Update

Operational Issues

	Clearing & Settlement Code of Conduct

As some members may be aware, the Commission will be reviewing the current scope of the Code – which is restricted to cash-equity dealings – with a view to extending it to listed derivatives. In the circumstances, the FOA, which is already engaged in a preliminary discussion on this issue with the European Commission, is looking to establish a small group of practitioners with some familiarity with the pros and cons of extending the Code to ensure assist the FOA in developing its position. This is likely to be a critical issue for the FOA's membership and members are asked to give the establishment of such a group their early attention. For further information, please contact Anthony Belchambers.

	Transfer of Open Interest – ICE Futures from LCH.Clearnet to [ICE Clear (Europe)]

Members, particularly those who are clearing members of ICE Futures, will be familiar with this issue and the unrest that it has generated amongst some firms. This is a matter that is being pursued by the FOA and it would be particularly helpful if those firms who have a view on the proposed transfer could contact Hugo Jenkins or Anthony Belchambers to help assure that we develop an informed and representative view. In the interim, for a copy of our response to the OFT's request for comments on ICE Clear U.S.'s application for recognition as an overseas clearing house please contact Sally Hughes. For noting, it is our intention to make a similar response in terms of the OFT's request for comments as regards the application by ICE Clear (Europe) to become a recognised clearing house.