Resources, Resources, Resources by Tom Sandy & Ryan Griffeth Resources are part of NIBA’s mission to provide the information and education you need to grow your business. At a meeting of our Advisory Group (AG), several members wondered if we were doing enough to collect and offer industry resources to the membership. As a result of the AG’s suggestions, we have undertaken an initiative to increase resources available to you. NIBA has begun an informal series of meetings with industry participants to discuss which materials will be most helpful to brokers and clients who want to understand and use products....
Two Key Ways to Tackle the Derivatives Cost Challenge
Two Key Ways to Tackle the Derivatives Cost Challenge By John Omahen, vice president – post-trade derivatives, FIS In today’s low-margin futures and derivatives business, low interest rates and high operating costs in the clearing community are causing enormous strain on profitability. For firms who have decided to remain in the business, their top priority is ensuring their operating model is sustainable by implementing more efficient technology and finding cost-effective ways to perform their middle- and back-office operations. However, doing more of the same will not be enough for most sell-side institutions in the derivatives clearing business. They will need....
Life of a Brokerage Firm
Life of a Brokerage Firm “If it were easy, everyone would be doing it,” is the old adage when it comes to commodities trading and brokerage. Our work can be very rewarding but at the same time comes with a unique set of challenges that we all must overcome in our own ways, all the while trying to keep our sanity. The trading and brokerage business has changed greatly over the years as regulations have increased and technology has become a part of everyday life. The current state of the futures industry is quickly changing and this article series is....
June’s Chairman Letter
Resources: A source of supply, support or aid, especially one that can be readily drawn upon when needed — Dictionary.com Dear Members – NIBA is excited to announce two new resources designed to help members grow their businesses. First, the NIBA Resource Center. In addition to other services and products unique to the derivatives industry, this member benefit includes white papers, seminars/webinar announcements and programs such as a joint intern project. The NIBA Resource Center will open as a private portal on the website mid-summer 2016. To suggest content for the Resource Center, contact Tom Sandy, NIBA Resource Center Chairman,....
Register Now for NIBA/DePaul Joint Briefing – July 1
Register Now for NIBA/DePaul Joint Briefing – July 14 Registration is open for the NIBA/DePaul University Joint Briefing, July 14 at DePaul University, Chicago Downtown Campus. REGISTER HERE We are excited to be partnering with DePaul University for the third year in a row to present an afternoon of can’t-miss business education and networking — all designed to help you grow your business. “Managed Funds — It’s More than Raising the Assets!” — Mark Shore, Adjunct Professor, DePaul will lead a panel including Mike Coglianese, Michael Coglianese CPA, Carl Gilmore, Integritas Financial Consulting and John Brand, National Futures Association. This session....
Ask the NFA
As your industry advocate, the NIBA provides many services which help your business stay in compliance with NFA regulations. “Ask the NFA,” is the way you can ask questions about those regulations and compliance requirements without having to call NFA directly. Just email us at [email protected] and we will get the answers for you. Please keep in mind the purpose of this contact is to keep the lines of communication between NFA and NIBA members open, not to fix any specific individual concerns. This month’s questions were selected from those submitted by NIBA members. The answers were supplied by NFA....
NIBA/DePaul Joint Program Announcement
We are excited to announce our third annual joint summer event with DePaul University. The afternoon meeting will be held on the downtown Chicago campus of DePaul University, Jackson Blvd at State Street, and includes two business sessions and a networking cocktail reception. Compliance and Regulation of Marketing Managed Futures, led by Mark Shore, Adjunct Professor at DePaul University takes us past raising assets to the “must know” aspects of the unique regulations and compliance issues surrounding the marketing of managed futures. Mark’s panel includes Mike Coglianese of Michael Coglianese, CPA, PC and Carl Gilmore, of Integritas Financial Consulting. Cybersecurity:....
Housekeeping, Reminders and Updates May 2016
FINANCIAL CRIMES ENFORCEMENT NETWORK Customer Due Diligence Requirements for Financial Institutions Finalized On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued its final rules under the Bank Secrecy Act (“BSA”) to strengthen and clarify the customer due diligence (“CDD”) requirements for covered financial institutions such as: bank; brokers or dealers in securities; mutual funds; and futures commission merchants (“FCMs”) and introducing brokers in commodities. Such financial institutions, under the final CDD rules (“CDD Rules”), will now be required to verify and identify the beneficial owners of all legal entity customers during the account opening process. Further, the CDD....
CME Group Regulatory Outreach Program
CME Group’s Regulatory Outreach Program provides market participants with the information and resources necessary to meet their compliance needs. Our goal is to work with market participants proactively to ensure they understand our regulatory requirements and thereby avoid potential problems in the future. The program aims to: Effectively communicate rule modifications, rule advisories and other rules-based information to market participants Promote a uniform understanding of Exchange rules and regulations Serve as a resource for trade practice and surveillance based questions Build constructive, ongoing relationships with industry participants Proactive compliance and more informed customers make better markets. Outreach is available for....
CFTC Statements on NFA CEO Departure
Statement of CFTC Chairman Timothy Massad: “It has been a privilege to work closely with Dan Roth throughout my time as Chairman of the CFTC. We have forged an excellent relationship over the past two years, one which I have very much enjoyed. The NFA plays an important role in the markets that the CFTC regulates, and Dan’s knowledge, experience, and commitment to collaboration have been of tremendous value to our work and to me personally. I look forward to continuing to work together as the NFA searches for his replacement over the coming months. I congratulate Dan on his....