In this issue:

- Futures Exchanges Propose Rules Requiring Consent to Jurisdiction

- Securities Fraud Claim Survives Despite Post-Fraud Stock Recovery

- Failure to Make Pre-Suit Demand Bars a Derivative Suit

- Basel III Comment Period Extended

An excerpt from "Futures Exchanges Propose Rules Requiring Consent to Jurisdiction"

The Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX), ICE Futures U.S. and NYSE Liffe U.S. have adopted rules requiring that market participants consent to the jurisdiction of the exchange in question. Under the proposed rules, market participants must agree to be bound by rules of the applicable exchange, including those related to cooperation and participation in the exchange’s investigative and disciplinary process. The rules have been promulgated pursuant to Commodity Futures Trading Commission Regulation 38.151, which becomes effective on August 20 and requires that a designated contract market must require all market participants to consent to its jurisdiction before accessing its market. The CME, CBOT, NYMEX and ICE Futures U.S. rules are pending CFTC approval; the NYSE Liffe U.S. rule was self-certified by the exchange.

Please see full newsletter below for more information.