Bad process leads to bad substance. Whether or not one cares about the process of rulemaking or the quality of rules that are adopted, this is a problematic decision. The Court's conclusion that, because the CFTC has called its document "guidance," the requirements that it imposes do not constitute a rule will create deep uncertainty in the market. But a more profound message of the decision may be that the government need not abide by the rules it imposes on itself.

The judge's…

Please note the dissenting opinions, which are well reasoned.

What possible benefit can come of the Investor Advocate's review of the equities market? Why is it efficient for the Advocate's office to research issues of equity structure when the SEC's Division of Trading and Markets, as well as numerous academics and economists, are already looking at this? Given that the Division of Trading and Markets brings special expertise to this area, isn't it completely wasteful for the Investor Advocate to undertake the same task? Likewise, the Division of…

Since changes in the rules governing trading in municipal securities (which make this market more like the equities market) are likely to presage changes in the rules governing trading in private debt securities, firms should consider what a more "equity-like" corporate debt market might require.