European Association of Co-operative Banks The European Association of Co-operative Banks ("EACB") published a critical paper on the consultation on the European Commission's proposed Securities Law Directive ("SLD"). Date January 21, 2011 Cross References (links may require a Cabinet subscription) EU Roadmap on a Securities Law Directive

News Article Article noting the link between higher commodity prices and the political push in the U.S. to impose position limits to mitigate those prices. The article quotes Tom LaSala, chief regulatory officer at the Chicago Mercantile Exchange, as stating that the CFTC proposal represented a step in the wrong direction: "Position limits do have a place - CME Group employs position limits in its agricultural commodities, as well as a combination of position limits and position accountability standards in its energy and metals contracts. "Rather than hard limits, we believe exchange-position

SEC Release (Nasdaq Rulemaking) The SEC declared immediately effective a Nasdaq proposal to reduce the costs of executing trades and providing "depth of book" data products for Nasdaq firms that service "non-professional" (retail) users with which the firm has a brokerage relationship. The filing is intended to address a concern that retail orders are increasingly being executed by internalizers (i.e. off exchanges), and thus lacking pre-trade transparency, exposure, or order interaction. The filing contains a lengthy discussion from Nasdaq as to competition in the market for transaction

News Article The CFTC may remove regulations that for more than a decade treated agricultural swaps and commodity options differently than other transactions in the $583 trillion swaps market. The Commission is considering a proposal that would put agricultural swaps under the same rules as interest rate, credit and other types of swaps. Approval by commissioners would open the measure to public comment before it is completed. Publication Bloomberg Date January 20, 2011 Cross References (links may require a Cabinet subscription) Dodd-Frank Act, Title VII, Sec. 723

News Article The CFTC unveiled a plan on Thursday that would lower the threshold for traders in agricultural swaps. Existing regulations hold agricultural swaps to a tougher standard than the rest of the over-the-counter derivatives market. The commission proposed to reconcile the difference, as part of the Dodd-Frank financial overhaul law. Under the agency's proposed rules, agricultural swaps traders would only need a $1 million net worth. Traders previously had to have $10 million to qualify. The lower threshold will allow smaller farmers - and other buyers and sellers of corn, wheat and