NIBA Journal

Insights, analysis, and updates from the National Introducing Brokers Association

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Member Announcements

August 13, 2015

5 min read

Perfect Competition

0 0 1 90 513 Gate 39 Media 4 1 602 14.0 Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:Calibri; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} There was a time, not too long ago, when broker-dealers were perceived as providing value to their customers. They would get on the phone, chat to customers, talk about the markets, and ultimately provide the order placement mechanisms we all relied on to execute our trades. Those days are long gone. With the rise of technology and direct market execution, many broker-dealers and especially introducing brokers have been disintermediated in the trading process. Many introducing brokers specifically have been demoted to being the sales arms of larger broker-dealers, earning pennies in commissions. 0 0 1 116 666 Gate 39 Media 5 1...

Baker & McKenzie to serve as counsel to the NIBA

0 0 1 134 764 Gate 39 Media 6 1 897 14.0 Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:Calibri; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} NIBA is pleased to announce that the law firm of Baker & McKenzie has agreed to serve as councel to the Association. The lead attorney for Baker & McKenzie will be Matthew Kluchenek, who serves as the North American head of Baker & McKenzie’s derivatives practice, and who has more than 18 years of regulatory, transactional and enforcement experience working with IBs, CTAs, CPOs and others on futures and swaps matters. Baker & McKenzie has more than 4,500 lawyers in 77 offices around the world, and the global derivatives team includes more than 20 lawyers. We are excited to have Baker &...

Spotlight on the Demo Hall by The 2015 September Conference Committee

0 0 1 22 131 Gate 39 Media 1 1 152 14.0 Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:Calibri; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} It has become a tradition to have a great Demo Hall each year at the NIBA Annual Member Meeting in Chicago. And this year, the Demo Hall is exceptional! 0 0 1 2 12 Gate 39 Media 1 1 13 14.0 Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:Calibri; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Included are: 0 0 1 61 354 Gate 39 Media 2 1 414 14.0 Normal 0 false false false EN-US JA X-NONE /* Style Definitions...

Chairman's Letter

0 0 1 2 12 Gate 39 Media 1 1 13 14.0 Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:Calibri; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Dear Members: 0 0 1 53 307 Gate 39 Media 2 1 359 14.0 Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:Calibri; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} 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...

Annual Member Meeting- September 24, 2015

Annual Membership Meeting - September 24 - Chicago The NIBA Annual Membership Meeting is scheduled for September 24 at the CME Group Building in Chicago. This is a full-day event and includes a box lunch, cocktail reception and demonstration hall. In 2014, over 250 IBs, CTAs, FCMs and other industry professionals attended. This year’s event includes five business sessions: “The El Nino Effect” - how El Nino will affect the livestock, grain and financial markets “What I Really Want to Know” - the six compliance questions most often asked by IBs/CTAs to their compliance firms and accountants “NFA Representatives Update” - IB/CTA representatives answer to you “Cybersecurity - Before & After the Breach” - a general session on the year’s most talked about regulatory issue “Cybersecurity - What IBs and CTAs need to Know” - an industry specific session which includes the NFA This year’s luncheon speaker is Blu Putnam,...

Chairman's Letter

Dear Members - I recently completed a survey of registered Introducing Brokers for the guide I am writing for the industry. I have been writing The Complete IB Handbook, now in its 5th edition, since 1999, and I learn a great number of things about our community each time your survey responses are returned. Of the IBs who responded, about 60% were Guaranteed IBs. Most of those indicated that the capital requirements and the current regulatory environment were the reasons they chose to be registered as GIBs. Over 25% of the respondent firms had been registered for 25 years or more; nearly 50% of those reported they had customer accounts open for seven years or more. About 20% of the IBs held registrations or professional licenses in addition to the IB status. The majority of other registrations named were overwhelmingly Commodity Trading Advisor (CTA) with a FINRA or some type...

Thank you DePaul University!

Thank you to DePaul University and to the speakers at last week's NIBA/DePaul co-sponsored event in Chicago. Thank you especially to Dr. Carl Luft, Alex Perry, Mark Shore and Dr. Jacob Furst, all of DePaul, who along with Jerry Nolan, Steve Petillo, John Nelson and Holli Kranz of the NIBA, planned and presented the program. Nearly one hundred NIBA members heard sessions on meeting the challenges of marketing managed futures and updates on cybersecurity compliance before joining colleagues at a cocktail reception on the University Terrace. NIBA is in the second year of our academic partnership with DePaul University. A video of last week's business sessions will be posted on our website within a few days. Melinda Schramm, Chairman, celebrates the Blackhawks win during the NIBA/DePaul Chicago Event

NFA Reminder to Update ORS

Regulatory reminder: Accurate and current business contact information and email address When a firm first applies for registration, the applicant must provide the address of its main office location, its telephone number, and may provide a general email address. The applicant must also list the names, addresses and telephone numbers of the individuals whom the applicant designates as the firm's contacts for a variety of functions such as compliance, membership and enforcement. Email addresses are required for enforcement contacts and may be added for other contacts as well. On an annual basis, all registered firms must review the information in their registration records contained in NFA's Online Registration System (ORS), update any outdated or incorrect information and certify that all of the information is complete and accurate. Beyond the formal annual registration review process, registered firms have an obligation to continually update the information in their registration records to keep...

FIA Webinar: Cybersecurity Threats: Preparation & Response

Cybersecurity has been the subject of sessions at both the NIBA New York City event, April 1 and last week's joint program with DePaul University in Chicago. We will present another full session at our Annual Membership Meeting, September 24 in Chicago, directed at practices to protect your customers' data, including compliance developments and guidance. Next Monday, June 29, 2:30pm EDT, the Futures Industry Association (FIA) will host a webinar entitled "Cybersecurity Threats: Preparation & Response." We encourage you to learn more about the Financial Services Information Sharing and Analysis Center and the FIA. Register here.

Calling All IBs!

I have been writing The Complete IB Handbook since 1998 - this year marks the 6th edition. The Handbook is a look at the state of Introducing Broker business today and a how-to guide for starting an IB. CME Group sponsors The Complete IB Handbook and makes it available on its website. In order to update the contents for each year's edition, CME Group and I created a survey containing questions on subject areas from monthly expenses of running the company to markets most heavily traded by customers of an IB. I compile that data and write eight chapters of information which reflect how an IB business is handled. Surveys were emailed by the CME Group about mid-May. Here is the link to the survey in case you did not receive yours -- CME Group Survey You can help me write this guide by making sure it accurately reflects what...

By NIBARead article

Page 31

NIBA Journal

Perfect Competition

Baker &amp; McKenzie to serve as counsel to the NIBA

Spotlight on the Demo Hall by The 2015 September Conference Committee

Chairman's Letter

Annual Member Meeting- September 24, 2015

Chairman's Letter

Thank you DePaul University!

NFA Reminder to Update ORS

FIA Webinar: Cybersecurity Threats: Preparation &amp; Response

Calling All IBs!

Baker & McKenzie to serve as counsel to the NIBA

FIA Webinar: Cybersecurity Threats: Preparation & Response