NIBA Journal

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

October 13, 2016

NIBA Washington DC Visit

On October 27, representatives of the NIBA will be in Washington, DC. Melinda Schramm, Mike Burke and Ryan Griffeth will visit with CFTC Commissioners, staff and representatives of the Commodity Markets Council. To submit any topics you’d like us to include in these discussions, please forward them by COB October 24 to Melinda, melinda@futuresrep.com; Mike, mikeb@highgroundtrading.com; or Ryan, ryan.griffeth@potrockbrokerage.com. A summary of the Commission and CMC meetings will be published in the November newsletter.

Save the Date: SoCal Conference Feb 23, 2017

Newport Beach, CA - February 23, 2017 Mark your calendar now for the NIBA winter event February 23 at the Newport Beach, CA Marriott! After taking a year away, members told the board they wanted the Association to meet in southern California again. More than 75 members attended each SoCal meeting in 2013-2015. February 23 will be an afternoon of two-three business sessions followed by an open reception very similar to the NIBA forums presented annually in New York City and at DePaul University, Chicago campus. Program agenda and registration will be open @theniba.com about the first week in December. John Jensen & Ralph Preston are NIBA co-chairs for this event. To suggest topics or speakers, or to volunteer to help plan and implement the meeting, contact John, jjensen@hwfi.com, Ralph, rpreston@hwfi.com or Melinda, melinda@futuresrep.com Sponsorship opportunities are available. Contact Melinda or Mike, mikeb@highgroundtrading.com.

Chairman's Letter - Oct 2016

“Don’t cry because it’s over, smile because it happened” -- Dr. Seuss, aka Theodor Geisel (1901-1991)   Don’t you just love Dr. Seuss? His quote above perfectly sums up my feelings about our 25th Anniversary Conference held in Chicago at the CME Group, September 14. With over 240 registered members on hand to help celebrate, NIBA presented some of the most valuable conferences we have held in our 25 year history. And we had fun while we learned.   Thank you to Ryan Griffeth, NIBA conference chairman and his entire committee: Steve Petillo, Brian Gaffud, Barbara Schmidt-Bailey, Mike Burke, Shane Stiles, Jerry Nolan, Tom Sandy and Ralph Preston. Each and every panel broke new ground to present educational, fully actionable information to NIBA members. Ryan assembled a terrific group of speakers and moderators. You can find articles/features on many of the session topics in the NIBA archives.   Special thanks...

By NIBARead article

September 29, 2016

5 min read

NFA Proposes "Financial Health" Reporting Requirements for CPOs and CTAs

In an effort to better understand and monitor the financial health of certain members of the National Futures Association (“NFA”), the NFA has submitted a proposal to the Commodity Futures Trading Commission (“CFTC”) that would require commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) to report additional information about their financial condition on a regular basis. The recent proposal comes two years after NFA previously sought comments on possible minimum net capital requirements for CPOs and CTAs. Financial reporting may not, at first blush, seem as onerous as minimum net capital requirements. However, financial reporting will nonetheless require the careful attention and additional resources of CPOs and CTAs to calculate and report this information on an ongoing basis, as well as create additional recordkeeping requirements. The NFA proposal would amend NFA Rule 2-46 and adopt a new interpretive notice, NFA Compliance Rule 2-46: Reporting Financial Information on NFA Forms...

By NIBARead article

September 29, 2016

3 min read

NIBA "What's on the Radar at the NFA" Conference Session Recap

NIBA’s September 14 Conference opened up first thing in the morning with a panel discussion on none other than “What's on the radar at the NFA!” By the look on the faces of the crowed audience, the topics had many eyes wide open…more than your average cup of Latte can do in the morning. The panel, which was moderated by Robert DeMuria of Compliance Supervisors International, Inc., consisted of very reputable and qualified individuals: Joseph Mazza, CPA of Compliance Supervisors International, Inc.; Anibal Carlo, Manager of National Futures Association and Michael Coglianese, CPA of Michael Coglianese CPA, P.C. The discussion kicked right off with NFA discussing many of the key areas they focus on in their examinations. Suffice it to say that for 45 minutes, the panel made it clear that ALL NFA Member firms need to adopt and enforce reasonable and sound internal controls around their day-to-day processes. Whether...

