Fluctuations and conservation laws

We report on recent progress concerning effects of global conservation laws on cumulants of conserved quantities. Specifically, we will relate - for an arbitrary equation of state - cumulants of a conserved charge measured in a subvolume of a thermal system with the corresponding grandcanonical susceptibilities, taking into account exact global conservation of that charge. Applications to actual measurement at the RHIC and LHC as well as extensions to multiple conserved charges will be discussed.