NIBA Journal

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

October 25, 2018

CFTC to Hold Open Commission Meeting 11/5

Washington, DC — Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo announced today that the CFTC will hold an open meeting on Monday, November 5, 2018 at 10:00 a.m. to consider the following: Final Rule: Amending the De Minimis Exception to the Swap Dealer Definition Proposed Rule: Amendments to Regulations on Swap Execution Facilities and the Trade Execution Requirement Request for Comment regarding the Practice of “Post-Trade Name Give-Up” on Swap Execution Facilities The meeting is open to the public with seating on a first-come, first-served basis. Members of the public may also watch a live webcast or listen to the meeting via conference call using a domestic toll-free telephone or international toll or toll-free number to connect to a live, listen-only audio feed. Persons requiring special accommodations to attend the meeting because of a disability should notify Chanel Smith at (202) 418–5080. For more information please click here

A Correction from Melinda Schramm...

Rob DeMuria, Compliance Supervisors Inc., noticed something wrong in the October Chairman’s Letter posted two weeks ago. I wrote: “In Latin, ‘octo’ means eight. October, the eighth month of the year is recognized traditionally throughout the world as the gateway to winter.” October is obviously not the eighth month of the year! I went wrong when I edited my own writing, and deleted a portion of the paragraph. It should have read, “In Latin, ‘octo’ means eight. October, the eighth month of the year in the old Roman calendar (prior to the addition of January and February into the calendar to make a 12-month year), is recognized traditionally throughout the world as the gateway to winter.” No, I wasn’t inserting wrong info just to see if anyone reads the Chairman’s Letter -- I just goofed! Thanks to Rob, longtime NIBA Service Provider and Advisory Group member, for the correction.

NFA BoD Executive Rep Reminder

Executive Representative Reminder and Board and Nominating Committee Members Whose Terms Will Expire at the Board's 2019 Regular Annual Meeting Executive Representative Reminder In August 2016, NFA's Bylaws were amended to implement an electronic voting process for Directors' elections, contested Nominating Committee member elections and Articles' amendments approval votes. If elections are necessary, NFA has engaged Corporate Election Services (CES), a third-party service provider, to administer the electronic voting process. To facilitate the electronic voting process, each Member shall designate an Executive Representative who will have the Member's sole authority to sign nominating petitions, receive notices of Member meetings and proxy materials, complete proxy cards and provide voting instructions and cast votes on behalf of the Member. Members may designate an Executive Representative through NFA's website. Only those firm personnel who are the Security Manager or are authorized to view, update and file information in ORS may complete the Executive...

CME Group Liquidity Tool

View current and historical bid-ask spreads, book depth measures and cost to trade statistics for CME Group products through interactive visualizations. Evaluate the impact of orders in ticks across various CME core products Compare how large of an order to execute and its market impact Discover the depth of markets at each price level and in 3 time zones: Chicago, London and Singapore View Tool

Volunteers Needed - April 10th NY Athletic Club

NIBA’s spring membership meeting will be held April 10 at the New York Athletic Club, New York City. The annual event includes a full afternoon of business sessions, as well as numerous opportunities for networking and catching up with your colleagues. Planning for the business sessions has begun. Mike Burke, mikeb@highgroundtrading.com, Steve Petillo, spetillo@straitsfinancial.com and Melinda Schramm, melinda@futuresrep.com will co-chair the event. Please contact any chairman to suggest topics or speakers for the meeting, or to volunteer for the planning committee. NYC Event Page

Chairman's Letter - October 2018

In Latin, octo means eight. October, the eighth month of the year is recognized traditionally throughout the world as the gateway to winter. In the U.S., we celebrate National Pizza Month and, of course, Halloween. In early October, the Wall Street Journal reported that CFTC enforcement actions and fines are up in 2018, while SEC-related numbers decreased over the same period. After falling slightly in 2017, CFTC numbers have risen this year in part to issues surrounding cryptocurrency offerings and spoofing. Complaints also include various recordkeeping and position limit violations. NFA has called for nominations to its board of directors and nominating committees. Current terms of several directors expire February 21, 2019. Submissions for candidates for all positions must reach the NFA no later than October 15th. NIBA will be publishing the results of those nominations in subsequent newsletters. Elections will be held shortly after the nominations are announced, so...

New Tool: CME Group Options Calculator

Generate fair value prices and Greeks for any of CME Group’s options on futures contracts or price up a generic option with our universal options calculator. Choose from eight different pricing models, including Black Scholes, and customize your parameters by: Strike Option Type Underlying Futures Price Volatility Days to expiration (DTE) rate View Calculator

By NIBARead article

September 27, 2018

1 min read

2018 IB Handbook

The Complete IB Handbook – 2018 Edition Now Available Updated annually, The Complete IB Handbook is a comprehensive resource for prospective and current introducing brokers (IBs). This guide, written by Melinda H. Schramm of MHS Capital Resource and sponsored by CME Group, provides a state of the IB industry, covering current trends, business practices and regulation. Read the latest version, updated for 2018. Download Handbook

NIBA Annual Membership Meeting

NIBA held its Annual Membership Meeting September 13 at the CME Group Building. The full-day of education focused on “Developing Business in a Regulated Environment,” and featured sessions on compliance, marketing and ideas for growth. This year’s keynote speaker, Rick Santelli of CNBC Financial News, spoke to a standing-room only crowd. NIBA thanks the CME Group, official sponsor of the event for providing our meeting space, lunch and a terrific luncheon speech on the possible effects of tariffs and trade wars on the markets and our customers, presented by Alison Coughlin, Manager of Commodity Research and Product Development, CME Group. Thanks also to NIBA’s Program Sponsors and Annual Sponsors - Barchart, Clear Software, Ruddy Gregory, Michael Coglianese CPA, Straits Financial, Midland IRA, John Lothian News and Dorman Trading. Congratulations to Gene Sikora, of Intl FC Stone on winning the raffle prize, an electric scooter donated by Straits Financial. The meeting...

Chairman's Letter - September

In the time of Charlemagne, September was “the harvest month.” In most of the modern world, September marks the start of the academic year. And here, in the U.S., we celebrate “Better Breakfast Month” and National Bourbon and California Wine month. September brings NIBA’s Annual Membership Meeting. The meeting took place this year on Sept. 13 at the CME Group Building in Chicago. When it was time for the keynote speech, Rick Santelli, CNBC commentator rocked the house. Rick was more than informational -- he is entertaining and very gracious. Thanks also to the CME Group for providing the facility and a terrific luncheon speak, Alison Coughlin of the exchange. A full wrap-up appears in this issue of the NIBA newsletter. We also saw two Commissioners confirmed and sworn into office by the CFTC early this month which completes and fills the five-person Commission. Dawn Stump comes from Stump Strategic,...

By NIBARead article

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