The FIA commends the Treasury Department for taking a comprehensive look at the U.S. regulatory system and for recognizing the many benefits of the regulatory system that now applies to U.S. futures markets administered by the Commodity Futures Trading Commission. The FIA has long agreed with Treasury’s view that modern market realities compel the CFTC and the Securities and Exchange Commission to enhance their coordination and cooperation efforts. The Memorandum of Understanding recently entered into by the two agencies also reflects this view and the leadership of both agencies should be commended for their efforts. In the longer term, FIA stands ready to work with all interested parties on the many important issues raised by this proposal in order to develop constructive solutions that benefit our customers and the financial integrity of our markets.

The FIA is the leading trade organization for the futures industry. Its membership includes the world’s largest futures brokers as well as leading derivatives exchanges from more than 20 countries. For more information, please contact Mary Ann Burns (maburns@futuresindustry.org) or Will Acworth (wacworth@futuresindustry.org) at (202) 466-5460.

• Richard Berliand, managing director, futures and options, J.P. Morgan Securities Ltd, was elected chairman
• Kenneth M. Ford, managing director, Credit Suisse, was elected vice chairman
• Ira Polk, vice chairman and chief administrative officer, Man Financial, was elected secretary and treasurer

• Robert Fink
• Todd Petzel, managing director, chief investment officer, Azimuth Trust Company

• Thomas Callahan, managing director, head of global futures, Merrill Lynch Pierce Fenner & Smith Inc.
• Robert T. Cox, managing director and head of futures, HSBC Securities (USA) Inc.
• Christopher Hehmeyer, chief executive officer, Penson GHCO

• Richard Berliand, managing director, futures and options, J.P. Morgan Securities Ltd
• Richard A. Ferina, chairman and chief executive officer, Calyon Financial Inc.
• Ronald M. Hersch, senior managing director, Bear, Stearns & Co. Inc.
• M. Clark Hutchison, global co-head of exchange-traded derivatives, UBS Securities LLC
• Jeffrey Jennings, managing director, global head of futures, Lehman Brothers Inc.
• Peter J. McLady, head of global exchange services, Deutsche Bank AG
• Ira Polk, vice chairman and chief administrative officer, Man Financial Inc.
• Dennis Scurletis, managing director, global head of futures, Morgan Stanley

• Philippe Buhannic, president and chief executive officer, TradingScreen Inc.
• George E. Crapple, co-chairman and co-chief executive officer, Millburn Ridgefield Corporation
• Edward J. Rosen, partner, Cleary Gottlieb Steen & Hamilton

• Patrice Blanc, chairman and chief executive officer, Fimat Group
• Chris Damilatis, managing director, head of listed futures, Prudential Bache Commodities, LLC
• Michael C. Dawley, managing director, Goldman, Sachs & Co.
• Kenneth M. Ford, managing director, Credit Suisse Securities (USA), LLC
• Alasdair Hodge, head of listed derivatives, prime services and e-commerce, Barclays Capital Inc.
• Najib Lamhaouar, managing director, head of global futures, Citigroup Inc.
• David S. Mitchell, partner, Fried, Frank, Harris, Shriver & Jacobson LLP
• Kenneth M. Raisler, partner, Sullivan & Cromwell
• Michael Riccardi, deputy chief operating officer, Tudor Investment Corporation
• Mark Rosenberg, chairman and chief investment officer, SSARIS LLC
• Steven R. Winter, managing director, head of fixed income prime brokerage, Banc of America Securities

FIA is the national trade organization for the futures industry. Its membership includes more than 40 of the largest futures commission merchants. FIA estimates that its members are responsible for more than 90 percent of all public customer business executed on U.S. contract markets.

For information, please contact Mary Ann Burns (maburns@futuresindustry.org) or Will Acworth (wacworth@futuresindustry.org) at (202) 466-5460.

