Dear Members -
The last few weeks have been busy for the NIBA. Just as we closed out a very successful member meeting in New York City, we stepped up work on the June 18 event co-chaired with DePaul University, Chicago and we formed a planning committee for our Annual Membership Meeting, September 24.
Planning and implementing educational events is one part of the NIBA mission. Keeping up with, and notifying you about regulation update and change is another part.
This month the NFA announced a proposal to reduce the number of members on its board of directors. For many years, it has been suggested that at 39 members, the NFA board was too large to get anything done in a timely, meaningful way. Overall, our members support the reduction proposal which leaves both IB positions intact but reduces the number of CTA/CPO representatives slightly to four with one of those from the top 5% and one from the top 10% of CTA/CPOs registered. FCM representation goes down from seven members to five, SD/MSP/RFEDs go from seven to five and public directors are reduced from 13 to10 under the proposal.
NFA has also issued a member notice regarding the the requirement to review information and update as needed in your registration records contained in NFA’s Online Registration System (ORS). NIBA has heard members mention that their firm information was incorrect at the NFA -- it is important for members themselves to update their addresses, telephone numbers and email addresses using ORS immediately when those changes occur.
Last month we debuted our FCM Risk Management Feature focusing on Wedbush Futures, a member of our Board of Directors. We had very positive feedback about this article and we’re excited to be able to continue this feature. Ryan Griffeth, NIBA BoD Secretary is heading up this project. If you have suggestions or comments you can contact him at ryan.griffeth@postrockbrokerage.com.
Well - good news, sad news. We welcome Howard Rennell, The Windham Group, New York City to the NIBA Board of Directors (hrennell@e-windham.com). Howard, a very long-time member, has co-chaired our last two events in NYC, and serves on the NFA IB Nominating Committee. We are sad to announce the resignation of Rich Strait, Strait LLC, Miami, FL. (rich@straitll.com). Rich is de-registering as an IIB to concentrate on his other business activities. He will be missed.
I hope to see you all June 18 at DePaul University, Chicago for an afternoon of managed futures and cyber-security, topped off by a cocktail with colleagues and university staff on the Terrace at DePaul’s downtown Chicago campus.
Best, Melinda
Melinda Schramm, Founder & Chairman