Insights, analysis, and updates from the National Introducing Brokers Association
The equity market slide continued in a big way, including the worst week for the Nasdaq in about a decade. Jack Bouroudjian unpacks it all and looks at what traders should watch to begin 2019. The post Market Update: Getting Ready for 2019 appeared first on OpenMarkets. Source: CME Open Markets - Market Update: Getting Ready for 2019
OPEC’s decision to cut oil production beginning in January 2019 might have been expected to boost oil-linked currencies, but other factors are taking their toll. The currencies most closely associated with crude oil prices are the Canadian dollar (CAD) and the Russian ruble (RUB), although the former is also heavily influenced by U.S. interest rates. Canadian Dollar Correlation between the CAD and oil has risen in recent months and the loonie has been boosted by a cut in production in Alberta that saw Western Canada Select crude surge more than 70 percent, narrowing its discount to the U.S. benchmark, WTI. However, Vincent Cignarella, currency strategist at Bloomberg notes that trade and fundamentals often have a greater impact on the value of the CAD. A JP Morgan report on the outlook for the CAD in 2019 has USD/CAD remaining elevated at the beginning of the year on weak local oil prices...
Each year the CFTC publishes an agency financial report which provides data on financial and performance, operations management and information on the CFTC. This is the 14th annual report that has been published. Please see the link below to access the report: CFTC 2018 Report
The recently enacted Tax Cuts and Jobs Act (TCJA) has made several changes to the tax law. Below we have summarized some of the changes we feel may affect some of our client base, mainly traders and investors. The TCJA suspended all miscellaneous itemized deductions, subject to a 2% floor, for individuals including investment fees and expenses. Therefore, investors are no longer entitled to these investment expenses. An important thing to note is that the TCJA did not change investment-interest expense rules. The itemized deduction is limited to investment income, and any excess is carried forward to subsequent years. The TCJA also modified carried interest rules for managers. In order to benefit from long term capital gains allocated through profit allocation or carried interest, hedge fund managers must now hold an underlying position in the fund for three years. Normally, long term capital gain requires a one year holding period....
An Introduction for Introducing Brokers Security matters, and the NFA and other financial regulators are pushing to help market participants appropriately protect their customers and themselves against cyber threats which could result in stolen data, compromised systems, and the potential theft of funds or other illegal transactions. An Information Systems Security Program (ISSP) is mandated by the NFA & CFTC for futures market participants including FCMs, CTAs and IBs. An ISSP is a written document that describes the actions a Member takes to protect its systems and data against associated risks. It could save your business. NFA guidance allows Members to adjust ISSP requirements to match their business and operational complexity. Steps include: ● Identify and document critical systems and critical data (e.g., customer information and financial data) ● Document and follow policies and procedures to manage access to critical systems and data (e.g., user access controls and user authentication)...
Jack Bouroudjian examines today’s rate hike from the Federal Reserve and how commodity markets and the yield curve responded. The post Market Update: What Comes After The Rate Hike? appeared first on OpenMarkets. Source: CME Open Markets - Market Update: What Comes After The Rate Hike?
Ahead of this week’s FOMC meeting, is the market finding its footing? Jack Bouroudjian looks at what traders are expecting from the Fed decision, and how that decision could impact markets in 2019. The post Market Update: The Market Awaits FOMC appeared first on OpenMarkets. Source: CME Open Markets - Market Update: The Market Awaits FOMC
Illinois lawmakers have taken steps to limit the maximum duration of short-term medical plans (STM plans) from 360 days to 180 days. Earlier this year, Gov. Bruce Rauner vetoed a bill that would apply this limitation, but Illinois lawmakers had enough votes to override that veto. Bill SB1737 is due to go into effect on 1/1/2019. The bill states that STM plans can only be for a duration of 180 days. When a STM plan ends there is a mandatory 60 day break before starting another STM plan. United Healthcare and other carriers are stating that any plan that has been signed up before 1/1/19 will be honored for the duration of the contract. The STM contracts in force prior to the implementation of the 180 day duration of the term rule, will be honored for the duration of the term that was written in the members original STM contract....
The NIBA is pleased to announce renowned financial innovator and entrepreneur, Dr. Richard Sandor will deliver the keynote address at our NYC Conference. If you have not yet registered please take a minute to do so as this event tends to fill up quickly. Richard L. Sandor is chairman and chief executive officer of Environmental Financial Products LLC, which specializes in inventing, designing, and developing new financial markets with a special emphasis on investment advisory services. EFP was established in 1998 and was the predecessor company and incubator to the Chicago Climate Exchange (CCX), the European Climate Exchange (ECX) and the Chicago Climate Futures Exchange (CCFE). Dr. Sandor is the author of Good Derivatives: A Story of Financial and Environmental Innovation, published in 2012, and the lead author of Sustainable Investing and Environmental Markets: Opportunities in a New Asset Class, published in 2015 (by World Scientific). His new book “How...
On November 29, the Advisory Group (AG) of the NIBA held its annual meeting at the Union League Club, Chicago. This committee meets one afternoon each year to discuss ideas which are intended to help the NIBA grow and to remain effective and valuable to our members. This year’s meeting overwhelmingly confirmed the Association’s mission of education and recommended several initiatives to the Board of Directors, including new levels of communication between NIBA’s committees and its members. Rodney Dow, The Dow Corp. is the NIBA board member chairing this committee for the third year. Board members Melinda Schramm, Mike Burke, Steve Petillo and Tom Sandy also sit on the AG committee. Thank you to Mark Haraburda, Barchart; Kelly Hartman, CME Group; Mark Shore, Shore Capital Management; and Ginger Szala, Ginger Szala Ink - all of whom rotated off the group after serving three year terms. 2018 Advisory Group Members include:...
