Trading and Markets (US) Content

Last week, the U.S. Court of Appeals for the D.C. Circuit vacated a Securities and Exchange Commission order denying Grayscale Investments, LLC, from listing and trading a spot bitcoin fund on a national securities exchange. In its opinion, the court held that the SEC failed to treat...

On September 6, 2023, the SEC issued an order, in a 3-2 vote, approving amendments related to the National Market System (NMS) Plan governing the funding model for the Consolidated Audit Trail (CAT). The full order is available here, the fact sheet is available here, and the press...

We recently submitted the attached letter to the SEC noting that it has issued a wide range of interconnected rule proposals (the "Interconnected Rules") over the last two-and-a-half years but has failed to consider and analyze the Interconnected Rules holistically.

On July 7, the CFTC approved the "made available to trade" (MAT) determination that Tradeweb's registered swap execution facility (SEF), TW SEF LLC (TW SEF), resubmitted in late May for certain overnight index swaps (OIS) referencing specific risk-free rates. Specifically, the MAT...

The Office of Information and Regulatory Affairs released the Spring 2023 Unified Agenda of Regulatory and Deregulatory Actions on June 13, 2023. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...

ICI is pleased to announce publication of its white paper, Reaching the Debt Limit: Certain Fund Operational and Legal Considerations. If the US debt limit is not increased in a timely and orderly fashion, the US Government may be considered in default on its obligations as they...

ICI has filed the attached comment letter with the SEC on the Tick Size and Access Fee Reduction proposal ("Proposal"). The letter addresses the proposed amendments to Regulation NMS, which would establish variable minimum pricing increments for both the quoting and trading of NMS...

On March 27, ICI filed a comment letter on the SEC's re-proposal of a rule that was initially proposed in September 2011 to implement the prohibition under Section 621 of the Dodd-Frank Act on material conflicts of interest in connection with certain securitizations (the "Re-Proposed...