NFA Notice I-11-21 The Notice pertains to recently approved amendments by the CFTC to NFA Bylaws 1301 and 1302 and to the related Interpretive Notice entitled Forex Transactions. These amendments, which modify the current dues and assessment fee structure applicable to Forex Dealer Members (FDMs) and non-FDM Forex Members, are effective February 1, 2012. Cross References: NFA Bylaws 1301 1302; NFA's September 2, 2011 submission letter

November 2011 The Non-Investment Products Code for principals and broking firms in the wholesale markets has been updated.

Financial Services Authority November 2011 The FSA has published Finalised Guidance on 'enhancing frameworks in the standardised approach to operational risk - policies and documentation'. The guidance should assist firms and supervisors in understanding, assessing and enhancing the adequacy and effectiveness of operational risk frameworks used by firms to implement the standardised approach to operational risk. The aim of this guidance is to assist supervisors in assessing and challenging firms' policies and documentation and the way such policies and documentation are managed. It also aims

Financial Services Authority November 9, 2011 The FSA has fined Rameshkumar Goenka, a Dubai based private investor, $9,621,240 (approximately pound;6 million) for manipulating the closing price of Reliance Industries (" Reliance") securities on the London Stock Exchange (" LSE"). This is the largest fine imposed by the FSA on an individual. Goenka held an over-the-counter (OTC) structured product which matured on 18 October 2010 and for which the pay-out depended on the closing price of Reliance securities that day. By increasing the closing price Goenka avoided a loss of $3,103,640 under the

November 17, 2011 LCH.Clearnet has launched interoperable clearing across 17 countries for Turquoise, the independent pan-European trading platform Turquoise was established in 2008 to encourage increased competition in the secondary trading of European equities.