NIBA Journal

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

September 28, 2017

Claim your Free NIBA Membership

In case you missed the announcement - the NIBA Board of Directors has announced a FREE one year membership to the association. This comes to you as a thank you for your support and loyalty over the association's 25 year history. If you have not already claimed your FREE membership please follow the instructions found in the video link below. Once you have claimed your membership and reset your login password you will have access to the private members only portal area, attendance to all NIBA events this year, a listing in the NIBA directory (heaviest traffic area of the website) and the ability to bring your issues and concerns to the NIBA board for consideration. https://www.theniba.com/membership-sign-up-help/

NIBA September Conference Videos

NIBAs September conference in Chicago was a great success. The sessions were well attended, speakers were relevant and engaging and we had a few tricks up our sleeve throughout the day to keep things interesting as well. The association debuted two "firsts" for the annual conference - Quant Corner and Cryptocurrency Trading. Both were very well received. If you have any comments or suggestions on our conference please check your email for our post conference survey or feel free to email the conference chairman, Ryan Griffeth directly at ryan.griffeth@postrockbrokerage.com. The entire program was captured by video and is now available within our member portal. Part of our 25th anniversary offering and a thank you to our loyal members and the industry at large was a free one year membership to the association. This includes access to our members only portal. You should have receive an email confirming your free membership...

By NIBARead article

Housekeeping, Reminders & Updates - September 2017

September 28, 2017

3 min read

Housekeeping, Reminders & Updates - September 2017

  National Futures Association (“NFA”) Updates Financial Statement Filings The NFA is adding additional questions to independent introducing brokers’ (“IBs’”) financial statement filings beginning with the September 30, 2017 filings. The additional questions do not concern new information being collected by the NFA, but rather information that had previously been collected by way of a follow up from the NFA to an IB after financial statements were submitted. The hope is that the financial statement filing process will be streamlined by asking these questions at the time of submission filings instead of the NFA having to call up the IBs after submission. The NFA issued Notice to Members I-17-18, which provides further information on the modification of the IB financial statement filings. Financial Crimes Enforcement Network (“FinCEN”) Updates Jurisdictions List On September 15, 2017, FinCEN released Advisory FIN-2017-A005, which highlights the June 23, 2017 update from the Financial Action Task...

NIBA Membership Offer

The Board of Directors of the NIBA is pleased to announce that our 25th Anniversary gift to all registered IBs and CTAs is a complimentary 1-year association membership. Just click on https://www.theniba.com/set-password to obtain your member login password. The membership includes: • Complimentary attendance to networking events & conferences • Login access to the Members Only Portal, including research papers and industry related articles • Service provider announcements & discounts For more detailed instructions and help redeeming the offer, please head to https://www.theniba.com/membership-sign-up-help/ The 25th Anniversary Membership also includes a Basic Listing in the Online Broker Directory page of the NIBA website for all members who wish to provide basic firm information and a valid credit card in the enrollment section. There is NO COST for the Basic Listing and for your 1-year membership. The credit card information will only be used for membership renewal. You will be sent an...

Your Big Chance for Change

On May 3, 2017, the CFTC voted to seek public comment regarding the simplifying of Commission rules. “Project KiSS” under Chairman Giancarlo’s guidance, intends to conduct an internal, agency-wide review of CFTC rules and regulations. The purpose is to identify areas where the rules can be simplified to make them less burdensome and less costly. NIBA will be submitting a response to the CFTC invitation for public comment in behalf of the Association. In order to ensure that our submission fully and accurately reflects the opinions of the membership, I’m requesting that you send me a quick note identifying the CFTC regulation which is most difficult for you as an IB or CTA to comply with, and why. The difficulty might be because the rule is hard to understand or because it costs your firm a lot to implement compliance, or any other reason you want to point out. CFTC...

