This letter serves as a request for your vote for my candidacy in the upcoming election for the NFA Board of Directors Independent IB position. I am honored to be the chosen candidate from all of the IBs considered for this position, including the current incumbent. Please cast your vote because your voice and opinion in this election are important.
I believe there needs to be more transparency in the NFA rule making and governing process. Those of you who know me know that I am very supportive of enhanced customer protections and regulations designed to ensure those protections. That being said, in my opinion, there are regulations, interpretations of certain regulations, and NFA IB audit processes that exist which do not increase customer protections and provide little if any benefit to our industry and the clients we serve. I believe our regulators need to be held to the same standards that industry registrants must maintain. Regulation that is consistently and uniformly applied and which is designed to protect customers is a good thing. Regulations that are not consistently and uniformly applied or that exist for the sake of regulation are not a good thing. If elected, it is my intention to foster a review of current regulations and IB audit processes to identify and amend regulations and processes that do not enhance customer protections nor provide benefits to our industry.
My entire career has been involved in the futures industry and started over twenty-five years ago in an FCM accounting capacity after having passed the Certified Public Accountant examination. For most of my career I have held senior management positions at FCMs who service the IB community. Those positions have included supervision of FCM Accounting, Compliance, Order Entry and Back Office Operation Departments, as well as direct management responsibility for client services, customer relations and operations for all FCM IB related services. Utilizing my futures industry experience and skills learned from managing FCMs, in 2009 I established my own IIB – HighGround Trading LLC.
Throughout the course of my career, I have worked closely with the IB and futures industry regulatory community. I have served four terms on the National Introducing Broker Association (NIBA) Board of Directors, serving both in an FCM Representative and IB capacity. I currently serve as NIBA Vice President and as a member of the Executive Committee. While a member of the NIBA Board, I have contributed to several position papers submitted to the CFTC regarding issues relevant to the IB community, such as the crediting of ACHs for margin purposes and the enactment of CFTC Reg. 1.35 (recording). I worked closely with NIBA board members and NIBA legal counsel on legal filings and communications to the IB community relating to the MFG and PFG crisis. I know that many of us are still suffering the effects of those catastrophic failures and I intend to continue working on safeguards and protections for both the futures industry customers and professional brokers.
Most recently I had a lead role in NIBA discussions with the CME regarding the upcoming changes to market data fees. During the past 25 years, I have attended numerous meetings with NFA staff to discuss concerns of the IB community and the issues impacting us. I am a past member of both the CBOT and CME FCM Committees, the CBOT Clearing Corporation Operations Task Force, and also served two terms on the NFA Nominating Committee and the NFA/FIA Best Practices Committee.
Prior to the nomination process, I was approached by several industry participants (including IBs, FCMs and CTAs) about running for the Independent IB position on the NFA Board of Directors. Many of you may not know that there has been great turmoil with the IIB position on the NFA Board the last few years. After careful deliberation, I decided to run for this position because I am confident I can bring credibility and respect back to the IIB position on the NFA Board in addition to being an asset to the NFA Board.
I feel my considerable industry experience and long history of service to the FCM and IB community make me the best candidate for the NFA Board of Directors Independent IB position. My record proves I am not afraid to address and vet controversial and difficult issues with our industry regulators and do so in a manner that does not offend or provoke negative reactions from other industry participants.
I welcome your input on the topics you feel should be brought to the NFA Board and I encourage you to contact me via email mikeb@highgroundtrading.com or phone (312) 604-3043 to discuss those topics. It would be my honor and privilege to represent all IBs on the NFA Board of Directors.
Please vote for Michael Burke on the enclosed ballot and directly return to the NFA in the enclosed envelope.
Thank you for your consideration.
