Article 1

1.1 Under the name "Swiss Commodities Futures & Options Association" an association has been created in compliance with Articles 60 to 79 of the Swiss Civil Code. Insofar as they are not modified by the present By-laws, the provisions of the Swiss Civil Code shall apply to the Association.

1.2 The seat of the Association shall be in Geneva; the Association shall be registered with the Commercial Register and its seat may be transferred to any other place in Switzerland, subject to the modification of the present By-laws.

1.3 The purposes of the Association, to the exclusion of any commercial transaction, shall be to promote the financial marketplace and to promulgate ethical rules in order to ensure the application of strict ethical principles to the financial sector.

The Association will use its resources to promote training and greater knowledge of the financial sector, particularly in relation to commodities, futures and options.

1.4 The Association shall seek to achieve its aims:

a) by promoting personal contact among its members, especially at its general meetings at which all questions relating to the purpose of the Association are open for discussion;

b) by participating, where the Association deems it important and appropriate to do so, in any preparatory work for legislation and intergovernmental treaties, by giving preliminary opinions on draft financial legislation and preparing memoranda and petitions addressed to the legislative and administrative bodies of the Confederation and the cantons;

c) by supporting efforts to unify financial usage in Switzerland in the field of commodities, futures and options.