The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
William Arthur Ward, 1921-1994
William Arthur Ward was an American writer, author and editor of the Pertinent Proverbs column which appeared weekly in the Ft. Worth Texas Star-Telegram for over 40 years. Credited and quoted frequently by public speakers, I thought the above sentence was particularly applicable to the events of 2016, and to how industry participants will be adjusting to the possible changes 2017 will bring.
With a change of administrations, the agenda at the CFTC is likely to change too. Commissioner Massad, a Democrat and current chairman, is overseeing an agenda which includes AT registration and position limit proposals -- both of which have been heavily scrutinized, and often criticized by the industry. Additionally, The White House will have the opportunity to nominate candidates to fill the two currently vacant positions. Changes of agenda, personnel and policy could happen quickly in the new year.
NFA is poised for its first change of leadership in 13 years. Dan Roth, only NFA’s second CEO since its establishment in 1982, steered the agency through swaps and forex regulation, and the MF Global and PFG failures. Tom Sexton is set to take over as President/CEO in March, 2017, after spending nearly 25 years at the NFA. A focus on upgrading systems to keep up with changes in the marketplace is expected to be a priority.
Phupinder Gill, announced on November 11th that he will retire from the CME Group Board at the end of 2016. Mr. Gill was with the exchange in 2007 when the CME and the CBOT completed their merger. Terry Duffy, current President and Executive Chair of the CME, will take on the additional role of CEO in 2017.
John Lothian becomes the executive chairman of John J. Lothian, Inc. in the coming year. John has contributed greatly to the industry with such publications as the widely-read John Lothian News and MarketsWiki. Jim Kharouf will take the position of CEO of the company.
The take-away -- don’t give up either complaining or expecting change. But do get ready to adjust the sail.
Best wishes for your holiday season, Melinda
Melinda Schramm, Founder & Chairman
