Regulatory Responses to the Market Events of May 6, 2010

SIFMA provides comments to the Securities and Exchange Commission (SEC) on the Joint Commodity Futures Trading Commission (CFTC)-SEC Advisory Committee on Emerging Regulatory Issues report, Recommendations Regarding Regulatory Responses to the Market Events of May 6, 2010, File No. 265-26.  SIFMA supports the Commissions’ efforts to date and recommends certain enhancements to existing initiatives and proposals under consideration. With the implementation of these additional modifications, SIFMA believes that the Commissions will have addressed the primary market structure issues raised by the May 6th events. As a result, SIFMA does not believe that the Committee’s recommendations for more dramatic and sweeping changes to the U.S. market structure, such as a trade-at rule, are warranted.