###

For more information, contact:

Mary Ann Burns or Will Acworth
maburns@futuresindustry.org; wacworth@futuresindustry.org
202-466-5460

• Press Release

For many years, FIA has expressed its concern about the lack of meaningful competition among U.S. futures exchanges and their clearing facilities. To address this situation, FIA has championed the entry of new U.S. exchanges and clearing facilities as well as the creation of new U.S. market structures.

Recently, FIA has considered these issues in light of the proposed CME-CBOT merger. FIA acknowledges that the merger could have short-term cost savings and operational efficiencies. In FIA’s view, however, the CME-CBOT merger would concentrate significant market power in the new CME Group, substantially lessen competition among U.S. futures exchanges, and raise even higher the barriers to entry for new competitors. FIA understands that various market structure alternatives could potentially overcome the anti-competitive effects of the merger and is considering internally the efficacy of those alternatives as well as their impact on the long-term competitive landscape of the U.S. futures markets.

About FIA
FIA is the national trade organization for the futures industry. Its membership includes more than 40 of the largest futures commission merchants. FIA estimates that its members are responsible for more than 90 percent of all public customer business executed on U.S. contract markets.

###

For more information, contact:

Mary Ann Burns or Will Acworth
maburns@futuresindustry.org; wacworth@futuresindustry.org
202-466-5460

"FIA applauds the Commission's action to strengthen futures exchange self-regulation. FIA has participated extensively in the Commission's multi-year consideration of major reforms that would serve the needs of all market participants. While the final package does not go as far as we recommended in some areas, I believe the reforms will enhance public confidence in the integrity of U.S. futures exchange markets, when implemented."

About FIA
FIA is the national trade organization for the futures industry. Its membership includes more than 40 of the largest futures commission merchants. FIA estimates that its members are responsible for more than 90 percent of all public customer business executed on U.S. contract markets.

###

For more information, contact:

Mary Ann Burns or Will Acworth
maburns@futuresindustry.org; wacworth@futuresindustry.org
202-466-5460

“I am shocked and saddened by the sudden death of Harry Falk. He was one of the real veterans in our business. The contributions that Harry made to the international softs market are unmatched. This is a tremendous loss to our industry. Our sympathies go out to his family and his many, many friends.”

About FIA
FIA is the national trade organization for the futures industry. Its membership includes more than 40 of the largest futures commission merchants. FIA estimates that its members are responsible for more than 90 percent of all public customer business executed on U.S. contract markets.

###

For more information, contact:

Mary Ann Burns or Will Acworth
maburns@futuresindustry.org; wacworth@futuresindustry.org
202-466-5460

"FIA EGUS will significantly reduce the cost and the time it takes to establish give-up agreements for both customers and brokers," said FIA Chairman Richard Berliand, managing director, futures and options for JPMorgan. "The feedback from both the industry and the customers has been extremely positive."

Fifteen firms have agreed to be "supporting FCMs," pledging to fund and use the system: Banc of America Securities, Barclays Capital, Bear Stearns, Calyon Financial, Citigroup, Credit Suisse, Deutsche Bank, Fimat Group, Goldman Sachs, JPMorgan, Lehman Brothers, Man Financial, Merrill Lynch, Morgan Stanley and UBS.

Markit's trade processing platform will automate the give-up process, enabling brokers to track agreements, rate changes and payments more efficiently. An important benefit will be the use of electronic signatures instead of paper-based signatures, which will improve the processing of give-ups and reduce execution costs significantly. Data will be delivered electronically to exchanges, clearinghouses and customer systems, streamlining execution brokerage practices. The platform will be open to all executing and clearing brokers regardless of FIA membership.

The FIA developed the "uniform brokerage execution services (give-up) agreement" in 1995. Although paper agreements will continue to be used, the system will provide a faster and more secure way of putting the agreements in place and managing changes in the agreements.

About FIA
FIA is the national trade organization for the futures industry. Its membership includes 35 of the largest futures commission merchants. FIA estimates that its members are responsible for more than 90 percent of all public customer business executed on U.S. contract markets.

