans nearing their redemption date. The purpose of the guidance is to prevent the complications which can arise where 'on loan' redemptions occur at the same time as the collection of income derived from coupon payments. Date January 26, 2011