SIFMA provides comments to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on Harmonization of SEC and CFTC regulation, SEC Release No. 34-60539; File No. 4-588. This issue affects many SIFMA members, including 54 of SIFMA’s largest members, that are registered both as broker-dealers and futures commission merchants. SIFMA strongly supports the effort to harmonize the rules governing securities and futures markets and their participants, and is encouraged by the Commissions’ consideration of ways to harmonize the rules governing the futures and securities markets in the U.S. SIFMA believes the SEC and CFTC should continue their open dialog to review the differences between their regulatory regimes and harmonize them where appropriate.