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

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
> 'Humongous' Treasury Future Surge Suggests Math Error (Bloomberg)158
> Figure from LME Sumitomo scandal returns (FT)132
> GMAC/CFTC hosts open meeting regarding Bitcoin and digital currency (Lexology)119
> TriOptima unveils product to assist firms in pairing of reported OTC instruments under EMIR (COOConnect)114
> Addition of T-bill trading to eSpeed signals further expansion (FierceFinanceIT)108
> Indian Powerhouse Bombay Stock Exchange Edges Closer to Acquiring Rival USE (Forex Magnates)107
> Shanghai exchange ready for options rollout (FT)98
> Canada’s TMX acts on predatory HFTs (FT)96
> Citadel 'nervous' about lack of Sef competition (Risk.net)93
> Solving the too-big-to-fail puzzle (FT)93
> The European market data debate (FT)91
> Soc Gen 'Hedge Funds Left Naked By Market Correction' (ValueWalk)90
> Comexes look forward to better times (Business Standard)90
> Fresh turbulence tests post-crisis financial markets (Reuters)89
> Europe's banks face moment of truth from ECB review (Reuters)85
> ECB Tries for Third Time Lucky in European Stress Tests (Bloomberg)84
> CME Eyes London Gold Fixing (MarketsMedia)84
> Euronext introduces higher quality criteria for wheat futures (Reuters)83
> HKEx aims to expand mini contracts to more metals and coal (Buiness Standard)81
> London Metal Exchange plans new products, warehouses in China (China Daily)80
> HKeX signs deal aimed at LME Asia warehouse expansion (Reuters)78
> Singapore exchange plans low grade iron ore swaps, futures (Reuters)77
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