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Risk Leadership Keynote Lunch, September 24th

Member Announcements

August 18, 2014

2 min read

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...

NIBA September Conference Annoucement

You're Invited! You're invited to the fall NIBA Membership Conference, September 22 in Chicago. This is a full day of education, information and networking designed to give you the tools for a successful business. The day begins with a floor tour at the historic Chicago Board of Trade, along with a continental breakfast. That's followed by a session on compliance issues specifically focused on swaps participants, and a panel of experts discussing tax issues and changes every IB and CTA needs to be aware of. Box Lunches will be served at the CME Group Building. We are happy to announce Blu Putnam, Managing Director and Chief Economist, CME Group as our luncheon speaker. The afternoon program includes a session on the BIG compliance issues we are all facing - CFTC Reg. 1.22 and Reg. 1.35; a panel presentation focused on marketing and compliance for CTAs and IBs who utilize CTA...

Chairman's Letter

Dear Members - Next week, I have appointments with our CFTC regulators. Steve Petillo, NIBA President, and I are going to Washington, DC to meet the three new members of the Commission along with Commissioner Weijen, the remaining member of the past group of five. Our agenda points include a discussion of Regulation 1.22 -- dubbed the "residual interest" rule, and Regulation 1.35 -- the recording rule which chiefly applies to cell phone use. The first phase of Reg. 1.22 is due to become effective in November. NIBA has not spoken to any registrant who believes this regulation is good for the industry, and that is what we will be telling the Commission. We have consistently opposed this regulation since it was proposed for reasons including that we do not believe it serves any customer protection goal, and will have the effect of making it more difficult for many of...

The Arditti Center Executive Risk Management Leadership Series

Wednesday, September 24 (12 to 2 pm): A free lunch with a keynote speaker and presentation by our instructors. Wednesday, October 15 (12 to 2 pm): A free lunch with a keynote speaker and presentation by our instructors. Wednesday, November 12 (8 am to 5 pm): One-day capstone program featuring interactive case studies, a keynote lunch, and a keynote dinner the evening before. Program Summary Developing and maintaining superior performance in corporate risk management, which is both effective in taking high-stakes decisions and fail-safe in times of stress, requires executive leadership. Focusing on the critical areas of risk management infrastructure, strategy and decision-making, this interactive program provides senior leaders with greater understanding of, and essential skills in, risk management leadership practices which have been field-tested across multiple industry sectors. Series Structure Hosted at the DePaul Center in the heart of downtown Chicago (1 E Jackson Blvd), the Executive Risk Management...

Chairman's Letter

Dear Members - Many NIBA Members are already feeling the effects of CFTC Regulation 1.22 as FCMs begin to phase in the changes to margining customer accounts as enumerated. The so-called "residual interest" provision in the rule, due in November 2014, shortens the three-day period which customers currently have to meet margin requirements. The time period further shortens in four years. The NIBA has vigorously opposed CFTC Reg. 1.22 since it was proposed. Included as part of the sweeping customer protection rules enacted by the Commission as a result of the Dodd-Frank Act and in response to the failures of MF Global and PFG Best, we have argued implementation of this rule could drive our customers, including farmers, ranchers and small hedgers, out of the futures markets by requiring "pre-margining" to maintain their accounts. Pre-margining would eliminate their ability to use futures as a risk management tool due to higher...

July 8 DePaul Event Follow-up

On July 8, 2014, the NIBA presented its first co-sponsored event with DePaul University on the University campus in Chicago. DePaul staff recorded the program, and the full video will be posted on this site within the next few days. The afternoon program included a session on the effect CFTC Reg. 1.22 will have on our customer relationships, and one on managed futures as an alternative investment class. Attendees received handouts from NIBA service providers, as well as from DePaul, and we all enjoyed a reception on the 11th Floor terrace of the campus downtown building. Approximately 140 individuals registered for the July 8 event which was open to all industry professionals. Thanks to DePaul University -- Alex Perry and Dr. Carl Luft specifically, session speakers, members of the NIBA Board of Directors and volunteers who created and presented a terrific program. We're all looking forward to more NIBA/DePaul events...

NFA assessment fee reduction will become effective on October 1, 2014

Notice to Members I-14-18 July 7, 2014 NFA assessment fee reduction will become effective on October 1, 2014 Effective October 1, 2014, NFA's assessment fee will be $.01 per side for futures and options contracts. The new rate is a 50 percent decrease from the current rate. NFA's Board of Directors believes that, based on recent trends in public trading volume growth, this fee reduction may be sustainable for a few years. Obviously, the trend in trading volume may change, which could either shorten or lengthen the amount of time that this fee can be maintained. For additional information, consult NFA's Interpretive Notice "NFA Bylaw 1301: NFA Assessment Fee Questions and Answers for FCMs" or contact NFA's Information Center (information@nfa.futures.org) at 800-621-3570 or 312-781-1410.

July 8-NIBA/DePaul University Co-Sponsored Event

On the afternoon of July 8, 2014, the NIBA will present its first co-sponsored event with DePaul University in Chicago. Two panel discussions and a Networking Reception are included in the afternoon’s program. Registration is required. Click to Register The first panel will discuss the effect of CFTC Reg. 1.22 on your relationship with your customers. FCM implementation of Reg. 1.22 means that customers will have shorter timeframes in which to meet their margin calls. Although this regulation is scheduled to go into effect over the course of 2014, several FCMs have already began to transition by making the required changes to margin procedures in phases. This panel of industry experts, including the NFA, will help you understand the requirements and prepare your clients for the changes to come over the next few months. Turnkey Trading Partners will moderate a panel made up of Mike Coglianese, CPA, Jeff Henderson, Henderson-Lyman...

Chairman's Letter

Dear Members: Communication, communication, communication....the key to success in our industry. It can take many forms -- and this month you can take part in three of them at the NIBA. July 8 -- Our co-sponsored program at DePaul University (LINK HERE) is the place to learn about the changes CFTC Reg. 1.22 will bring for your customer relationships in the coming months. NIBA LinkedIn -- Did you know the NIBA LinkedIn Group has more than 1,000 members? Members meet up regularly, post and read news from all over the industry. Ask NFA -- Our newest feature lets you ask the NFA about anything from registration to audits. You simply submit your question, and the NIBA will ask the NFA directly. No individual names or firm names are identified, and you get answers. Also this month: The CME Group has announced a “netting” policy with regard to market data fee...

Chairman's Letter

Dear Members - The NIBA submitted our comment letter to the NFA regarding its capital requirement proposal for CTAs and CPOs and other changes to the CTA registration status. We are firmly opposed to capital requirements for CTAs and to the elimination of registration status for the group of current CTAs which NFA refers to as “inactive.” NIBA believes CPO criteria may be quite different than that for CTAs, and should be considered separately. The full text of our submission is found in this newsletter. We understand the NFA is considering all the submissions -- we hear there were many. We have requested a further opportunity to discuss this issue with the NFA before any regulations are changed. During our May 1 meeting in New York, the NFA was a part of a panel presentation on this issue, and on concerns surrounding the ability of swaps registrants to comply with...

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