Update

New Publications

	End User Guidelines for Managing Derivatives Risk

The revised version of FOA's End User Guidelines for Managing Derivatives Risk, were published on 12 September with the support of the Confederation of British Industry (CBI), the Association of Corporate Treasurers (ACT), the Institute of Directors (IoD), Euronext.liffe, Euronext and OM London Exchange. The Guidelines set out the kind of controls end users should have in place to address the market, credit, operational, legal and other risks arising from their use of derivatives. They are available on the FOA web site and hard copies have been circulated to member firms. Firms should consider whether or not it would be appropriate for them to refer their existing and future institutional and corporate customers to the Guidelines so that they may have a better understanding of their responsibilities in relation to their use of derivative products.

	Consumer Guide to Trading and Investment

The FOA is working on a simple guide to the kind of financial products and services (including derivatives) which are likely to be of interest to retail investors. In broad terms, the publication will cover such due diligence issues as determining investment/trading objectives, deciding on an acceptable level of risk/reward and choosing a broker. It will also set out the key features of the principle types of products and services in the market and outline customer rights of complaint and compensation. The FOA has approached the Association of Private Client Investment Managers (APCIMS) and the Investment Management Association (IMA) for their support and anticipates being in a position to produce the booklet in early February 2003.

Any firm wishing to know more about the proposed publication should contact Anthony Belchambers.