FIA Unveils New Brand
FIA unveiled a new brand at its annual conference in Boca Raton, Florida. The new brand is designed to reflect the association's expanded mission as a global organization that unites and empowers members across Asia, Europe and the Americas. In conjunction with this mission, FIA will launch a new website in late 2014.
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FIA NEWS
May 2007
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Supreme Court Agrees to Hear Klein vs. Nybot Case
The Supreme Court on May 21 granted a petition to hear the case Klein & Co. Futures, Inc v. Board of Trade of the City of New York, et al. The case raises an important issue regarding whether futures commission merchants have a private right of action against futures exchanges and clearing houses under the Commodity Exchange Act. The case will be briefed over the summer and argued in the fall. The petitioner is represented by Drew Days of Morrison & Forrester. The respondent is represented by Edmund Schroeder of Cadwalader, Wickersham & Taft. The FIA filed a brief as "amicus curiae," which was prepared by Chris Landau and Mark Young of Kirkland & Ellis. The FIA has taken an interest in this case because of its implications for the futures industry. The FIA's brief argued that the Second Circuit "clearly erred" by interpreting Section 22 of the CEA to deprive futures commission merchants of standing to bring a private right of action against registered entities such as exchanges. "That error affects the interests not only of the parties to this case, but of the entire futures industry, by exposing futures commission merchants to substantial financial harm resulting from bad faith misconduct by registered entities without any remedy," the FIA’s brief stated.

Supreme Court Docket
Brief of Amicus Curiae FIA In Support of Petitioner

 
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FRIDAY, APRIL 18 
> The realities behind myths in the commodity futures market (The Hindu Business Line)117
> Morgan Stanley and Goldman Sachs Adjust to New Banking Climate (NY Times)102
> European venues cool on CFTC registration (FOW Intelligence)97
> Goldman looks to fight rivals with capital advantage (FT)90
> Goldman Sachs reveals profit dip amid 'dark pools' furore (The Independent)86
> Banks Tell Fed Commodity Business Benefits Outweigh Risks (Bloomberg)79
> U.S. SEC proposes rules for security-based swap dealers (Reuters)77
> Head of derivatives lobbying group ISDA to step down (Reuters)74
> Nifty surge traps ultra rich options traders (Economic Times)74
> Banks Fight Back on Commodities (WSJ)72
> Congress Unlikely to Act on HFT (Markets Media)72
> Taiwan Regulator Penalizes Bank Over Derivatives Sales (WSJ)71
> Virtu Indefinitely Postpones IPO (WSJ)68
> Pickel to step down as Isda chief (Financial News)68
> Global accounting body airs possible reform of bank hedging rule (Reuters)68
> High-frequency trading firm Virtu postpones IPO (CNBC)67
> EU watchdog chief sees no clearing requirement for forex (Reuters)64
> Swaps and Derivatives Trade Group Chief Robert Pickel to Step Down (WSJ)63
> Morgan Stanley and Goldman Sachs Adjust to New Banking Climate (NY Times)62
> Deutsche Börse hopes that its philosophy has global appeal (FT)61
> Zambia sees first currency futures contract (Risk.net)61
> Virtu Financial Said to Shelve I.P.O. Plans (NY Times)61
> P&M: ISDA chief executive Pickel to leave after 17 years (IFR)60
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E-clips users: Please note that these news stories are drawn from independent sources. The FIA does not verify or endorse any of these articles, and takes no responsibility for their contents. Please contact Will Acworth at the FIA if you have any questions or suggestions regarding this service. (202) 466-5460