With Sympathy

Bob Wilmouth: Bob passed away September 14. He was well-known to all of us in the derivatives industry as the founding president of the National Futures Association (NFA) where he served as its first president until 2003. Prior to the NFA, Bob was the President and CEO of the Chicago Board of Trade (CBOT). In 2006, he was inducted into the FIA Futures Hall of Fame. Les Rosenthal: Les passed away September 16. Founder and managing member of Rosenthal Collins Group (RCG), Les began his career in the industry as a runner at the CBOT in 1951. He started Rosenthal & Co. in 1970. Les was one of the driving forces behind the development and launch of the GNMA futures contract, the first futures contract based on interest rates. Bill McGowan: Bill was the Managing Director of sales for Interactive Brokers Group (IB) in its Chicago office. He was responsible...

Chicago Conference Speaker Profile - Megan Glaros

  Megan Glaros is the meteorologist for the CBS 2 Chicago Morning News at 4:30, 5, and 6AM. Send An E-Mail To Megan Glaros She returns home to the midwest from WCBS-TV New York, where she had been the weekend morning meteorologist and entertainment reporter since 2008. Megan, a member of the National Weather Association, received her American Meteorological Society accreditation and its Seal of Approval in 2006. http://chicago.cbslocal.com/personality/megan-glaros/ From 2004-08, she worked as the morning and noon meteorologist at WPLG-TV in Miami, Florida. From there, she forecasted for some of the most active hurricane seasons on record, including Katrina, Rita and Wilma. In addition to reporting on weather at WPLG-TV, Megan hosted a weekly feature segment, Megan On The Move – where she showcased South Beach culture and entertainment. She also hosted a live, one-hour Monday Night Football countdown show from different locations in South Florida and has filled-in...

By NIBARead article

August 31, 2017

2 min read

Ask NFA - August 2017

As your industry advocate, the NIBA provides many services which help your business stay in compliance with NFA regulations. “Ask the NFA,” is the way you can ask questions about those regulations and compliance requirements without having to call NFA directly. Just email us at nfacomments@theniba.com and we will get the answers for you. Please keep in mind the purpose of this contact is to keep the lines of communication between the NFA and NIBA members. This month’s questions were selected from those submitted by NIBA members. The answers were supplied by NFA staff. Q: How do I find information for IBs on NFA's website? A: NFA launched its redesigned website in late June 2017. The redesign project was driven by Member feedback, analysis of usage patterns and benchmarking, with the primary goals of providing better navigation and improving user experience. As part of NFA's website redesign, NFA created a...

By NIBARead article

August 31, 2017

2 min read

Housekeeping - August 2017

Written by: Mark E. Ruddy, Esq. Maria Fielding, Legal Assistant   Three of the Commodity Futures Trading Commission (“CFTC”) Nominees Confirmed The United States Senate confirmed J. Christopher Giancarlo as Chairman and Rostin Behnam and Brian Quintenz as commissioners of the CFTC. The Senate did not vote on the fourth and final nominee currently awaiting confirmation, Dawn DeBerry Stump. As announced in Press Release pr7602-17, Commissioner Quintez was sworn in on August 15, 2017. As acting Chairman, Giancarlo already proposed earlier this year notable restructuring of the CFTC as well as a more thoughtful approach regarding rules and regulations and public responses made by the CFTC. The notion that the CFTC should be reducing the regulatory burdens in alignment with a February 24, 2017 executive order is a key objective for Chairman Giancarlo. Chairman Giancarlo did emphasize, however, that enforcement action would continue to be implemented thoroughly and consistently. Revision...

Chicago Conference Keynote Speaker Full Bio

  [caption id="attachment_8268" align="alignnone" width="300"] Mr. Jack Schwager[/caption] Mr. Schwager is a Co-founder and Chief Research Officer of FundSeeder, a firm that seeks to find undiscovered trading talent worldwide via its trader platform (FundSeeder.com), and a Co-founder of FundSeeder Investments (FundSeederinvest.com), which seeks to connect properly regulated traders with sources of investment capital. Mr. Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. Previously, Mr. Schwager was a partner in the Fortune Group (2001-2010), a London-based hedge fund advisory firm. His prior experience also includes 22 years as Director of Futures research for some of Wall Street’s leading firms, most recently Prudential Securities. Mr. Schwager has written extensively on the futures industry and great traders in all financial markets. He is perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of...

By NIBARead article

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