What effect is the El Nino weather pattern having on your business? NIBA members have asked for a product session at our Annual meeting. And we’ve got a great one! At 11:00 AM on September 24, the NIBA will present a panel discussion which touches on all markets. Moderated by Bryce Anderson, head meteorologist for DTN, Drew Moore, Risk Management Consultant for FC Stone will look at the grain markets, and Dan Basse, Preisdent, AgResource, will focus on livestock. Register now and learn how El Nino is affecting the ag and financial markets, how to interpret the effects and how....
Chairman’s Letter
Dear Members: Lately I’ve been reading a lot about the “vanishing FCM.” In the July issue of our newsletter, Marc Nagel wrote an excellent article on the subject. And Ginger Szala wrote an equally thoughtful piece for CTA Intelligence a few months ago. NFA records list 62 FCMs registered in late July of this year. Contrast that number with 189 registered in 2004, 130 in 2008 and 82 registered FCMs as recently as mid-2013. The rising costs of compliance and FCM capital charge changes are most often cited as the main reasons for the declining numbers. Interest income on deposits,....
CME Market Data Fees set to Increase Jan 2016
CME Group market data users who had been registered prior to the company’s market data policy changes in 2013 were “grandfathered” in at a lower rate for the first year. As we approach the end of that time period, CME Group will be increasing the market data fee for all users regardless of how long you have been registered, in the markets, members, etc. We don’t want this to catch you by surprise. The data fees have become the new normal, most firms have added the increase into the cost of doing business, and moved on. Billing has been mostly....
Top 5 Client Questions – Answered!
Is there one question about running your business that continues to bug you? Join us 1t 1:30PM September 24 at the NIBA Annual Members Meeting in Chicago for the “Top 5 Client Questions – Answered,” a panel discussion. Sponsored by MidlandIRA, this panel is made up of five experts, each with unique knowledge of the futures industry. They will answer the #1 most asked question by their clients. Mike Coglianese, Michael Coglianese CPA, PC moderates this session. Panelists include Angelo Gibaldi, DTG Consulting, Jeff Henderson, Greenberg Traurig; Tom McCarthy, Liccar; and Brad Janitz, MidlandIRA. Register now for September 24, and....
NFA Representative Annual Report
Introducing Broker and CTA/CPO representatives on the NFA Board of Directors will present their annual report to NIBA members on September 24 during our Annual Members Meeting. The following representatives will be present: Paul Georgy, GIB Mike Burke, IIB James Koutoulas, CTA/CPO John Roe, CTA/CPO Doug Bry & Ernest Jaffarain, CTA/CPO (invited) Each year your elected representatives to the NFA BoD report to the NIBA members on issues the NFA is working on which affect our daily business. I am moderating the panel this year, and I would like your help. Will you send me your questions for the panel?....
HOUSEKEEPING, REMINDERS AND UPDATES: AUGUST 2015
FINANCIAL CRIMES ENFORCEMENT NETWORK In an August 25, 2015, press release, the Financial Crimes Enforcement Network (“FinCEN”) announced proposed anti-money laundering (“AML”) regulations for investment advisers. FinCEN has published a Notice of Proposed Rulemaking regarding AML programs and suspicious activity report (“SAR”) requirements that would apply to certain investment advisers. The purpose of FinCEN’s proposed rule is to prescribe minimal standards for AML programs to be established by certain investment advisers and to require such investment advisers to report suspicious activity to FinCEN pursuant to the Bank Secrecy Act (“BSA”). The proposed rules would apply to Securities and Exchange Commission....
Cybersecurity
Cybersecurity is the #1 issue on every financial professional’s mind in the fall of 2015. What risks should I be aware of? What safeguards can I put in place? What should I do if I’m breached? What will the NFA require? What will it cost? At the September 24 Annual Members Meeting in Chicago, two panels of experts will answer these questions, among others. “Cybersecurity: Before & After the Breach” will be presented at 2:30PM — it is sponsored by NADEX. Arlene Yetnikoff, Director of Information Security at DePaul University & Lecturer at the University of Chicago, will moderate a....
NIBA FCM Risk Management Series- Interactive Brokers
NIBA will be featuring a recurring article in its monthly newsletter to membership with a focus on FCM Risk Management. The article will feature a different Member FCM each month discussing their approach to risk management. The questions below are a guide and are not required to be answered, and questions can be added and/or removed as you see fit. We thank you in advance for your participation and look forward to bringing this feature to our membership. FCM Name: Interactive Brokers LLC CEO Name: Thomas Peterffy, Chairman & CEO Head of Risk Name: Thomas Frank, EVP & CIO and....
Ask the NFA
Q: What is needed (checklist, step by step, guide, etc) to setup a non-trading 4.7 exempt CTA for a stand alone entity? A: “Selecting and Recommending CTAs – A Recommending CTA is one who recommends various trading advisors to clients (e.g., individuals, other CTAs or CPOs) but does not have any other authority regarding these trading CTAs. The recommending CTA is not required to provide its own disclosure document to clients and as such is not required to provide past performance information of the clients for which it has acted as a recommending CTA. The client should however receive the disclosure....
Chairman’s Letter
Dear Members: As we approach our 25th Anniversary Year, I want to emphasize that the mission of the NIBA is to provide education for IBs, CTAs and their APs which enables those registrants to grow their business. Education includes knowledge of regulation and how to comply, product/market updates, and marketing and other business practices unique to the futures industry. We meet the goals of the NIBA mission through the publication of a twice-monthly newsletter, regularly scheduled meetings with the regulators and at in-person conferences. Our annual September meeting is the largest gathering of NIBA members each year. On September 24....