Both Chairman Timothy Massad of the Commodity Futures Trading Commission and Commissioner Sharon Bowen set forth their priorities before audiences attending the Futures Industry Association Expo in Chicago last week. Among other matters, Mr. Massad indicated that staff currently was working on capital and position limit rules, but provided no insight into a possible time frame, except to say, in connection with the position limits rule, “we are going to take our time to get it right.” Mr. Massad also addressed a number of cross-border issues. He indicated he supported an extension of the end-of year deadline for the staff’s no-action relief that pertained to when a foreign swap dealer conducting certain activities in the US was subject to US transaction requirements. He also noted that the CFTC continued to talk to European regulators regarding their recognition of US clearinghouses. Finally, Mr. Massad discussed the importance of protecting against cyber attacks and the measures the Commission is taking to help ensure “system safeguards.” However, he noted the CFTC’s inability to engage in independent testing, and lamented that “some of our major financial institutions are spending more on cybersecurity each year than our agency’s entire budget.” Ms. Bowen noted that her presentation was her “inaugural speech.” Among her priorities she identified finalizing the CFTC’s rules regarding position limits and addressing the “changing role of technology in the markets.”