Commissioner Behnam's first published speech covers a lot of ground, but does not suggest that there are new initiatives that he will spearhead or that there are current initiatives that he opposes. Instead, Mr. Behnam indicates he will be in observation mode for the first part of his tenure.

In many ways, Mr. Behnam's speech is similar to the by CFTC Chair J. Christopher Giancarlo on Monday. Both Mr. Giancarlo and Mr. Behnam expressed broad support for the policy aims of Title VII…

The extension is consistent with . Presumably, by the time this no-action letter expires, the relevant rules will be fixed.

This is a very clear message to firms that they must review their order routing and best-execution procedures.

Chair Giancarlo's remarks are a blunt criticism of prior rulemakings. Mr. Giancarlo has been consistent in arguing that, while the government should regulate markets, it should not dictate or reinvent market structures (and, if it is so ambitious as to do so, it should at least check whether its dictates are having the intended effect). Notwithstanding this criticism of prior rulemakings, the Chair has nothing but good things to say about Dodd-Frank. Even those who do not share this optimism…