NIBA - Celebrating 35 Years

NIBA Journal

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

NFA CEO Daniel Roth to Retire
Member Announcements
2 min read

NFA CEO Daniel Roth to Retire

NFA announced on May 23rd that President and CEO Daniel Roth has announced his plan to retire in the coming year. NFA's Board of Directors has authorized the formation of a committee to conduct a search for his successor. The search will consider both internal and external candidates. Mr. Roth joined NFA in September 1983 as an attorney and has held a number of positions with increasing responsibilities, including General Counsel, Executive Vice President and Chief Operating Officer. In January 2003, Mr. Roth began his tenure as President and CEO. "I'm proud of all that NFA has achieved during my time as CEO," said Mr. Roth. "NFA is well-positioned to fulfill its expanding regulatory responsibilities in the coming years. I've been honored to spend more than 30 years working with a talented and diverse group of professionals who are dedicated to safeguarding market integrity." "Dan has been central to the...

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CFTC Statements on NFA CEO Departure
Member Announcements
2 min read

CFTC Statements on NFA CEO Departure

Statement of CFTC Chairman Timothy Massad: "It has been a privilege to work closely with Dan Roth throughout my time as Chairman of the CFTC. We have forged an excellent relationship over the past two years, one which I have very much enjoyed. The NFA plays an important role in the markets that the CFTC regulates, and Dan’s knowledge, experience, and commitment to collaboration have been of tremendous value to our work and to me personally. I look forward to continuing to work together as the NFA searches for his replacement over the coming months. I congratulate Dan on his record of accomplishment, I thank him for his friendship and I wish him the best of luck in all his future endeavors." Statement of CFTC Commissioner Bowen: "I congratulate Dan on his long and fruitful career at the National Futures Association (NFA). Dan and I started our careers in finance...

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CME Group Regulatory Outreach Program
1 min read

CME Group Regulatory Outreach Program

CME Group’s Regulatory Outreach Program provides market participants with the information and resources necessary to meet their compliance needs. Our goal is to work with market participants proactively to ensure they understand our regulatory requirements and thereby avoid potential problems in the future. The program aims to: Effectively communicate rule modifications, rule advisories and other rules-based information to market participants Promote a uniform understanding of Exchange rules and regulations Serve as a resource for trade practice and surveillance based questions Build constructive, ongoing relationships with industry participants Proactive compliance and more informed customers make better markets. Outreach is available for industry veterans and new industry participants alike, from individual traders to firms. Our Outreach team is available by phone or email to answer compliance questions, or to schedule informational or educational sessions tailored to suit your needs. Use the Resource. We are here to help. CME Group's Regulatory Outreach Program...

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Housekeeping, Reminders and Updates May 2016
4 min read

Housekeeping, Reminders and Updates May 2016

FINANCIAL CRIMES ENFORCEMENT NETWORK Customer Due Diligence Requirements for Financial Institutions Finalized On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued its final rules under the Bank Secrecy Act (“BSA”) to strengthen and clarify the customer due diligence (“CDD”) requirements for covered financial institutions such as: bank; brokers or dealers in securities; mutual funds; and futures commission merchants (“FCMs”) and introducing brokers in commodities. Such financial institutions, under the final CDD rules (“CDD Rules”), will now be required to verify and identify the beneficial owners of all legal entity customers during the account opening process. Further, the CDD Rules identified four (4) core elements of CDD and FinCEN believes that there should be explicit anti-money laundering requirements for all covered financial institutions, in order to ensure uniformity and clarity across all sectors. The core elements of CDD are as follows: i. Customer identification and verification; ii. Beneficial ownership...

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Save-the-Date: July 14, NIBA/DePaul Joint Event
Member Announcements
1 min read

Save-the-Date: July 14, NIBA/DePaul Joint Event

Mark your calendar now to attend the NIBA Joint Event at DePaul University Chicago Campus, July 14. For the 3rd year in a row, this afternoon meeting will include business sessions and and time for networking. A cybersecurity panel led by Jeff Henderson of GreenburgTraruig, and including Gil Vega of the CME Group, Matt Kluchenek of Baker & McKenzie, and the NFA will be one of the focus topics. Check the website for Program updates -- registration opens soon. Questions: Jerry Nolan, NIBA Chairman for this Event, jnolan@countycorkllc.com or committee members, Tom Sandy, ts@ricedairy.com; Mike Burke, mikeb@highgroundtrading.com; or Mark Washack, mark.washack@wedbush.com.

