European Securities and Markets Authority January 4, 2012 The European Securities and Markets Authority has published its expected programme of work for the upcoming year. Highlights of this year's agenda include of the finalisation and implementation of the regulation on short selling, EMIR and the AIFMD, as well as the supervision of newly registered Credit Rating Agencies and the drafting of harmonised binding technical standards in different areas.

CFTC Enforcement Press Release 6167-12 Order: Newedge USA, LLC The CFTC entered an order requiring Newedge USA, LLC (Newedge), a New York-based FCM to pay a $700,000 civil monetary penalty for submitting inaccurate large trader reports to the CFTC and for violating a February 7, 2011, CFTC order directing Newedge to improve the accuracy and timeliness of its large trader reporting. In addition to imposing a civil monetary penalty, the CFTC's order requires Newedge to cease and desist from violating the Commodity Exchange Act's requirement to timely submit accurate position reports and notices

Trustee Press Release Regarding UK Administrators' Position The U.S. trustee for the liquidation of MF Global Inc., reported that the Joint Special Administrators of MF Global UK Limited, the UK broker-dealer affiliate of MF Global, dispute the classification under UK law of approximately $600 to $700 million in US commodities claimant funds that were purportedly held as segregated assets for US customers dealing in foreign futures. In the Trustee's view, these funds were segregated for US customers who traded on foreign exchanges and, thus, should be returned to those customers. "I am

CFTC Press Releases 6164-12 Order: FXOpen Investments Inc. The CFTC obtained a federal court consent order requiring defendant FXOpen Investments Inc. (FXOpen), a foreign firm, to pay a $140,000 civil monetary penalty to settle CFTC charges that it illegally solicited members of the public to engage in foreign currency (forex) transactions and operated as a Retail Foreign Exchange Dealer (RFED) without being registered with the CFTC. The order, entered on December 22, 2011 by Judge Virginia M. Kendall of the U.S. District Court for the Northern District of Illinois, also orders FXOpen to close

CFTC Press Release 6163-12 CFTC Letter to NADEX NADEX Contracts Submission Questions Relating to Political Event Contracts The CFTC issued a letter informing the North American Derivatives Exchange (NADEX) that it has commenced a 90-day review of NADEX's proposed political event derivatives contracts. The review is based on the possibility that these contracts may involve, among other issues, "gaming or an activity that is unlawful under any State or Federal law." The CFTC requested that NADEX suspend the listing and trading of its proposed contracts during the review period, and has posted