About Markit
Markit Group Limited is the leading provider of independent data, portfolio valuations and OTC derivatives trade processing to the global financial and commodities markets. The company receives daily data contributions from over 70 dealing firms, and its services are used by over 600 institutions to enhance trading operations, reduce risk and manage compliance. For more information, please contact Teresa Chick at teresa.chick@markit.com or +44 (0)20-7260-2094.

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For more information, contact:

Mary Ann Burns or Will Acworth
maburns@futuresindustry.org; wacworth@futuresindustry.org
202-466-5460

• Joint Press Release
• EGUS Brochure
• FI Magazine article Give Ups Go Online

During the test, which accounted for more than 80 percent of normal market trading volume, firms and service bureaus were able to connect simultaneously by utilizing backup data centers and communications links, alternative trading sites and alternate operations facilities to place test orders, receive simulated executions and conduct settlement and payment interactions. The test achieved a 95 percent overall success rate and did not encounter significant complications for any individual exchange or firm. When problems did arise, most were resolved quickly, allowing the test orders to be placed and processed.

"The test was a tremendous success and based on the results, we fully expect that all facets of the industry would be able to operate effectively during an emergency," said Joseph Sack, executive vice president with the Bond Market Association. "The backup strategies for firms and market entities performed extremely well and industry participants were able to promptly clear most technical issues."

For the first time this year, money markets were included in the test. Money market testing concluded quickly with a 100 percent success rate and confirmed that the major commercial paper dealers would have the ability to effectively communicate with their Issuing Paying Agents using DTCC's Pre-Issuance Messaging System which transmits roughly 80 percent of daily commercial paper.

"This year's test demonstrates once again that the significant amount of resources and time devoted by the industry to BCP planning has paid off," said Mary Ann Burns, senior vice president with the Futures Industry Association.

With the addition of the market data component and expanded participation from service bureaus, the Financial Information Forum (FIF) provided significant input in planning and coordinating vendor involvement in the test.

"Our members include mission critical service providers of market data, execution and trade processing services," said Manisha Kimmel, executive director of the Financial Information Forum. "Their participation is a critical element in maintaining a vital securities trading operation in the midst of an emergency."

The final results of the test and other BCP issues will be discussed at the upcoming SIA Business Continuity Planning Conference in New York City on October 31 – November 1, 2006.

About SIA
The Securities Industry Association brings together the shared interests of more than 600 securities firms to accomplish common goals. SIA's primary mission is to build and maintain public trust and confidence in the securities markets. SIA members (including investment banks, broker-dealers, and mutual fund companies) are active in all U.S. and foreign markets and in all phases of corporate and public finance. According to the Bureau of Labor Statistics, the U.S. securities industry employs nearly 800,000 individuals, and its personnel manage the accounts of nearly 93-million investors directly and indirectly through corporate, thrift, and pension plans. In 2005, the industry generated an estimated $322.4 billion in domestic revenue and an estimated $474 billion in global revenues. (More information about SIA is available at: www.sia.com.)

About TBMA
The Bond Market Association, with offices in New York, Washington, D.C. and London, represents securities firms, banks and asset managers that underwrite, invest, trade and sell debt securities and other financial products globally.

About FIA
The Futures Industry Association is the national trade organization for the futures industry. Its membership includes more than 30 of the largest futures commission merchants as well as futures and options exchanges in more than 20 countries. The FIA estimates that its members are responsible for more than 90 percent of all public customer business executed on U.S. contract markets.

About FIF
The Financial Information Forum (FIF) addresses the implementation issues that impact the financial technology industry across the order lifecycle. FIF provides a collaborative environment for subscribers to benefit from technology, regulatory, and market innovations. Financial institutions, vendors, and exchanges are encouraged to join the Financial Information Forum, which serves as a focal point for coordination and communication on behalf of the industry. More information is available on the FIF website at www.fif.com.

