This is the second FINRA settlement this month for failure to include a required "No Remuneration" indicator on TRACE reports. (See .) In light of FINRA's focus on this issue, firms should review the requirements of FINRA Rule 6730(d)(1)(A) and FINRA Rule 6730(d)(4)(F), as well as related TRACE Reporting FAQs, which explain the circumstances in which TRACE reports should include the No Remuneration indicator.

In addition, the settlement emphasizes the importance of conducting…

This is the third amendment to the CFTC's SEF Exemption Order issued to the Monetary Authority of Singapore and brings the total number of exempt Singapore SEFs to 18. A list of the exempt Singapore SEFs is available . 

This CFTC rule is an important step in expanding access to non-US derivatives exchanges to US market participants. As noted in the rule proposal, FBOTs are currently permitted to grant direct trading access to US FCMs, CPOs and CTAs to place orders for their customers (or for commodity pools, in the case of CPOs). However, FBOTs have not previously been permitted to grant direct trading access to US IBs. This rule fills this gap by permitting FBOTs to grant direct trading access to US IBs to…

Significance of Proposal for U.S. Broker-Dealers

The FCA’s Consultation Paper on is a significant proposal, as it would enable U.S. broker-dealers to provide securities research to UK asset managers under a soft dollar arrangement, and thus fall within the exclusion from regulation as an investment adviser under the U.S. (the "Advisers Act"). The FCA Consultation Paper references similar legislative initiatives in the EU. If adopted, these proposals would collectively enable U.S.…