DECEMBER 2013 NEWS FIA EXPO 2013 Published by Pageant Media London Thavies Inn House London EC1N 2HA T +44 (0) 20 7832 6500 F +44 (0) 20 7832 6501 New York 1441 Broadway Suite 3024, NY 10018 T +1 212 268 4919 F +1 212 268 4999 EDITORIAL Jeanene Timberlake Managing editor +1 212 268 4910 firstname.lastname@example.org COMMERCIAL Lucy Churchill Group commercial manager +44 (0) 20 7832 6615 email@example.com Sean Creamer Reporter +1 212 268 4938 firstname.lastname@example.org Emily-Jane Stapleton Corporate licence manager +44 (0) 20 7832 6584 email@example.com Gwyn Roberts Group head of content +44 (0) 20 7832 6623 firstname.lastname@example.org EVENTS Beth Hall Head of events +44 (0) 20 7832 6576 email@example.com Indira Peters-DiDio Data manager +1 212 268 4919 firstname.lastname@example.org PRODUCTION Claudia Honerjager Head of production c.honerjager@ pageantmedia.com Sub-editor Eleanor Stanley Sub-editor Luke Tuchscherer Sub-editor DISTRIBUTION Fay Muddle Circulation manager +44 (0) 20 7832 6524 email@example.com PAGEANT MEDIA Charlie Kerr Chief executive Printed by The Manson Group ISSN# 726-98790 © 2013 Pageant Media Ltd. All rights reserved. COPYRIGHT NOTICE: No part of this publication may be copied, photocopied or duplicated in any form or by any means without Pageant Media’s prior written consent. Copying of this publication is in violation of the Federal Copyright Law (17 USC 101 et seq.). Violators may be subject to criminal penalties as well as liability for substantial monetary damages, including statutory damages up to $100,000 per infringement, costs and attorney’s fees. The next WALL STREET LETTER will be available the week of 01/13/14 The upcoming issue will feature our regular industry news coverage. Until then, news items will be available on our website at www. wallstreetletter.com Gensler hints at open access focus with SEF rule reviews A review of swaps execution facility rulebooks by the CFTC may include a particular focus on open access to the platforms in line with requirements of the Dodd-Frank Act, according to comments from CFTC Chairman Gary Gensler at the Futures Industry Association’s 29th Annual Futures & Options Expo. In his address to attendees last month in Chicago, Gensler responded to an early question about ensuring open access by discussing the Commission’s efforts to maintain open access on SEF platforms, the first of which have been operating since the beginning of October. Due to the speedy nature of the approvals for the first venues, which Gensler noted was intended to allow multiple venues to launch in the first wave, SEF operators are already anticipating a closer review of their rulebooks. But Gensler noted the reviews, which could take several years to complete, may be an opportunity for the Commission to ensure compliance with open access provisions, among other things. “We may be going back and looking at some rulebooks and saying, 01 CONTINUED... She also noted participants want to see detailed information about how the venues plan to handle outages and technology glitches. “We could take some lessons from the SEC and what they have been requesting now from equities exchanges,” she added. Rick McVey, CEO of MarketAxess, indicated he wouldn’t be opposed to adding those details to the rulebooks ‘No, that’s a provision over there that really is inconsistent with impartia X??\??8?&x?'HH?ZY???[??\?[????YH??[Z\??[?\??Y?[??[???????]??T??[?Y\???Q??Y?\??][??]??[[??[H??\?]H[?HT??H??Y]\??[X[?][K\?[??Y[???X?HZY[????\?\??B?]\??\?Y????]?\X?][????[HH\???H??\]Z\?[??T??Y?\??][?\??[??????[??\??Y??H?[?Y\?[??Y[??[\\?^?[???Z\?X??\???[??\?????YY?YH?Y????[?[??H[????Y??V?S??T? ?U????\?\H????Y\??]H?[??[?[?[??[Y?????H?\?\H????X\??][????[??H]????\????K[?[????????Y[??Y?\??Z[??[Y?H???Y\?[??[?H?X?[??]H?[??XZ?[??]?]\?Z[?][?X???[??H?????[Y?]H?P?\?[???]\??YH\?H?\?[X?[[??H\??H^?[??H??X???[???[?[?[??H\??YH???Y[??[?\???\?\x?&\??\??[??[\?H^?[??B??[?]\?Z[?H][??\?[X?[[??H^\???H???[??]Y??\?[??\??]?Y[?H?Y?\?[??H?X?\?Y?\?B??\??[\??[?\?^?[???\?[[Y[????][????Y???\??[??HX????B???\?\?Z?[H[\???X?K???'?H?\?]H[?Y??\?[?X\??]?[?\??]?\??\??]Y??\?[????????[?H??&][??[?H?[????\][H[[Z[?]HH[???][??\??[??Y[????????8?'HH?ZY?8?'???H??&][??H?[X???????[???^X?H[Z?K?]H[??[?H\?H?\?[???YH??YH???\??[??H????'B????