###

For more information, contact:

Mary Ann Burns
maburns@futuresindustry.org
202-466-5460

• Joint Press Release

"Consolidation usually leads to greater efficiencies. We saw how beneficial common clearing was for the users of these markets, and there is no doubt that consolidating the CME and CBOT products onto a single trading platform could lead to additional cost savings. In the coming days I am sure that our members will be weighing the implications of this proposed merger, and in particular the degree to which the expected benefits will accrue to the users of these markets as well as the shareholders.

"Are there questions about the concentration of such a large share of futures trading on a single exchange? Yes, of course there are, and our members will be looking at that as will the regulators."

The FIA is a non-profit trade association for the futures industry based in Washington, D.C. Its membership includes the leading international futures commission merchants and more than 40 derivatives exchanges and clearing organizations from around the world.

###

For more information, contact:

Mary Ann Burns or Will Acworth
maburns@futuresindustry.org; wacworth@futuresindustry.org
202-466-5460

• FIA Press Release

"Dr. Ho's success in transforming Taifex into one of the fastest growing and most dynamic derivatives marketplaces in Asia could not have been achieved without a clear understanding of the regulatory and market structures necessary to attract liquidity from both domestic and international market participants.

"We are confident that his experience at both Taifex and the Chicago Board of Trade, as well as his contacts across the region, will serve him well in bringing together exchanges and market participants to assist each other in developing these markets to the greatest extent possible."

The FIA is making the announcement on the first day of the FIA Asia Derivatives Conference that it is holding in Mumbai in cooperation with four leading Indian derivatives exchanges. This will be a pan-Asian event, much like the FIA's conference last year in Beijing, China, and will feature speakers from Dubai, Japan, Korea, Singapore and Taiwan as well as from the U.S. and Europe.

FIA Asia will be based in Asia and will seek to promote the further development of Asia-Pacific derivatives exchanges through the following activities:

• collect and disseminate information about exchanges, clearing organizations and regulators in the area;
• support the adoption of international standards and best practices in product design, exchange membership, clearing functions, market integrity and financial safety rules;
• work for better public understanding of the benefits of derivatives markets;
• encourage cross-border trading and improved access rights;
• present a unified industry voice to market officials;
• establish working groups to address specific industry issues; and
• promote cross-industry discussion through annual conferences and other events.

Membership will be open initially to clearing firms, exchanges, accounting and law firms, technology providers and other companies active in the Asia-Pacific derivatives markets. Membership will be voluntary; the organization will be a purely private sector trade association and will not be affiliated with any governmental or regulatory authorities.

After joining Taifex in November 2000, Dr. Ho and his colleagues lobbied relentlessly for support from financial regulators and local players to remove barriers to trading and to increase foreign participation. Among the measures that were taken in response to this effort were a substantial reduction in transaction tax rates, permission for foreign investors to trade Taifex products for non-hedging purpose, and the creation of omnibus accounts.

Earlier in his career, Dr. Ho worked for nine years at the Chicago Board of Trade as senior director for Asian business development. During that time, he traveled extensively in the Asia-Pacific region to promote CBOT products to regulators, exchanges, futures commission merchants and end-users.

He has a Ph.D. in agricultural economics from Virginia Polytechnic Institute and State University, a Masters in economics from North Carolina State University, and a B.S. and a M.S. degree from National Taiwan University.

The FIA is a non-profit trade association for the futures industry based in Washington, D.C. Its membership includes the leading international futures commission merchants and more than 40 derivatives exchanges and clearing organizations from around the world.

For more information, please contact Mary Ann Burns (maburns@futuresindustry.org) or Will Acworth (wacworth@futuresindustry.org) at +1 202 466-5460, or contact Foo-shiung Ho at fho@fiaasia.org or +886 2 2366 8146. More information on FIA Asia is availableat www.fiaasia.org.

