Dear Members -
The primary objectives of the NIBA have remained the same since we were founded in June 1991:
To help members find greater success through education and networking, and,
To provide members with a voice in regulatory and industry matters.
To name just a few noteworthy objectives accomplished through regular member meetings, newsletters and representation of your interests and opinions at the CFTC, NFA and with exchanges and FCMs, they are:
- Lowering of NFA dues from $1,000 per year to $750 for IBs and CTAs.
- Requiring registration for offerers of hedge-to-arrive contracts.
- Opposing the merger of CFTC and SEC -- several times.
- Supporting greater certainty of regulating forex transactions.
- Supporting including two IB representatives on the NFA board when the proposal was for only one.
- Testifying before U.S. Congress on various issues, including proposed Farm Bill amendments and CFTC reauthorizations.
- Participating in CFTC Roundtables, including development of AML procedures and SEC/Derivatives relationships.
- Holding workshops to prepare members for Y2K.
- Active representation during both MFG and PFG failures, including gaining the release of commission runs to brokers, and communication with members on the status of court filings and findings.
- Opposing original format of CFTC conflict of interest regulation.
- Opposing original proposed CFTC recording of conversation regulation.
- Supporting development and implementation of easily accessible and understandable FCM capital reports.
- Opposing minimum capital requirements for CTAs.
- Forging an academic partnership with DePaul University of Chicago.
- Clarifying “netting” requirements in relationship to market data fees.
- Holding three symposiums in the past 12 months to prepare members for cybersecurity regulatory requirements.
- Face-to-face meetings with CFTC Commissioners in Washington, DC.
- And most recently, the announcement that the CFTC is extending no-action relief on oral recordings for CTAs.
But, this not the time to rest on past accomplishments. We are, and should be proud that NIBA remains a completely independent association representing the unique needs of registered derivatives professionals. In 2016, we’ll re-visit CFTC Reg. 1.35(a), recording of communications. We’ll also see a new category of registrants -- Algorithmic Trader (AT), whose sweeping definition is sure to affect large numbers of industry participants. And, of course, that elephant in the room we’ll all have to address -- cybersecurity. These issues are in addition to those proposed by you, the membership.
In order to remain strong and unified in our community support or opposition as the issues arise, each of us must contribute. Please consider volunteering your time to work on the planning and implementation of a member event or other committee. If that is not possible, do the minimum -- renew your membership now.
Included in this issue is the NIBA 2016 calendar. Our first membership meeting is scheduled for April 20 at the New York Athletic Club in NYC. Contact event chairman, Howard Rennell, hrennell@e-windham.com or myself, melinda@futuresrep.com to volunteer for the planning committee.
A big thanks to Shane Stiles, Holly Kranz and the entire crew at Gate39 Media for our new logo and website look. And thanks to Ron Grossman, RG Brokerage Services for his service on the NIBA Board of Directors.
Best wishes for a healthy, safe and prosperous 2016.
Melinda Schramm, Founder & Chairman