BATS Exchange

Non-­Substantive Changes to Exchange System Functionality Proposed

On February 11th, the SEC provided notice of BATS Exchange’s and BATS Y­-Exchange’s separately filed proposals to update their respective rulebooks to reflect current system functionality and include: (i) making clear that orders with a Time­in­Force of Immediate­or­Cancel can be routed away from the Exchange; (ii) specifying the methodology used by the Exchange to determine whether BATS Post Only Orders will remove liquidity from the BATS Book; (iii) adding additional detail to and re­structuring the description of Pegged Orders; (iv) adding additional detail to the description of Mid­Point Peg Orders; (v) adding additional detail to the description of Discretionary Orders; (vi) amending Rule 11.12, Priority of Orders, and Rule 11.13, Order Execution, to provide additional specificity and enhance the structure of Exchange rules describing the process for ranking, executing and routing orders; (vii) adding additional detail to the description of orders subject to Re­Route functionality; and (viii) making a series of conforming changes to Rules 11.9, 11.12 and 11.13 to update cross­references. Comments should be submitted within 21 days after publication in the Federal Register, which is expected during the week of February 16.

BOX Options Exchange

Trading of Preferenced Orders Approved

On February 5th, the SEC approved BOX Options Exchange’s proposed adoption of new BOX Rule 7300 to establish a program that will permit Participants to submit Preferenced Orders to Market Makers and for Maker Makers to receive Preferred allocations on such orders. SEC Release No. 34­74210.

Financial Industry Regulatory Authority

Expansion of TRACE Reporting Proposed

On February 9th, the Financial Industry Regulatory Authority (“FINRA”) requested comment on a proposal that would expand dissemination of TRACE data to include additional Securitized Products, specifically,

collateralized mortgage obligations, commercial mortgage­backed securities, and collateralized debt obligations. The FINRA is proposing to reduce the reporting time frame for these additional Securitized Products from end­of­ day to 45 minutes and, after 9 months, to 15 minutes. The FINRA also is proposing to simplify the reporting requirement for pre­issuance collateralized mortgage obligations. Comments should be submitted on or before April 10, 2015. FINRA Regulatory Notice 15­04.

ATS Fixed Income Quotation Reporting

On February 6th, the FINRA published for comment a proposal that would require alternative trading systems to submit quotation information relating to corporate and agency debt securities to the FINRA solely for regulatory purposes. Comments should be submitted on or before April 7, 2015. FINRA Regulatory Notice 15­03.

ICE Clear

Clearance of Additional Sovereign CDS Approved

On February 11th, the SEC approved ICE Clear Credit’s (“ICC”) proposed adoption of rules that will provide the basis for ICC to clear additional Standard Western European Sovereign credit default swap contracts for the Kingdom of Belgium and the Republic of Austria. SEC Release No. 34­74256.

Revisions to End­ of ­Day Procedures Approved

On February 11th, the SEC approved ICC’s proposed revision to the ICC End­of­Day Price Discovery Policies and Procedures to remove the ability for Clearing Participants to submit end­of­day submissions for Single Name instruments in terms of spread and associated recovery rate. SEC Release No. 34­74257.

Clearance of Sovereign CDS Approved

On February 5th, the SEC approved ICE Clear Europe’s proposal to clear additional credit default swap contracts that are Western European sovereign credit default swap contracts referencing the Kingdom of the Netherlands, the Republic of Finland, the Kingdom of Sweden and the Kingdom of Denmark. SEC Release No. 34­74213.

National Futures Association

Annual Commodity Pool Financial Statements

On February 10th, the National Futures Association advised commodity pool operators (“CPO”) of changes to EasyFile affecting the filing of annual pool financial statements. The changes are effective for all outstanding pool financial statements dated after November 29, 2014. Under the changes, a CPO must complete a Cover Page regarding the pool financial statement and provide one additional balance in the Pool Financial Balances section. NFA Notice to Members I­15­09.

The Options Clearing Corporation

Officers Authorized to Summarily Suspend Members

On February 5th, the SEC provided notice of The Options Clearing Corporation’s (“OCC”) filing of a proposed rule change that would expand the number of OCC officers with the authority to summarily suspend a clearing member. Currently, OCC Rule 1102 provides that only OCC’s Board of Directors and its Executive Chairman may summarily suspend a clearing member. In order to provide greater assurance that OCC would be able to

timely and effectively manage a clearing member default, OCC is proposing to amend OCC Rule 1102 to expand the list of officers who may summarily suspend a clearing member to include OCC’s President or a designee of the Executive Chairman or President of the rank of Senior Vice President or higher. Comments should be submitted on or before March 4, 2015. SEC Release No. 34­74212.

