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Member Announcements

November 19, 2014

2 min read

November Chairman's Letter

This month marks the initiation of CFTC Regulation 1.22 implementation, often referred to as the “residual interest” rule. On November 14, the deadline for FCMs to post their own capital into customer segregated accounts which require additional margin moves to 6:00 pm ET on the settlement date. Obviously, this affects the deadline for your customers to increase their own funds. This past July and at our annual member meeting in September, NIBA presented several workshops explaining the requirements of this rule and its possible effects on your customer and FCM relationships. Please contact your FCM directly if you have questions, as each of them has issued specific protocol for compliance. The CFTC has also issued an Interpretative Letter stating that an FCM may credit a customer’s futures, foreign futures and/or cleared swaps account for a margin payment upon the FCM’s initiation of a withdrawal from the customer’s bank account using...

Member Fee Reminder:

Member Fee Reminders will be sent to all member categories in December. For the 10th year, fees for IBs, CTAs and CPOs will remain at $150. You can renew your membership or join online or with the application included in your reminder envelope. Benefits of membership include: A company listing with click-thru to your website at the NIBA Online Broker Directory. The NIBA Broker Directory is recognized by the industry as the go-to source for general and contact information for IBs, CTAs and CPOs. Attendance at Member conferences and other events including February 19 in southern California, April 30 in New York City and September in Chicago. In 2014, more than 1,000 registrants attended our meetings. Representation of your Opinions at the CFTC, NFA and Exchanges. Your opinions made a difference regarding implementation of CFTC Regulations 1.22 and 1.35, and the crediting of ACHs to customer accounts. The CME Group...

2014 NIBA Board of Directors Nominations

NIBA BOD Nominations The National Introducing Brokers Association nominates the following association members for positions to the Board of Directors. Nominees For Additional 3 Year Term: Ralph Preston: Asoociated Person, Heritage West Financial, Inc. (HWFI), San Diego, CA. Ralph has served on the NIBA Board of Directors for the past three years. He is the Committee Chairman, Service Providers and Joint Chairman, southern California membership meeting. Ralph has been registered with HWFI since 2003 and has been a principal of the firm since 2005. If no additional names are nominated, the above are deemed elected within 15 days of this notice. To nominate an additional candidate: i) the candidate must have been a NIBA member for at least 2-years prior to this notice ii) the candidate must have served on a NIBA committee or worked on a NIBA program or project such as the conference or newsletter iii) the candidate...

Chairman's Letter

Dear Members - For the 23th year in a row, this year’s NIBA fall conference was the best one yet! It does seem as if we always think the NIBA meeting we have just finished was the absolutely best one ever. And looking back over the conferences since our first one in May, 1991, it is true. Each meeting addresses the hot topics of the day, highlights new products and services and brings old friends and colleagues together. Thank you to all the speakers, sponsors and supporters for making the September 22 Chicago event a success. Please take a moment to take our survey and let us know what you want to talk about at our next member meeting - southern California in January, 2015. In November, the first phase of CFTC Reg. 1.22 dubbed the “residual interest” regulation will be implemented. Although NIBA President Steve Petillo and I suggested...

NFA Representative Panel Thoughts and Follow Up

At the recent NIBA meeting in Chicago several panel discussions focused on issues affecting the IB, CTA and CPO community. Regulations are always a hot topic for both Independent and Guaranteed IBs, especially at a time when rules are being created by the CFTC. The “Residual Interest Rule” which affects the FCMs net capital requirement as of November 14, 2014 could have a lasting impact on many IBs. This rule requires the FCM to capitalize margin calls older than T+1 (trade day plus 1 day). To meet this new requirement the FCM will likely insist your customers meet their margin calls by wire or ACH, depending on the size of the call. In most cases, sending checks through the US mail will no longer be a viable option. In addition to the issue of collecting margins in a volatile market, the IB should be aware of their FCMs available excess...

NIBA Chicago Conference Videos

Thank you to everyone who made the September NIBA Membership Meeting a success. Over 220 IBs, CTAs and other futures professionals attended a day full of information and ideas on everything from tax issues to new regulation. Thank you to all our panel participants. Every session was presented by an industry expert who graciously shared time and knowledge with NIBA members. The CME Group, primary sponsor for September's Chicago meeting, recorded two of the day's five sessions. The videotapes are available below, and will be a available any time. Details for NIBA's 2015 meetings will be posted on our website, theniba.com within a few weeks. Three locations are currently Melinda Schramm, Founder & Chairman NIBA NIBA Catalysts for Changing Market Trends & Volatility NIBA Big Compliance Issues Panel

2014 NIBA Conference Preview

Floor Tour led by Ron Grossman & William Gallwas – Whether you have visited the trading floor, traded on the floor or passed through the visitors’ gallery, a tour guided by Ron Grossman and William Gallwas is an experience in itself. The trading floor at some point in time (always seems to be 5 years from now) will become history and the NIBA has enlisted two of the best to host an insiders’ guided tour of what was, what is and what is to come of the Chicago trading pits. 8:00 am – CBOT, Sponsored by: ADM Investor Services Compliance for Swaps IBs and CTAs – Jeff Barclay, Panel Leader – Swaps compliance is a hot topic among industry and regulators as legislation has led to registration requirements and regulations which some argue “don’t fit.” This panel of industry experts includes the latest information and perspective from the NFA, as...

NIBA/ DePaul Arditti Center Event | How CFTC Reg. 1.22 Changes your Customer Relationship [Video]

On July 8, 2014, the NIBA and DePaul University's Arditti Center for Risk Management presented an afternoon event on the University campus in Chicago. DePaul recorded the program. The first session, Introduction to the NIBA included a panel discussion of the effect of CFTC Reg. 1.22 on our customer relationships, led by Susan Osmanski of Turnkey Trading Partners. The panel included Mike Coglianese, Michael Coglianese, CPA; Jeff Henderson, Henderson Law Firm; and Dale Spoljaric representing the NFA. A second panel discussed managed futures as an alternate asset class, watch it here.

NIBA/ DePaul Arditti Center Event | Managed Futures: Perspectives on a Growing Asset Class [Video]

Part One Part Two On July 8, 2014, the NIBA and DePaul University's Arditti Center for Risk Management presented an afternoon event on the University campus in Chicago. DePaul recorded the program. The second panel discussed managed futures as an alternate asset class and included moderator Jason Turnipseed, Managed Account Research; Adrian Fleisher, Ten Yard Capital, Paul Sylvia, Aon Hewitt; and Mark Shore, Shore Capital Management and DePaul University. The first panel discussed CFTC Reg. 1.22 and how it changes your customer relationship, watch it here.

Risk Leadership Keynote Lunch, September 24th

The Arditti Center is pleased to announce that Michelle McCarthy will be the September 24th keynote speaker for the Risk Leadership Program. Michelle will discuss how risk management developed in banks, and how it differs when applied to other industries, particularly investment management. She will also highlight elements which derive from strong vs weak risk leadership, eg. risk-aware culture, healthy challenge, transparency, accountability, and reputation risk. The keynote lunch is free and part of the larger Risk Leadership Series. Find out more on the Arditti website, and RSVP for lunch on the Registration Page. Michelle McCarthy is a Managing Director and heads the Risk Management function at Nuveen Investments. Before joining Nuveen in 2010, she served as Chief Risk Officer at Russell Investments. From 2003 to 2009 she was the Chief Market and Operational Risk Officer at Washington Mutual Bank, responsible for measuring and monitoring interest rate risk limits on...

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