Dear Members:
Communication, communication, communication....the key to success in our industry. It can take many forms -- and this month you can take part in three of them at the NIBA.
July 8 -- Our co-sponsored program at DePaul University (LINK HERE) is the place to learn about the changes CFTC Reg. 1.22 will bring for your customer relationships in the coming months.
NIBA LinkedIn -- Did you know the NIBA LinkedIn Group has more than 1,000 members? Members meet up regularly, post and read news from all over the industry.
Ask NFA -- Our newest feature lets you ask the NFA about anything from registration to audits. You simply submit your question, and the NIBA will ask the NFA directly. No individual names or firm names are identified, and you get answers.
Also this month:
The CME Group has announced a “netting” policy with regard to market data fee charges for which you may be able to qualify. After several months of discussion with the exchange, the NIBA is happy to see some relief. You must apply directly to the CME Group to enroll.
FCMs are required to make public additional financial information because of new CFTC Regulations developed as a response to MF Global and PFG Best failures. Documents included must be posted on FCM’s individual websites by July 12.
The CFTC has extended no-action relief for CTAs that are members of DCMs or SEFs in relation to Reg. 1.35(a), oral recording requirements. NIBA continues to address your concerns about this regulation with both the NFA and the CFTC. We hope to have a further update for IBs by next month’s newsletter.
The NFA received about 100 letters from members concerned about the possible minimum capital requirement proposal for CTAs and CPOs. This idea is still being studied at the NFA, but the issue is not in the immediate forefront.
And so, we have a lot to talk about. I hope to see you July 8 at DePaul University -- the lines of communication will be open.
Best Regards, Melinda
Melinda Schramm, Founder & Chairman