Press Releases 6102-11 September 1, 2011 CFTC Chairman Gary Gensler, writing in an op-ed piece in Politico, states that "the CFTC [has] turned an important corner, as we began finalizing rules to make a more open and transparent derivatives market," and that "commissioners and staff are working day and night to put up the necessary street lamps to bring the swaps market out of the shadows and the traffic signals to protect the public from another financial crash." Arguing that swaps "heightened risk on Wall Street" during the 2008 financial crisis, he conclude that "until we complete our

September 1, 2011 The Financial Services Authority has obtained an interim injunction from the English High Court to restrain the operations of a number of companies it believes have participated in the market manipulation in UK listed shares. The alleged manipulation involved the process of 'layering', by which the various entities are alleged to have created a false impression as to the supply and demand of shares by placing large orders for shares which they had no intention of allowing to trade. The FSA's overall investigation of the matter and the associated court case are set to continue

Office of Fair Trading August 31, 2011 The Office of Fair Trading (the " OFT") has updated its guidance on 'Unfair Relationships - Enforcement Action under Part 8 of the Enterprise Act 2002'. The update has been made in the light of developments - in particular, the publication of OFT guidance on irresponsible lending - and to take account of relevant court judgments. The OFT has also re-ordered some of the content of the guidance in order that it is more closely aligned with the format of more recently published OFT Guidance. This version of the guidance supersedes and replaces previous

Financial Services Authority August 31, 2011 The FSA has published a decision notice for Swift Trade Inc (" Swift Trade") indicating that it has decided to fine Swift Trade pound;8m for market abuse. In the decision notice dated 6 May 2011, the FSA set out its decision to fine Swift Trade, a non-FSA authorised Canadian company with global operations, for systematically and deliberately engaging in a form of manipulative trading known as "layering". In the FSA's opinion, between 1 January 2007 and 4 January 2008, Swift Trade's manipulative trading caused a succession of small price movements in

European Securities and Markets Authority August 25, 2011 Acting together and with the encouragement of ESMA, regulators from Belgium, France, Greece, Italy and Spain have each published a press statement to announce an extension to the existing restrictions on short selling within their respective jurisdictions. The regulators are expected to consult further throughout September to assess the conditions in which the restrictions on short selling may be relaxed.