FUTURES INDUSTRY
CONSUMER FUNDS PROTECTION
FIA Updates Customer Funds Protection Guide

FIA issued an updated version of its guide to the rules and regulations for U.S customer fund protections. The guide provides futures commission merchants and their customers with simple, easy-to-use information about how customer funds are protected in futures and cleared swaps markets.
Read the Guide


SEF TRACKER
FUTURES INDUSTRY
FIA NEWS
May 2007
>
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

 
>FIA Newsroom
 
Advertisement
 
LinkedIn
@FIAAmericas
Facebook
SmartBrief
FRIDAY, JULY 25 
> JP Morgan refocuses clearing unit on Europe (Financial News)21
> Departing O'Malia stresses SEF data challenge (Euromoney)20
> CFTC issues no-action relief from electronic reporting requirements in OCR Final Rule (Hedgeweek)20
> Banks Face Accounting-Rule Overhaul to Prevent Fire Sales (Bloomberg)19
> Republican objections to Dodd-Frank 'schizophrenic' (Risk.net)18
> Eurex revenues hit by weak trading environment (FOW magazine)4
> Citigroup Names Boyle as Global Head of Equity Derivatives (Bloomberg)4
> OTC market fragmentation rises in wake of Sef trading (FX Week)4
> Lloyds close to settlement over Libor rigging allegations (The Telegraph)4
> ASX lowers fees to boost competitiveness (Finance News Network)3
> Deutsche Banks expands cost cutting programme -paper (Reuters)3
> High-Frequency Traders Find Microwaves Suit Their Need for Speed (Bloomberg)3
> DTCC Announces Settlement and Collateral Initiatives (Waters)3
> Citi loses equity derivatives sales official to BAML (GlobalCapital)3
> FCA keeps narrow scope in currency-rigging settlement (Futures)3
> LME rolls out electronic network to speed up trade with Asia (South China Morning Post)3
> Don't tell anybody about this story on HFT power Jump Trading (Bloomberg)3
> Libor Fixing Scandal: Lloyds Edges Towards '£300m' Settlement with Regulators (International Business Times)3
Read More E-clips »
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 Heather Vaughan at the FIA if you have any questions or suggestions regarding this service. (202) 466-5460