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A swap dealer agreed to pay $900,000 to settle National Futures Association ("NFA") charges relating to initial margin for uncleared swaps. The NFA alleged that the firm used insufficient methods to evaluate the risks of its uncleared swaps and failed to appropriately back test, benchmark and verify its margin model. The NFA alleged that the swap dealer (i) neglected to take the necessary steps to meet the initial margin and variation margin collection requirements, (ii) failed to adequately supervise its business activities with respect to margin and model monitoring, and (iii) submitted

The Board of Governors of the Federal Reserve ("FRB") is adopting a final rule to permit banking organizations under its supervision to engage in off-exchange transactions in foreign currency with retail customers. The rule establishes requirements for risk disclosures to customers, recordkeeping, business conduct, and documentation for retail foreign exchange transactions. Regulated institutions engaging in such transactions will be required to notify the Federal Reserve and to be well capitalized, and will be required to collect margin for retail foreign exchange transactions. The following