###

For more information, contact:

Mary Ann Burns or Will Acworth
maburns@futuresindustry.org; wacworth@futuresindustry.org
202-466-5460

• FIA Asia Press Release

• Richard Berliand, managing director, global head of futures & options, JPMorgan, waselected chairman
• Kenneth Ford, managing director, global head of listed derivatives, Credit Suisse, waselected vice chairman
• Ira Polk, executive vice president, Man Financial, was elected secretary
• Wendell Kapustiak, managing director, Merrill Lynch, was elected treasurer

• Alasdair Hodge, head of listed derivatives prime services and e-commerce, BarclaysCapital
• Najib Lamhaouar, managing director, head of global futures, Citigroup Global Markets
• Michael Riccardi, deputy chief operating officer, Tudor Investment Corporation.

• Patrice Blanc, chairman and chief executive officer, Fimat Group
• Chris Damilatis, managing director, Prudential Financial Derivatives
• Michael Dawley, managing director, Goldman, Sachs & Co.
• Kenneth Ford, managing director, global head of listed derivatives, Credit Suisse
• Wendell Kapustiak, managing director, Merrill Lynch
• William McCoy, managing director, Morgan Stanley
• Peter McLady, global head of global exchange services, Deutsche Bank
• David Mitchell, partner, Cadwalader, Wickersham & Taft
• Kenneth Raisler, partner, Sullivan & Cromwell
• Mark Rosenberg, chairman and chief investment officer, SSARIS Advisors
• Mark Rzepczynski, president and chief investment officer, John W. Henry & Co.
• Steven Winter, managing director, head of fixed income prime brokerage, Banc ofAmerica Securities

• Robert Fink
• Todd Petzel, managing director, chief investment officer, Azimuth Trust Company

• Richard Berliand, managing director, global head of futures & options, JPMorgan
• Philippe Buhannic, president and chief executive officer, TradingScreen
• Kevin Collins, global head of futures, ICAP
• George Crapple, co-chairman and co-chief executive officer, Millburn Ridgefield
• John Damgard, president, Futures Industry Association (ex officio)
• Richard Ferina, chairman and chief executive officer, Calyon Financial
• Ronald Hersch, senior managing director, Bear, Stearns & Co.
• Clark Hutchison, managing director, global co-head of exchange traded derivatives,UBS Securities
• Jeffrey Jennings, managing director, global head of futures, Lehman Brothers
• Ira Polk, executive vice president, Man Financial
• Edward Rosen, partner, Cleary, Gottlieb, Steen & Hamilton
• Allan Zavarro, chief executive officer, global futures, ABN Amro

###

For more information, contact:

Mary Ann Burns or Will Acworth
maburns@futuresindustry.org; wacworth@futuresindustry.org
202-466-5460

• Board of Directors

The proposed budget for fiscal year 2007 would apply the user fee to transactions in commodity futures and options traded on "approved exchanges" in order to fund the regulatory activities of the Commodity Futures Trading Commission. The CFTC budget for FY2007 is estimated to be $127,000,000.

The FIA believes that it would be counterproductive to discourage the use of markets that offer the benefits of transparency, risk management, mark-to-market valuation, multilateral clearing and strong self-regulation by imposing a transaction tax. The FIA believes the proposed tax should be dropped from the President’s budget with immediate effect.

FIA is the national trade organization for the futures industry. Its membership includes more than 40 of the largest futures commission merchants. FIA estimates that its members are responsible for more than 90 percent of all public customer business executed on U.S. contract markets.

For information, please contact Mary Ann Burns (maburns@futuresindustry.org) or David Bruderle (dbruderle@futuresindustry.org) at (202) 466-5460.

###

For more information, contact:

Mary Ann Burns or David Bruderle
maburns@futuresindustry.org; dbruderle@futuresindustry.org
202-466-5460

• FIA Press Release
• Budget 2007: CFTC

"This week, we took another important step towards ensuring the ability of our firms, markets and utilities to collectively operate through an emergency," said Don Kittell, Executive Vice President of SIA. "Backup data centers, work area recovery facilities and backup communications capabilities across the industry performed exceptionally well."

"The industry's participation in this past Saturday's test was superbly executed. The Street achieved its goal of testing firms' back-up connectivity with "exchanges" in all markets," said Joseph Sack, Executive Vice President of the Bond Market Association.

