NIBA Journal

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

Dynamic Strike Price Listing for Dairy, Livestock and Forest Product Options
Member Announcements
May 24, 2011
1 min read

Dynamic Strike Price Listing for Dairy, Livestock and Forest Product Options

Beginning June 6, 2011 In response to customer demand, dynamic strike price listing will be available for Livestock, Dairy and Forest product options on futures beginning June 6, 2011. Dynamic strike price listing provides customers with the ability to trade in a strike price that has not previously been listed. The dynamically listed strike price must be in a proper strike interval and will be listed the first day on the open outcry platform, before being available the next business day on CME Globex. » For more details and contact information click here Livestock, Dairy and Forest product options are listed with and subject to the rules and regulations of CME.

By NIBARead article
Managed Funds Association | Forum 2011
Member Announcements
May 17, 2011
1 min read

Managed Funds Association | Forum 2011

June 21-22, 2011 • Fairmont Millennium Park, Chicago Forum 2011 is MFA's 17th Annual Managed Futures and Global Macro Strategies conference. Forum 2011 is designed to engage MFA's members with institutional investors to discuss the economy, regulatory reforms, investment opportunities and investor needs. MFA's Forum 2011 will draw more than 400 senior level delegates including hedge fund advisers, commodity trading advisors, fund of funds, institutional investors and service providers to the alternative investment industry. Forum 2011 offers a rich educational program featuring industry thought leaders. The conference also provides ample networking opportunities and an informative exhibition hall. This year, MFA celebrates its 20-year Anniversary as the industry's leading advocate. Engage with a Distinguished Faculty of Speakers at Forum 2011 Please visit the Managed Funds website for more details about the Luncheon Presentations.

By NIBARead article
6th Annual FIA and OIC New York Equity Options Conference
Member Announcements
May 17, 2011
1 min read

6th Annual FIA and OIC New York Equity Options Conference

New York Stock Exchange / New York Marriott Marquis* New York, NY September 13-14, 2011 *The Tuesday, September 13 opening session and reception will be held at the New York Stock Exchange; the Wednesday, September 14 sessions will be held at the NY Marriott Marquis. Last year, more than 340 business, trading, and legal options industry professionals from 120+ firms gathered to discuss market structure issues, hear from exchange CEOs, and network with peers in this program is planned by the industry for the industry. Contact Toni Vitale Chan at tvitale-chan@futuresindustry.org or 312.636.2919 for information on sponsorships and exhibits. FIA and OIC New York Equity Options Conference

By NIBARead article
In the Future IBs and Financial Advisors Compete Head to Head
Marketing
May 17, 2011
6 min read

In the Future IBs and Financial Advisors Compete Head to Head

In the Future IBs and Financial Advisors Compete Head to Head By Mark Melin | Author High Performance Managed Futures and division director at PFGBest. In my last article, I mentioned that managed futures could grow to a $3 trillion industry rather quickly. This is an admittedly optimistic projection, but then I’ve been witnessing some very interesting developments that make this projection seem more plausible – and most of this is coming from the equity world. There are several well-known financial advisor-based firms that are preparing to descend on the managed futures industry with a force our industry has never seen. Essentially, these household names have figured it out. Managed futures is uncorrelated to the stock market at the performance driver level. Their investor client’s don’t need to understand this, but now that the equity world gets it they can start marketing investment portfolios not entirely tied to the performance...

By NIBARead article
Performance Reporting Back on the Front Burner for CTAs and CPOs
Marketing
May 12, 2011
8 min read

Performance Reporting Back on the Front Burner for CTAs and CPOs

Earlier this year, the CFTC proposed the following amendments to certain Sections of Part 4 of the Regulations which affect the registration and reporting requirements of CTAs and CPOs, including: Requiring a new data collection system for CPOs and CTAs, including monthly and quarterly performance information for each commodity pool managed by a CPO. Rescinding the exemptions from registration of CPOs and CTAs. Increasing the threshold for qualification as a QEP. Requiring annual audited financial statements for previously exempted pools operating under Regulation §4.7. Require the annual filing of notices claiming exemptive relief. New risk disclosure requirements for CPOs and CTAs. The rescinding of the exemptions for registration may result in the newly registered CPOs and CTAs to comply with the performance reporting rules under Regulations §4.25 and §4.35. As a result of the proposed new registration and as a refresher for existing CTAs and CPOs, the following is a...

