On June 12th, the SEC designated July 28, 2013 as the date by which it will approve, disapprove, or institute disapproval proceedings regarding the Chicago Mercantile Exchange's ("CME") proposed adjustments to the liquidity risk factor component of its credit default swap margin model. CME proposes to use an index portfolio's market risk rather than its gross notional as the basis for determining the margins associated with the liquidity risk factor component. SEC Release No. 34-69743.