During the test, firms and service bureaus accounting for more than 80% of the market's normal order volume connected simultaneously using backup data centers, backup communications links, alternate trading sites and alternate operations facilities to place test orders, executions and settlement interactions.

There were no broad problems for any individual exchange or firm, and where issues arose, the vast majority were corrected when identified, allowing firms and exchanges to proceed with test orders. There were no problems that would have taken days to resolve or would have jeopardized operations in any major market segment, were they to occur in a real emergency.

Over 150 firms participated and 30 of those firms registered and conducted tests for multiple corporate entities (i.e., subsidiaries). Participants represented all sizes and types of firms - large, midsize and smaller, New York-based and regional.

Members of the Financial Information Forum including the service bureaus of ADP, SunGard and Thomson participated as well. Representing over 45 broker dealers in the test, service bureaus account for significant transaction volume and play a mission-critical role in maintaining robust securities trading operations.

Manisha Kulkarni, Executive Director of the Financial Information Forum described the active role the service bureaus took in the testing process, stating "From the initial planning stages to conducting and reporting results, ADP, SunGard, and Thomson demonstrated their ability to manage business continuity testing in multi-client environments."

In addition to facilitating service bureau participation in industry-wide testing, the Financial Information Forum participates in other BCP initiatives including maintaining an emergency command center for the market data industry and representing market data and service bureaus on the Financial Services Sector Coordinating Council (FSSCC). More information on FIF's BCP activities can be found at www.fif.com/bcp/.

-30- The Securities Industry Association brings together the shared interests of approximately 600 securities firms to accomplish common goals. SIA's primary mission is to build and maintain public trust and confidence in the securities markets. SIA members (including investment banks, broker-dealers, and mutual fund companies) are active in all U.S. and foreign markets and in all phases of corporate and public finance. According to the Bureau of Labor Statistics, the U.S. securities industry employs nearly 800,000 individuals, and its personnel manage the accounts of nearly 93-million investors directly and indirectly through corporate, thrift, and pension plans. In 2004, the industry generated $236.7 billion in domestic revenue and an estimated $340 billion in global revenues. (More information about SIA is available at: www.sia.com.) The Bond Market Association, with offices in New York, Washington, D.C. and London, represents securities firms and banks that underwrite, trade and sell debt securities and other financial products globally. FIA is a principal spokesman for the commodity futures and options industry. Our regular membership is comprised of approximately 40 of the larges futures commission merchants (FCMs) in the United States. Among our approximately 150 associate members are representatives of virtually all other segments of the futures industry, both national and international, including U.S. and international exchanges, banks, legal and accounting firms, introducing brokers, commodity trading advisors, commodity pool operators and other market participants, and information and equipment providers. Reflecting the scope and diversity of our membership, FIA estimates that our members effect more than 90 percent of all customer transactions executed on U.S. contract markets. The Financial Information Forum (FIF) addresses the issues that impact the financial information industry, from real-time decision support through securities processing. FIF provides a collaborative environment for subscribers to benefit from technology, regulatory, and market innovations. Financial institutions, vendors, and exchanges are encouraged to join the Financial Information Forum, which serves as a focal point for coordination and communication on behalf of the industry. More information is available on the FIF website at www.fif.com. ### For more information, contact: Mary Ann Burns maburns@futuresindustry.org 202-466-5460

