On January 3, the Commodity Futures Trading Commission issued an order rejecting a motion filed by the International Swaps and Derivatives Association (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) requesting that the CFTC stay the effective date of its final and interim final position limit rules pending resolution of the judicial challenge filed by ISDA and SIFMA on December 2, 2011. The CFTC rejected the motion by a vote of 3 to 2. A copy of the CFTC order is available here.

On January 4, the CFTC filed a motion requesting the U.S. Court of Appeals for the District of Columbia Circuit dismiss for lack of subject matter jurisdiction the “petition for review” that was filed on December 2, 2011 by ISDA and SIFMA, seeking judicial review of the CFTC’s recently promulgated position limit rules. In addition, the CFTC also filed a motion to hold the judicial proceedings in abeyance pending the court’s resolution of the motion to dismiss.