CFTC Press Release May 11, 2011 The CFTC announced that a federal court entered a consent order requiring FX Trading, LLC (FX Trading), of Iselin, N.J., to pay a $110,000 civil monetary penalty for failing to satisfy the minimum financial requirements for CFTC-registered futures commission merchants (FCMs). FX Trading has been registered with the CFTC as an FCM since October 14, 2005. The consent order stems from a CFTC enforcement action filed on December 7, 2005, alleging that, since at least October 31, 2005, FX Trading failed to comply with the minimum net capital requirements it must meet

FSA Decision Notice May 12, 2011 The FSA has published two decision notices for enforcement decisions that have been referred to the Upper Tribunal (the "Tribunal"). These are the first decision notices to be published under a power given to the FSA by parliament in 2010. Stuart Unwin and Derek Wright have both referred their cases to the Tribunal. The Tribunal may uphold, vary or cancel the FSA's decisions. The Tribunal's decision will be publicised on its website. Cross References Decision Notice: Stuart Unwin Decision Notice: Derek Wright Final Notice: Mary Dorothy Right

CFTC Rule May 12, 2011 The CFTC is extending the comment period for proposed rulemaking that was first published in the Federal Register on April 28, 2011 so that the comment period will run concurrently with the comment period for the proposed rulemaking on capital requirements being published today. The proposed rules would establish initial and variation margin requirements for swap dealers and major swap participants. Cross References Dodd-Frank Act, Title VII, Sec. 731; new CEA Sec. 4s (e); 17 CFR Part 23

Bank for International Settlements May 11, 2011 On 11 May 2011, the Bank for International Settlements' Basel Committee (" BIS") published its Range of Methodologies for Risk and Performance Alignment of Remuneration. The report is intended to enhance banks' and supervisors' understanding of risk-adjusted remuneration. BIS aims to promote and introduce risk-adjusted, economically efficient remuneration schemes as opposed to traditional remuneration structures based solely on profits.

CFTC Notice May 12, 2011 The CFTC is proposing to adopt capital, financial reporting, and recordkeeping requirements for certain swap dealers (SDs) and major swap participants (MSPs), as well as proposing to amend certain capital requirements for futures commission merchants (FCMs) that also register as SDs or MSPs and supplemental capital requirements, and supplemental financial reporting requirements for these FCMs. The comment period for the proposed rules is being aligned with that of the Commission's proposed rulemaking on margin requirements so that commenters will have the opportunity