EU and US Associations Call for Regulatory Convergence in Transatlantic Capital Markets The recommended areas for priority regulatory action are based on an independent regulatory analysis carried out by the leading global law firm, Clifford Chance LLP, which details the contrasting licensing and business conduct rules in respect of equities and equity derivatives of the EU (including France, Germany, Spain and the UK) with those of the US. It highlights the extensive duplication and regulatory conflict that exists in some areas and the subtle differences in approach in others. These can create considerable compliance problems and unnecessary cost for international financial service institutions and their customers. The report argues for the formulation of a common set of customer definitions for the purposes of classification, solicitation and documentation; a common approach to core investor protection objectives such as “know your customer”; the development of a common set of examination and registration requirements; a consensual regulatory approach to other firms’ outsourcing arrangements; and the development of a forward programme to simplify critical areas of regulation such as the obligation to deliver best execution, trade allocation procedures, distribution of research, etc. The report also urges that the process of rules’ development should be underpinned by an agreed set of consensual US/EU principles of good regulation and a common approach to regulatory impact assessments. The Participating Associations recognise and welcome particularly the recent initiatives by the Council of European Securities Regulators (CESR), the Commodity Futures Trading Commission (CTFC) and the Securities and Exchange Commission (SEC) to establish a process for greater consultation on rules’ development; the recent initiative by the New York Stock Exchange (NYSE), the Securities and Investment Institute (SII) and the National Association of Securities Dealers (NASD) to establish common examination requirements for capital markets; and the increased priority that is now being given by governments and regulatory authorities in both the US and the EU to the transatlantic dialogue in financial services. The Participating Associations believe that the study sets forth a compelling “business case” for establishing a more coherent, effective and cost-efficient regulatory framework which will also have real benefits for consumers. Anthony Belchambers, CEO, FOA, said: “This report demonstrates that the case for positive action to reduce the high degree of unnecessary complexity and duplication in the regulation of transatlantic financial services is now overwhelming. It also demonstrates the scale of the contribution that the industry is capable of making to the current dialogue. If the critically important economic and commercial objectives of facilitating innovation, enhancing efficiency and liberalising customer choice are to be achieved, then, as the market and trading environment has ”gone global”, so must the way in which it is regulated.” "Streamlining the cross-border regulation of equities and equity derivatives markets would lower the cost of trading and improve the market for financial service firms and their customers," said Beth Climo, executive director, ABASA. "We look forward to working with both domestic and international authorities to move this dialogue forward and improve the transatlantic regulatory environment." "This report lays out an excellent case for better coordinating the regulation of financial services in the US and EU," said Cory Strupp, general counsel, BAFT. "The current regulatory approaches include unnecessary differences that are burdensome to financial firms that operate in both markets--imposing costs that ultimately are borne by customers--and that needs to change." Ian Mullen, Chief Executive, British Bankers’ Association said “The BBA believes strongly that regulators and industry working together will produce better solutions than if they work apart. We hope that this report will help develop a fruitful transatlantic dialogue on the subjects raised in this report.” John Damgard, President, Futures Industry Association said “Currently, firms trying to do transatlantic business face a myriad of confusing, inconsistent and conflicting regulatory requirements. Regulatory simplification and harmonisation, as we have proposed here, would have the benefits of lowering the cost of doing business and increasing competition on both sides of the Atlantic. This should result in better service for the many institutions trading equities and equity derivatives in our two markets”. Richard E. Thornburgh, chairman of SIA's International Advisory Council and Vice Chairman of the Executive Board, Credit Suisse First Boston, said “Enhanced cooperation and understanding can be the basis to minimise regulatory differences and help make the transatlantic capital markets more efficient and accessible to investors and issuers. By detailing key industry priorities, this study is an integral part of that process. Uncoordinated regulatory approaches lead to new regulatory hurdles and barriers that raise costs for all market participants. By contrast, an integrated, transatlantic capital market is clearly in the best interests of all participants -- investors, issuers, and intermediaries -- as well as the global economy”. Michael Snyder, Chairman, Policy & Resources Committee, Corporation of London said “The Corporation of London is delighted to co-sponsor this important piece of research because international financial centres have much to gain from reducing unhelpful regulatory tensions and duplication, and by promoting high level standards in the financial services industry on both sides of the Atlantic”. ### For more information, contact: Mary Ann Burns maburns@futuresindustry.org (202) 466-5460 Related links: Full Press Release The Industry Case for Priority Regulatory Action: Volume I The Industry Case for Priority Regulatory Action: Volume 2

