Exemption from Sub-Penny Rule Extended

On January 22nd, the SEC approved BATS Y-Exchange’s request to extend until January 31, 2016, an exemption from the Sub-Penny Rule in connection with the operation of the Exchange’s Retail Price Improvement Program. SEC Release No. 34-74115.

CME Group

Emergency  Measures

On January 21st, Reuters reported CME Group has authorized its Global Command Center to adjust or remove daily price limits and to determine whether specified trading halts will be observed. The authorization was made in light of the Swiss National Bank’s decision to remove the currency peg between the Swiss franc and Euro. Emergency Measures.

Financial Industry Regulatory Authority

Section 31 Fee Rate

On January 20th, the Financial Industry Regulatory Authority issued an Information Notice on the new Section 31 fee rate applicable to specified securities transactions on the exchanges and in the over-the-counter markets. The new rate will decrease from its current rate of $22.10 per million dollars in transactions to a new rate of $18.40 per million dollars in transactions.

Intercontinental Exchange

Longer Period Designated for Consideration of Proposed Risk Management Changes

On January 16th, the SEC designated March 2, 2015 as the date by which it will approve, disapprove, or institute disapproval proceedings regarding ICE Clear Credit’s proposed updates to its Operational Risk Management Framework. SEC Release No. 34-74082.

Revisions to the Treasury Operations Policies and Procedure Proposed

On January 16th, the SEC provided notice of ICE Clear Credit’s filing of proposed revisions to the ICC Treasury Policies and Procedures that would provide for the use of a Federal Reserve Account, provide for the use of a committed repo facility, and provide for engagement of outside investment managers to invest guaranty fund and margin cash pursuant to ICC’s USD and Euro investment guidelines. These revisions do not require any changes to the ICC Clearing Rules. Comments should be submitted on or before February 13, 2015. SEC Release No. 34- 74084.

Proposed Changes to CDS Pricing Policy Approved

On January 16th, the SEC approved ICE Clear Europe’s proposed revisions to the ICE Clear Europe CDS End- of-Day Price Discovery Policy to incorporate enhancements to its price discovery process. SEC Release No. 34- 74085.

Miami International Securities Exchange

Risk Protection Monitor Proposed

On January 22nd, the SEC provided notice of the Miami International Securities Exchange’s proposed adoption of Rule 519A, Risk Protection Monitor, to provide new risk protections for orders entered by Members on the Exchange. The proposed functionality is similar to the existing Aggregate Risk Protections available to Market Makers that provide risk protections for Market Maker quotations. The Exchange also proposes to codify existing functionality regarding the Aggregate Risk Manager to provide additional transparency in the Rule to Members regarding the current functionality. Comments should be submitted within 21 days after publication in the Federal Register, which is expected during the week of January 26. SEC Release No. 34-74118.

National Futures Association

NFA Increases Forex Minimum Security Deposits

On January 21st, the National Futures Association announced that effective January 22, 2015, the minimum security deposits required to be collected and maintained by FDMs for the Swiss franc, Swedish krona, and Norwegian krone will be increased. Additional increases in these currencies or other currencies will be made as warranted by market conditions. NFA Notice to Members I-15-04.


Disapproval Proceedings Instituted for Quote Mitigation Proposals

On January 16th, the SEC instituted proceedings to determine whether to approve or disapprove NYSE Arca’s and NYSE MKT’s separately submitted proposals that would remove their respective quote mitigation plans. Comments should be submitted on or before February 13, 2015. Rebuttal comments should be submitted on or before February 27, 2015.