NIBA Journal

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Member Announcements

January 19, 2015

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NIBA 2015 SoCal Conference Preview

The NIBA is pleased to announce it's Winter Conference is scheduled for February 19, 2015 in Newport Beach, CA. Below you will find a preview from the conference speakers as well as a link to the agenda and registration page: Blu Putnam, CME Group Chief Economist Join Blu Putnam as he presents his 2015 Economic Outlook, covering topics from international GDP growth in China, Japan & the Euro-zone, to emerging markets, oil-challanged countries & US growth and the likelihood of the Fed raising rates in 2015. Click here for a preview of Blu Putnam's session Patricia W. McDonald, Partner, Baker & McKenzie LLP Join Patricia McDonald as she discusses Recent Tax Developments that Affect IBs and CTAs: This presentation will highlight several recent pieces of tax legislation of which IBs and CTAs should be aware and which may impact them personally as well as their relationships with their customers. Click...

NIBA Membership Chairman's Letter

Dear NIBA Members and Supporters, 2015 NIBA Membership: Thank you for your continued support of the only independent organization supporting IBs, CTAs, and APs. Your support, participation, and your investment in your business is what makes the NIBA possible. If you are not a member yet we invite you to join now. With each new member our influence and voice becomes stronger and everyone in the community benefits. Please take a few minutes to join or renew your membership online. I believe membership in the NIBA is the most efficient and effective way for you to expand your business opportunities and professional development. To benefit from your membership to the fullest I encourage you to make an investment of time and effort in NIBA’s activities and become involved in the association. Simply put, what you get out of your membership is directly relative to what you put in. Some of...

Chairman's Letter

Members of the NIBA -- By the time this NIBA Journal is posted, the election for the IIB and CTA/CPO positions on the NFA Board of Directors will be completed. As a registrant myself, I am expecting our elected representatives to work closely with NFA staff to form an effective Board. Each of us is entitled to have an NFA Board on which the individuals work as a team in order to develop and implement regulation which makes sense, is cost effective, allows us to run a successful business and offers sufficient protection to our customers and their funds. The NIBA Board of Directors looks forward to working with all NFA staff and representatives to accomplish these goals, regardless of who wins this election. In December, 2014, membership renewal notices went out to all membership categories. Please renew or join by using the form on the NIBA website or mailing...

NIBA Comment Letters to CFTC Regulation 1.22 and 1.35 Proposed Amendments

On behalf of the NIBA members, the board of directors have submitted the following comment letters to proposed amendments to CFTC Regulation 1.22 and 1.35. NIBA Comments on CFTC Reg. 1.22 (Residual Interest): We agreed with the proposal to eliminate the automatic margin deadline change in 2018. We also agreed that a comprehensive study of whether this rule is enhancing any customer protection and is practical and affordable for the brokerage community as a whole. We once again urged that the NIBA be in on the discussions at the Commission re: the study and any further changes to this rule. Download NIBA Comment Letter CFTC Reg 1.22 (PDF) NIBA Comments on CFTC Reg. 135 (Recording - including oral conversations): We agreed that CTAs in general should be exempt from this rule because of the nature of their relationships with their customers' transaction decisions. We also reiterated that the threshold for...

Mr. Koutoulas Needs to Prove His Allegations

On December 31, 2014, the John Lothian Newsletter published Mr. Lothian’s own opinion regarding the allegations James Koutoulas has made and publicized about the nominations of public directors by the NFA Board’s Executive Committee. Mr. Lothian was right on point. In a complaint filed with the CFTC, Mr. Koutoulas claims the NFA violated its own rules when it improperly nominated public directors to its Board of Directors in January, 2014. The NFA has denied the allegations, and went to the extent of hiring outside counsel to investigate the charges. That report, issued in February 2014, “concluded that all of the incumbent public directors had been nominated in accordance with NFA’s Articles.” During his “Town Hall” webcast on December 19, 2014, Mr. Koutoulas, repeated the accusations, including stating that the behavior of members of the NFA staff was “heinous,” according to Mr. Lothian, and called for resignations and staff retirements. The...

NIBA Endorsements for NFA Board of Directors Election

Members of the NIBA: IB and CTAs join the NIBA for many reasons. One of the most important is to remain current on issues that impact the day-to-day operation of our businesses. The NFA impacts every aspect of our business. That is the main reason it is important to have representatives that stand up for us, and contribute valuable insight, recommendations and methods to the regulatory process. This NFA election is only the second time Board positions have been contested. The NIBA Board of Directors (BoD) believes the trend will continue, and contested elections will become the norm. As a result, NIBA members have asked the BoD to make recommendations for the contested positions. This is the first time in our history that the NIBA has recommended nominees for NFA Board positions. To ensure the recommendations accurately reflect members opinions, BoD members (excluding non-registrants and FCM members) voted. The BoD...

Chairman's Letter

Dear Members: NIBA held its annual elections in November. Ralph Preston (Heritage West Financial, Inc.), was elected to a second three-year term on the Board of Directors (BoD). The BoD appointed Jerry Nolan (County Cork, LLC) to a one-year term, and the following Association officers were elected for the coming year: Steve Petillo (Coquest, Inc.) - President Mike Burke (HighGround Trading, LLC) - Vice-President Shane Stiles (Gate 39 Media) - Vice-President, Media and Communications Buck Haworth (Born Capital Financial Services, LLC) - Treasurer Ryan Griffeth (PostRock Brokerage, LLC) - Secretary John Jensen (Heritage West Financial, Inc.) - Past President All members of the Board can be contacted by email at the addresses listed on the NIBA website. NFA Elections are in progress now. This year there are contests for both the CTA/CPO and IIB positions. You will find the position papers of each candidate, in his own words, in today’s...

NIBA Announcement--NFA Board of Directors Election Position

The NIBA is pleased to announce that it will be endorsing candidates in both the IIB and CTA/CPO categories in the NFA Board of Directors elections. NIBA has reviewed all position papers submitted to the association by the candidates and will publish its opinion and formal endorsement of the candidate(s) this Thursday December 18th.

NIBA Announcements

The NIBA is excited to announce its three annual membership conferences for the 2015 calendar year. California Membership Conference: February 19, 2015 New York Membership Conference: April 30, 2015 Chicago Membership Conference: September 24, 2015 Please save the dates and more details to follow.....

DePaul University Cyber-Risk Conference

“Sharing information is extremely helpful, but some large companies are now assuming that truly determined hackers cannot be kept out. So they are putting more emphasis on building resilience—the ability to bounce back fast in the event of a breach. It is essential to have well-conceived recovery plan to test it regularly, says Ed Powers of Deloitte, a consulting firm. In financial services, where a problem at one company could easily trigger a system-wide crisis, regulators are urging banks and other firms to consider resilience across markets.” —From the Cyber Security Special Report—Defending the Digital Frontier, The Economist, July 12, 2014 Target. Home Depot. The White House. The Post Office. JP Morgan Chase. The National Institutes of Health. Every day, another name gets added to the list. And these are the lucky ones who realize that they are on the list! No company or sector, private or public, is immune....

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