By NIBA
An Examination of CFTC Rule 1.71
Marketing
May 12, 2011
3 min read

An Examination of CFTC Rule 1.71

The Commodity Futures Trading Commission (CFTC) has proposed rule 1.71 that establishes conflicts of interest requirements for futures commission merchants (FCMs) and introducing brokers (IBs). The proposed rule is meant to deter non-research employees such as sales and trading personnel from influencing the content of research reports prepared by research analysts employed at the same company or an affiliate. The CFTC had a comment period which closed January 18th. There is no timeline for when a final rule may be published. The proposed rule was brought on by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which directs FCMs and IBs to implement informational partitions between those researching or analyzing prices or markets for commodities and those involved in trading or clearing activities. Specifically, the rule in pertinent part requires: Persons researching or analyzing the price or market for any commodity are separated by...

By NIBARead article
NFA | Notice: I-11-07
May 12, 2011
2 min read

NFA | Notice: I-11-07

Recent Changes to NFA's Self-Examination Questionnaire and Interpretive Notice 9020 entitled Compliance Rules 2-9, 2-36 and 2-39: Self-Audit Questionnaires April 12, 2011 NFA requires all Members to review the Self-Examination Questionnaire on a yearly basis in order to help Members identify and correct any supervisory deficiencies. As originally drafted, the Questionnaire contained a general section for all Members as well as a supplemental section specifically tailored for FCMs, IBs, CPOs and CTAs. NFA recently added a section to the Questionnaire specifically tailored to an FDM's operations (e.g., trading systems, disclosure obligations and trading standards) and updated other Questionnaire sections to assist other Members engaging in forex transactions in reviewing their forex operations. In addition to these changes, NFA modified the Questionnaire as follows: Changed the format from a checklist to a questionnaire in order to generate a "yes" or "no" response from the Member completing the questionnaire; Identified CFTC and/or...

By NIBARead article
Five Quick Social Media Tips for IBs and CTAs
Marketing
May 10, 2011
4 min read

Five Quick Social Media Tips for IBs and CTAs

Last week, Phil and I spoke at the National Introducing Brokers Association (NIBA) New York conference. We discussed the topic of lead generation and how IBs (introducing brokers) can use social media to grow their businesses. After the session, we had opportunity to talk to a number of IBs and CTAs (commodity trading advisors) about the challenges they encounter in building their businesses. Most rely heavily on cold calling, seminars, and referrals to generate new business. The common complaint we heard over and over is that these IBs and CTAs lack the time and resources to dedicate to building a presence online. As we looked at several of their websites and LinkedIn profiles, we discovered some consistent issues: Their websites often include a lot of educational content, but there is no lead capture mechanism to identify prospects who are using that content. The only lead capture form on most sites...

By NIBARead article
Dangers of Position Limits and Overreaching Regulation
Marketing
May 5, 2011
4 min read

Dangers of Position Limits and Overreaching Regulation

Dangers of Position Limits and Overreaching Regulation William Purpura, Managing Director | Great Lakes Global Limited The CFTC’s proposed position limits along with the complexity and immensity of Dodd-Frank has already caused market participants to take flight from the US markets to OTC and foreign markets which have less onerous regulation. The Commission has often dismissed the probability of regulatory arbitrage as paranoia. One only need to look at the impressive growth in the Brent crude oil contract traded in London in the wake of jawboning about position limits in the US that would affect the WTI crude contract on NYMEX. Chairman Gensler’s view is that there should be “international harmonization” among global regulators to alleviate the threat. This is a wrong approach. The US government, through the CFTC and other agencies has been pressuring other regulators to fall in line, and while there may be some lip service about...

By NIBARead article
Chairman's Message | May 2011
Member Announcements
May 4, 2011
2 min read

Chairman's Message | May 2011

On Monday, April 18, I met with Chairman Gensler and members of his staff in the Washington, DC offices of the CFTC. I brought your questions and suggestions, along with other topics to the meeting. Among the issues we discussed were: The impact of the inclusion of IBs in various CFTC rules currently being written in response to the Dodd-Frank Act. The effect of the proposal of CFTC Rule 1.71 - separation of the research department from other functions within the office - upon the IB community. ETF and swap trading among IBs. Position limit regulation. Results of the 2-year investigation of possible manipulation in the Comex silver market. Chairman Gensler commented that our issues were well presented, but he did not respond definitively regarding any of the topics or questions we raised. Along with two senior members of the staff, he listened to our concerns and said that they...

By NIBARead article
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