Bank for International Settlements May 11, 2011 On 11 May 2011, the Bank for International Settlements' Basel Committee (" BIS") published its Range of Methodologies for Risk and Performance Alignment of Remuneration. The report is intended to enhance banks' and supervisors' understanding of risk-adjusted remuneration. BIS aims to promote and introduce risk-adjusted, economically efficient remuneration schemes as opposed to traditional remuneration structures based solely on profits.

CFTC Press Release May 11, 2011 The CFTC announced that a federal court entered a consent order requiring FX Trading, LLC (FX Trading), of Iselin, N.J., to pay a $110,000 civil monetary penalty for failing to satisfy the minimum financial requirements for CFTC-registered futures commission merchants (FCMs). FX Trading has been registered with the CFTC as an FCM since October 14, 2005. The consent order stems from a CFTC enforcement action filed on December 7, 2005, alleging that, since at least October 31, 2005, FX Trading failed to comply with the minimum net capital requirements it must meet

CFTC Notice May 12, 2011 The CFTC is proposing to adopt capital, financial reporting, and recordkeeping requirements for certain swap dealers (SDs) and major swap participants (MSPs), as well as proposing to amend certain capital requirements for futures commission merchants (FCMs) that also register as SDs or MSPs and supplemental capital requirements, and supplemental financial reporting requirements for these FCMs. The comment period for the proposed rules is being aligned with that of the Commission's proposed rulemaking on margin requirements so that commenters will have the opportunity

CFTC Testimony May 12, 2011 Chairman Gensler discusses the implementation of Dodd-Frank, including lowering risk through central clearing. Cross References Dodd-Frank Act, Title VII

Financial Services Authority May 11, 2011 The FSA has published a Consultation Paper called "Strengthening Capital Standards 3: further consultation on CRD3". The financial crisis demonstrated that the current market risk framework fails to adequately capture some important risks in firms' trading books. In response, the Basel Committee on Banking Supervision (BCBS) decided it was necessary to increase the risk capture and level of capital requirements in the trading book and credit risk and illiquidity in the trading book. The CRD changes implement these requirements in Europe and will result