By NIBARead article

September 29, 2016

3 min read

NIBA Compliance Debate Recap

Inspired by this year’s presidential debate, the NIBA hosted its first ever compliance debate at a conference for their 25th year anniversary held at the CME Group on Sept. 14. Robert DeMuria, Vice President and Co-founder of Compliance Supervisors International, and Alexandra Lively, OSMTH United Nations Delegate, moderated the debate with an outstanding group of industry professionals. The panelists included Joseph Mazza, President and Co-founder of Compliance Supervisors International, James Bibbings, Founder and President of Turnkey Trading Partners, Patricia Cushing, Director of Compliance at National Futures Association, Scott Williamson, Deputy Regional Counsel at the CFTC, Erin Middleton, Senior Rules and Regulatory Outreach Specialist at the CME Group, Matt Kluchenek, Partner at Baker & McKenzie, Marc Nagel, Independent Compliance Consultant and Expert Witness, and John Roe, Co-founder of the Commodity Customer Coalition; Principal at BTR Trading Group; Founder of Roe Capital Management. Pictured Left to Right: Mr. Williamson, Miss Lively and...

Housekeeping, Reminders and Updates -- September 2016

Financial Crimes Enforcement Network Advisory on FATF List of Jurisdiction with AML/CFT Deficiencies On September 7, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued an advisory announcing that the Financial Action Task Force (“FATF”) updated its lists of identified jurisdictions with strategic deficiencies in their frameworks to combat money laundering and the financing of terrorism and proliferation. The purpose of FATF’s lists are to track and monitor compliance with the international Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) standards. The changes to FATF’s lists may affect US financial institutions’ obligation and risk-based approaches with respect to relevant jurisdictions. Updates to the FATF lists are outlined in FinCEN Advisory FIN-2016-A004. National Futures Association Changes to Form PQR and Compliance Reminders to CPOs and CTAs The National Futures Association (“NFA”) announced a minor change to the quarterly report (Form PQR) for commodity pool operators (“CPOs”). The change to the PQR...

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Focus on the Membership

September 22, 2016

3 min read

NIBA Hosts 25th Anniversary Chicago Conference and Launches New Member-Focused Website

The National Introducing Broker Association (NIBA) held its 25th Anniversary Conference on Wednesday, September 14th, 2016 at the iconic Chicago Mercantile Exchange. Featuring panel and debate-style sessions, this conference addressed topics covering key compliance issues, financial technology disruption, best practices in financial marketing, and economic effects resulting from the recent Brexit. In addition to exclusive financial compliance training opportunities for attendees, the conference included a special tour of the Chicago Mercantile Exchange’s Global Command Center which is the Market Operations and Customer Service desk for electronic trading on the world’s largest futures exchange. Dovetailing the event is the announcement of the newly redesigned NIBA website developed by Gate 39 Media, which not only has a new look and layout, but features a Resource Portal, which offers valuable industry content for NIBA Members. Established in 1991, the NIBA is a nationally recognized organization representing professionals in the futures and options industry....

By NIBARead article

Focus on the Membership

September 8, 2016

1 min read

NIBA Website Launch

The NIBA is celebrating its 25th anniversary this year. The last 25 years have seen a number of changes within the industry and the association has been around for it all. Looking forward we are excited to be a part of the next chapters as well. Part of staying in front of relevant issues and topics is by keeping our commitment to being and educational resource to the industry. Our store front has been in the form of the NIBA website and this year it’s getting a full remodel. Gate 39 Media has done a wonderful job with the new website and we are excited to officially launch the site next week following our 25th anniversary conference. The site will feature an interactive timeline of the NIBA’s history, a members only portal containing a number of educational resources for our membership, a new and improved presentation of the NIBA Journal...

Business Development and Marketing

Business Development Panel (3:50-4:40PM) - Do you feel overwhelmed because you're offering every trading platform in existence? Do you scramble to keep up with every new service or product you read about? You need to attend this panel! Moderated by Financial Marketing and Technology Specialist Shane Stiles of Gate 39 Media, during this 50 minute session three firms will share their secrets for longevity accomplished by developing and sticking to a clear marketing focus. A marketing focus which targets and specializes in a specific segment of the market, products or clients. That specialization makes these three successful firms very unique. Panelists include: JonPaul Jonkheer, IASG (registered since 1992) Jeremy Shelton, Allendale, Inc. (registered since 1984) Ken Packard, Daniels Trading (registrations since 2003)

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