News Article The fierce debate over a new regime to curb speculation in commodity markets raged in the days leading up to a key vote by the U.S. futures regulator as industry and lawmakers tried to press their views. The CFTC has not yet provided detailed text for its position limit proposal, but ISDA and SIFMA said they were "deeply concerned" the plans presented in December could hurt market liquidity and increase costs for companies that use futures and swaps to hedge their price risk. They encouraged the CFTC to consider a larger limit for passive investment funds. Publication Wall Street

SEC Litigation Release The SEC filed an injunctive action against CytoCore, Inc., the former chairman of its board ("Chairman"), and the company's CEO and CFO, alleging that they engaged in violative conduct relating to trading in the company stock and as to the Chairman's compensation. Among other things, the SEC complaint alleges that the Chairman acted as an unregistered broker by receiving transaction-based compensation for soliciting investors in the company. Document Number SEC LR-21811 Date January 13, 2011 Cross References (links may require a Cabinet subscription) SEC Complaint

ISDA/SIFMA In a joint comment letter to the CFTC submitted prior to the issuance of the proposed rule, Isda and Sifma express "deep concerns" regarding the rules that the CFTC is considering and urge the agency to "make significant changes" to the proposed rule before making it public. Among the letter's points are i) urging that the focus of the limits be solely to prevent manipulation or market disruption (as opposed to Chairman Gensler's view that limits are for preventing "excessive speculation); ii) imposing limits only on physically-settled contracts held in the spot month; iii)

European Parliament In relation to the proposed regulation of the European Parliament and of the Council on short selling and certain aspects of credit default swaps: (i) debate or examination by the Council is expected to be set for 15 March 2011; and (ii) political agreement by the Council on the final act is expected on 17 May 2011. Date January 11, 2011

European Parliament In relation to the proposed regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories: (i) debate or examination by the Council is expected on 15 February 2011; (ii) a Parliamentary report is scheduled for adoption in committee (with a first or single reading) on 22 March 2011; (iii) the Parliament plenary sitting is expected on 10 May 2011; and (iv) political agreement by the Council on the final act is expected on 17 May 2011. Date January 11, 2011