NIBA - Celebrating 35 Years

NIBA Journal

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

1 min read

NIBA @ NFA DC

On May 17, I represented the NIBA at the U.S. House Agricultural Committee Reception hosted by the NFA. This annual event takes during the days NFA holds its board meeting in Washington. Mike Burke and Scott Stewart, IIB representative and GIB representatives respectively were both in DC for these meetings. While in Washington, Mike and I visited with the CFTC to discuss issues suggested by NIBA members. A summary of that meeting will be posted in a future newsletter. Discussions were also held with members of the legislature, the FIA and to further the planning for both our DePaul Symposium and September member meetings.

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1 min read

2018 GDPR

The US is not the only part of the world with new regulation to comply with.  The EU has recently put forth the General Data Protection Regulation (GDPR).  If you do not do business in the EU an do not have any customers from that region - this is as far as you need to read.  However, if you do have EU based customers or offices in the EU, please refer to the link below for additional information regarding the GDPR and how it comes into play for your operation.  If you have questions or concerns please feel free to let us know and we can suggest one of our service providers in the legal and compliance areas that are well versed in this area of regulation. GDPR INFORMATION

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3 min read

Housekeeping, Reminders and Updates - May 2018

Written by: Mark E. Ruddy, Esq. Maria Fielding National Futures Association (“NFA”) Stays Virtual Currency Reporting Requirements NFA announced on December 14, 2017 that it would require additional reporting requirements from commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) who are involved in virtual currency transactions and introducing brokers (“IBs”) who accept orders in virtual currency derivatives. On March 27, 2018, NFA released Notice to Members I-18-07 to inform CPOs, CTAs, and IBs that they are currently not required to file the additional reporting requirements previously announced in December 2017. NFA cautioned, however, that it may contact individual firms for additional information. The NFA announced the additional reporting requirements for CPOs and CTAs in Notice to Members I-17-28 and the additional reporting requirements for IBs in Notice to Members I-17-29. Financial Crimes Enforcement Network (“FinCEN”) Updates Jurisdictions with Deficiencies On April 27, 2018, FinCEN released an advisory updating their...

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1 min read

CME Market Regulation Team

CME Group's Market Regulation Department works to protect the market integrity of all four of its Exchanges - CME, CBOT, NYMEX & COMEX.  Take a look at the "Meet the Team" video below produced by CME.  These videos are very informative and make for great content when educating new brokers or market participants.  NIBA will be publishing more video content on a regular basis and we encourage our members to utilize these tools on their websites and other mediums.

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Member Announcements
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CME SOFR Futures

CME Group: Now Available: SOFR Futures Based on extensive customer input, CME Group has launched 3-Month and 1-Month SOFR futures contracts. Endorsed by the Alternative Reference Rate Committee (ARRC) in June 2017, the Secured Overnight Financing Rate (SOFR) is a broad Treasuries overnight repo financing rate published by the Federal Reserve Bank of New York in cooperation with the U.S. Office of Financial Research starting April 3, 2018. SOFR Futures trade alongside highly-liquid Eurodollar, Fed Fund and Treasury futures to offer enhanced spread trading capabilities via CME Globex intercommodity spreads and capital efficiencies through margin offsets. Launched May 7, in the first two days of trading, sixty global firms participated in trading activity and open interest reached 2,500 contracts. Learn more

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Member Announcements
2 min read

Chairman's Letter - May 2018

During the late Russian Empire (about 211-476 CE), May or “mayovka” literally referred to a picnic in the countryside in the early days of the month. Will complying with NFA Anti-Money Laundering regulation changes be a “picnic in the countryside” for registrants? Under the changes FCMs and IBs must identify, and be able to verify the identity of the beneficial owners of legal entity customers opening new accounts after the effective date of the rule change, May 11, 2018. Additionally, FCMs and IBs must include risk-based ongoing Customer Due Diligence (CDD) procedures in their AML programs. Many FCMs began modifying systems and requirements to implement these changes from approximately August, 2016 when they were announced by FinCEN, so for many IBs, rule change will not cause difficulties. Contact your FCM for assistance in understanding the requirement and implementation. Also on May 11, NFA issued a Notice to Members regarding a...

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1 min read

NIBA in Washington DC

Your NIBA representatives will be travelling to Washington D.C. next month to meet with our industry's top regulators to discuss issues that are important to our membership.  If you have a topic or concern you would like to discuss with NIBA please reach out to us at membership@theniba.com.  Part of the NIBAs mission is to be a voice to the brokerage and trading communities and to raise awareness on issues that directly affect the way you conduct business.  Look for a report on our trip in an upcoming compliance edition of NIBAs newsletter.

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Member Announcements
1 min read

NIBA NYC 2018

NIBA at NYAC Over 360 individuals registered for last week's NIBA Event at the New York Athletic Club, making the biggest meeting NIBA has ever presented in New York. Thank you to all our sponsors and expert speakers who provided a program that educated and informed, alongside a wonderful reception where colleagues networked and old friends met to catch up. Thank you also to Traders Fulcrum who directly reached out to industry professionals in the New York area to include them in the event. The University of Chicago and Columbia University attended NIBA's New York meeting for the first time. These universities, along with several others, will be in the Quant Corner again at our September 13 Annual Membership meeting in Chicago. Program sessions from this NYC meeting will be posted on the NIBA website in the next few weeks. For follow-up, questions or suggestions for next year's program, contact...

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