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NYC Conference Follow Up: Oil & Gas: All Stored Up with Nowhere to Go
Member Announcements
4 min read

NYC Conference Follow Up: Oil & Gas: All Stored Up with Nowhere to Go

Market followers are divided on when global oil prices will recover to a higher plateau after tumbling to a 13-year low during the first quarter while a majority observing the US natural gas market maintain a bearish disposition, with both markets under pressure from too much supply. In New York late April, we reviewed the global outlook for supply and demand drivers for oil, and then turned for a closely examination of the domestic market, with US crude production the critical component in not only a recovery from unsustainably low oil prices, but also in creating the oversupplied market in the first place. It was through technology that the United States upended the world oil market, with hydraulic fracturing joined with horizontal drilling pushing US crude production to the highest point since the early 1970s. US production peaked in April 2015 at nearly 9.7 million bpd while Russia and members...

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May’s Chairman Letter
Member Announcements
2 min read

May’s Chairman Letter

Membership: * Being a part of a group or an organization * All the people that are a part of an organization - Merriam-Webster’s Dictionary The first recorded use of the word “membership” is during the English Civil War in 1643. (OnThisDay.com) Membership in the NIBA has only been available since 1991, but in those 25 years we’ve been on the frontline -- educating derivative professionals, and representing your opinions on matters of regulation and other industry issues. NIBA is premiering our “Members Only” Portal this summer. Members will have access to industry resources, in-office intern programs, white papers and more through a special section of the NIBA website. Throughout 2016, NIBA conferences will present the latest information available on cybersecurity requirements, as well as Automated Trader registration, margin requirements for uncleared swaps and other issues NIBA members need to understand in order to keep their businesses growing. In addition,...

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Global AML Webinar Series
Member Announcements
2 min read

Global AML Webinar Series

How to manage global AML/CTF obligations The Global Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) team at Baker & McKenzie is embarking on a new webinar series for 2016 to guide you through the complex AML/CTF landscape and how it impacts you and your business. The first session of our Global AML/CTF Webinar Series, titled "How to manage global AML/CTF obligations", will be held on Thursday 26 May 2016. Emma Hunter (Sydney), Karen Man (Hong Kong), Brian Whisler (Washington DC) and Arun Srivastava (London) will discuss US extraterritorial reach and cross-border compliance. gister by clicking this link. Kind regards, Astrid Raetze and Emma Hunter On behalf of Baker & McKenzie's Global AML Practice astrid.raetze@bakermckenzie.com emma.hunter@bakermckenzie.com About Our Global AML Practice Money laundering and terrorism financing are global problems. As the concern about terrorist threats continue to thrust anti-money laundering and counter-terrorism financing (AML/CTF) to the forefront, regulators across the world are...

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CME Group/Purdue Ag Economy Barometer
Member Announcements
1 min read

CME Group/Purdue Ag Economy Barometer

We’re pleased to announce that CME Group and Purdue University have partnered to introduce a new economic indicator to measure the health of the U.S. agricultural economy – the Purdue/CME Group Ag Economy Barometer. Each month, the Ag Economy Barometer will provide a sense of the agricultural economy’s health with an index value based on a survey of 400 agricultural producers on economic sentiment. We’re working with Purdue to provide this new tool to agricultural customers, agribusiness thought leaders, academics, members of the press and other market participants as we believe it will provide an essential resource for monitoring the health of the food industry and vital insight into the global economy. The Purdue/CME Group Ag Barometer will be available on a monthly basis at www.purdue.edu/agbarometer. Some additional resources: USA Today: Conditions improve, but farmers not optimistic. Video explainer: Introducing the Ag Economy Barometer News release: http://cmegroup.mediaroom.com/2016-05-03-Purdue-CME-Group-to-take-monthly-barometer-of-confidence-in-agricultural-economy

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NIBA-DePaul Arditti Center Intern Program Announcement
Member Announcements
2 min read

NIBA-DePaul Arditti Center Intern Program Announcement

NIBA Joins with DePaul’s Arditti Center on an Intern Program NIBA is excited to announce our joint effort with DePaul University’s Arditti Center to develop and implement an Intern Program for NIBA members. The purpose is to provide mutual value through appropriate matches of a student’s interest and capacity, with the specific interest and needs of a NIBA member. The Arditti Center has a strong record of attracting high quality students to their program(s), and most candidates for interning at our firms will be students at the financial/risk management Center. As such, NIBA members can expect the student to be highly competent and driven to “get things done.” DePaul is committed to the success of this program, and will assist in selecting candidates most likely to deliver value to the Member office. NIBA is committed to assuring a rewarding learning and growth experience for each student. This benefit is available...

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