BATS Exchange

Non­Substantive Changes to Exchange System Functionality Proposed

On February 11th, the SEC provided notice of BATS Exchange’s and BATS Y­Exchange’s separately filed proposals to update their respective rulebooks to reflect current system functionality and include: (i) making clear that orders with a Time­in­Force of Immediate­or­Cancel can be routed away from the Exchange; (ii) specifying the methodology used by the Exchange to determine whether BATS Post Only Orders will remove liquidity from the BATS Book; (iii) adding additional detail to and re­structuring the description of Pegged Orders; (iv) adding additional detail to the description of Mid­Point Peg Orders; (v) adding additional detail to the description of Discretionary Orders; (vi) amending Rule 11.12, Priority of Orders, and Rule 11.13, Order Execution, to provide additional specificity and enhance the structure of Exchange rules describing the process for ranking, executing and routing orders; (vii) adding additional detail to the description of orders subject to Re­Route functionality; and (viii) making a series of conforming changes to Rules 11.9, 11.12 and 11.13 to update cross­references. Comments should be submitted within 21 days after publication in the Federal Register, which is expected during the week of February 16.

BOX Options Exchange

Trading of Preferenced Orders Approved

On February 5th, the SEC approved BOX Options Exchange’s proposed adoption of new BOX Rule 7300 to establish a program that will permit Participants to submit Preferenced Orders to Market Makers and for Maker Makers to receive Preferred allocations on such orders. SEC Release No. 34­74210.

Financial Industry Regulatory Authority

Expansion of TRACE Reporting Proposed

On February 9th, the Financial Industry Regulatory Authority (“FINRA”) requested comment on a proposal that would expand dissemination of TRACE data to include additional Securitized Products, specifically, collateralized mortgage obligations, commercial mortgage ­backed securities, and collateralized debt obligations. The FINRA is proposing to reduce the reporting time frame for these additional Securitized Products from end­of­ day to 45 minutes and, after 9 months, to 15 minutes. The FINRA also is proposing to simplify the reporting requirement for pre­issuance collateralized mortgage obligations. Comments should be submitted on or before April 10, 2015. FINRA Regulatory Notice 15­04.

ATS Fixed Income Quotation Reporting

On February 6th, the FINRA published for comment a proposal that would require alternative trading systems to submit quotation information relating to corporate and agency debt securities to the FINRA solely for regulatory purposes. Comments should be submitted on or before April 7, 2015. FINRA Regulatory Notice 15­03.

ICE Clear

Clearance of Additional Sovereign CDS Approved

On February 11th, the SEC approved ICE Clear Credit’s (“ICC”) proposed adoption of rules that will provide the basis for ICC to clear additional Standard Western European Sovereign credit default swap contracts for the Kingdom of Belgium and the Republic of Austria. SEC Release No. 34­74256.

Revisions to End­of­Day Procedures Approved

On February 11th, the SEC approved ICC’s proposed revision to the ICC End­of­Day Price Discovery Policies and Procedures to remove the ability for Clearing Participants to submit end­of­day submissions for Single Name instruments in terms of spread and associated recovery rate. SEC Release No. 34­74257.

Clearance of Sovereign CDS Approved

On February 5th, the SEC approved ICE Clear Europe’s proposal to clear additional credit default swap contracts that are Western European sovereign credit default swap contracts referencing the Kingdom of the Netherlands, the Republic of Finland, the Kingdom of Sweden and the Kingdom of Denmark. SEC Release No. 34­74213.

National Futures Association

Annual Commodity Pool Financial Statements

On February 10th, the National Futures Association advised commodity pool operators (“CPO”) of changes to EasyFile affecting the filing of annual pool financial statements. The changes are effective for all outstanding pool financial statements dated after November 29, 2014. Under the changes, a CPO must complete a Cover Page regarding the pool financial statement and provide one additional balance in the Pool Financial Balances section. NFA Notice to Members I­15­09.

The Options Clearing Corporation

Officers Authorized to Summarily Suspend Members

On February 5th, the SEC provided notice of The Options Clearing Corporation’s (“OCC”) filing of a proposed rule change that would expand the number of OCC officers with the authority to summarily suspend a clearing member. Currently, OCC Rule 1102 provides that only OCC’s Board of Directors and its Executive Chairman may summarily suspend a clearing member. In order to provide greater assurance that OCC would be able to

timely and effectively manage a clearing member default, OCC is proposing to amend OCC Rule 1102 to expand the list of officers who may summarily suspend a clearing member to include OCC’s President or a designee of the Executive Chairman or President of the rank of Senior Vice President or higher. Comments should be submitted on or before March 4, 2015. SEC Release No. 34­74212.