FIA Statement on the Nomination of Reuben Jeffery to Serve as CFTC Chairman “The FIA commends President Bush for nominating such an accomplished individual to serve as CFTC Chairman. Mr. Jeffery’s credentials are indeed impressive. He has a wealth of experience in the financial services sector and will bring to the agency a keen appreciation for the cross-border issues that our industry is facing. With CFTC reauthorization upon us, we look forward to the earliest possible Senate consideration of his nomination, which would allow him to join an outstanding group of Commissioners ably led by Acting Chairman Sharon Brown-Hruska.” The Futures Industry Association is the international trade organization for the futures industry. Its membership includes more than 40 of the largest futures commission merchants. FIA estimates that its members are responsible for more than 80 percent of all public customer business executed on U.S. contract markets. FIA membership also includes more than 40 international futures and options exchanges and clearinghouses in North and South America, Europe, Africa, Asia and Australia. For more information, contact Mary Ann Burns (maburns@futuresindustry.org) or Will Acworth (wacworth@futuresindustry.org) at (202) 466-5460. ### For more information, contact: Will Acworth wacworth@futuresindustry.org 202-466-5460

Global Futures and Options Volume Rose 8.9% in 2004 Total volume in 2004 increased 8.9% or 728.2 million contracts from the previous year. Futures-only volume reached 3.5 billion, up 16.3% from the previous year. Options trading grew more slowly, rising 4.6% to 5.4 billion contracts, mainly due to lower levels of trading in the Kospi 200 index option at the Korea Exchange. Excluding the Kospi futures and options contracts, overall global trading increased 17.3% to 6.4 billion contracts, with global futures trading up 15.6% to 3.5 billion contracts and global options trading up 19.4% to 2.9 billion contracts. Volume rose in all sectors of the market, but the category with the greatest percentage increase was trading in foreign currencies. In 2004, volume in this category surged 35.4% to 105.4 million contracts worldwide. The largest contract in this category was the Bolsa de Mercadorias & Futuros’ U.S. Dollar futures contract, which was up 42.7% to 23.9 million contracts for the year. The Chicago Mercantile Exchange’s Euro FX future almost doubled, up 82.7% to 20.5 million contracts. Individual equities trading rose 28.4% following a banner year in options on individual equities trading, which rose 27.4% to 1.9 billion contracts. Volume in these products at the International Securities Exchange, the top exchange worldwide for these products, climbed 47.3% to 360.8 million contracts for the year. Trading in individual equity options at Euronext.liffe, the world’s second-largest exchange for these products, grew 23.8% to reach 303.0 million. In single stock futures, trading rocketed 54.8% to 88.0 million contracts for the year. At the National Stock Exchange of India, the global leader in individual equity futures trading, volume in these products grew 72.3% to 44.1 million contracts. Interest rate products maintained their lead as the world’s most active futures contracts. The CME’s 3-month Eurodollar future gained an additional 42.5% to 297.6 million contracts to remain the world’s largest futures contract, while Eurex’s Euro-Bund actually declined slightly, down 1.9% to 239.8 million contracts. CME moved past Euronext.liffe in December to become the world’s third-largest global derivatives exchange. Bovespa and the Mexican Derivatives Exchange moved past the American Stock Exchange to numbers eight and nine on the top ten list, respectively. For more information and statistics, please visit: http://www.futuresindustry.org/fimagazi-1929.asp?a=1026. FIA is the national trade organization for the futures industry. Its membership includes more than 40 of the largest futures commission merchants. FIA estimates that its members are responsible for more than 90% of all public customer business executed on U.S. contract markets. ### For more information, contact: Will Acworth wacworth@futuresindustry.org 202-466-5460 Related links: Volume Statistics

FIA Unveils Futures Hall of Fame “As we celebrate our 50th anniversary it is fitting that the FIA institute this Hall of Fame to celebrate the accomplishments and recognize the significant contributions individuals have made to the futures and options industry,” said FIA President John Damgard. “I have no doubt that the next 50 years will bring as many changes to our industry as the last 50, but one thing will remain constant--our respect and gratitude t