Update

New Publications

	End User Guidelines for Managing Derivatives Risk

The FOA is pleased to report that the revised version of its End User Guidelines for Managing Derivatives Risk was published on 12 September. They now have the support of the Confederation of British Industry (CBI), Association of Corporate Treasurers (ACT), Institute of Directors (IoD), Euronext.liffe, Euronext and OM London Exchange. They are designed to set out the due diligence responsibilities of end users as regards market, credit, operation, legal and other risks arising from their use of derivatives and to indicate the kind of controls they should have in place for that purpose.

The Guidelines are available on the FOA web site and hard copies will be 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.

Please contact Lucy Johnson for further information.

	Consumer Guide to Trading

In November, the FOA plans to publish the next in its series of Guidelines ~ a Consumer Guide to Trading. The draft Guidelines are being circulated to the Association of Private Client Investment Managers and Stockbrokers (APCIMS), who are supporting the publication, and a number of contributing organisations for comment/review prior to their completion.

The Consumer Guidelines together with the FOA's End-User Guidelines (Version 2), Guidelines for Users of the London Metal Exchange and the Guidelines for the procurement and outsourcing of IT Services are designed to provide FOA Members and non-Members with a practical guide on the procedures, controls and documentation that are appropriate in today's new trading environment.