European Banking Authority The European Banking Authority (EBA) officially came into being on 1 January 2011, taking over all existing and ongoing tasks and responsibilities from the Committee of European Banking Supervisors (CEBS). The EBA convened on 12 January 2011 for its first Board of Supervisors meeting. The EBA Board agreed on a strategic work plan for an EU-wide stress test to take place in the first half of 2011, and to publish results in mid-2011. The 2011 stress test will be carried out in cooperation with the national supervisory authorities, the European Systemic Risk Board (ESRB

Commentary Economist Craig Pirrong says the most newsworthy aspect of yesterday's CFTC meeting: Commissioner Michael Dunn expressed skepticism about the need for position limits. "This is newsworthy because Dunn is a Democrat who is widely viewed as a swing vote on the Commission . . . Dunn has a very, very solid basis for his skepticism. Indeed, he echoed a theme I have hammered on for a long time: the lack of any evidence that speculation has actually distorted prices . . . So it's encouraging to see Commissioner Dunn see that the lack of evidence is indeed a problem. It's particularly

News Article Budget constraints could force the U.S. futures regulator to outsource enforcement of planned new trading rules to an industry- funded body, a senior official said Thursday. The CFTC has alerted the industry-backed National Futures Association that it may be asked to shoulder some oversight of the over-the-counter derivatives market handed to the government agency by the Dodd-Frank financial reform law. The CFTC has estimated that 300 to 400 new firms will register with the agency when it assumes oversight of the OTC market. Publication DowJones Date January 13, 2011 Cross

SEC Release (FINRA Rulemaking) The SEC declared immediately effective a FINRA provide members until Feb. 28, 2011 to report certain TRACE transactions that recently became subject to the reporting rules. The extension applies to trades effected between 3/1/2010 and 11/30/2010 in securities not identified by a CUSIP. Document Number SR-FINRA-2011-011 SEC Release 34-63709 Date January 12, 2011 Cross References (links may require a Cabinet subscription) FINRA Rule 6700 Series

News Article CFTC Democratic Commissioner Michael Dunn said that the CFTC needs to find hard data to justify speculative position limits for commodities markets before a final decision can be made on a proposal for the curbs. "I think Congress gave us a very difficult job, and it's incumbent upon our staff to take a look at the information they have, to look at the empirical data that is out there, and then come back and make recommendations to us." Publication Reuters Date January 13, 2011 Cross References (links may require a Cabinet subscription) Dodd-Frank Act, Title VII, Sec. 737