NIBA Journal

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

NIBA/DePaul Symposium - July 11th
Member Announcements
June 13, 2019
2 min read

NIBA/DePaul Symposium - July 11th

“You’ve got to be very careful if you don’t know where you are going, because you might not get there.” -- Yogi Berra Almost everything in life has its corresponding Yogism. The NIBA/DePaul Symposiums are no different, as over the past six years the Symposium has offered a forum to ponder as an industry where we have been, where we are now and where we are going. The 2019 symposium will continue that tradition, as we try to figure out which way we’re headed so we know when we get there. If to know where we are going we have to know where we have been, Dan Roth is well suited to guide us. Dan’s 30 plus years at the National Futures Association covered everything from the introduction of equity index futures and transition from floor to screen to the collapse of Long Term Capital Management, Lehman, MF Global and...

By NIBARead article
NFA Reception/Board Meeting - Washington, D.C.
Member Announcements
June 13, 2019
1 min read

NFA Reception/Board Meeting - Washington, D.C.

On May 16, NFA held their Board of Directors Meeting and Annual Reception in Washington DC. I was asked to represent the NIBA. At the board meeting, the NFA reviewed its budget and goals for the year. Maybe more importantly to NIBA members, the board approved the amendments to the NFA interpretative notice addressing Rule 2-9 Supervision of Branch Offices and GIBs. In early March, NFA staff met with NIBA board member Steve Petillo and myself to discuss the updating of this policy, and to learn the opinions of our members.The final notice reflects that conversation resulting in a more flexible approach for FCMs and IBs who have GIBs and branch offices. The unique character of each branch or GIB, such as what type customer is served, how long the office has been doing business and prior disciplinary history can, and should be taken into consideration when developing and implementing...

By NIBARead article
Chairman's Letter - June 2019
Member Announcements
June 13, 2019
2 min read

Chairman's Letter - June 2019

June - National Smile Month Take Your Dog to Work Day (June 21) The U.S. Senate confirmed by an 85-9 voice vote on June 6, Heath Tarbert as incoming chairman of the CFTC, replacing current chairman Chris Giancarlo. Tarbert is a member of the Financial Stability Board, the international body established after the financial crisis to monitor global markets. He clerked for Supreme Court Justice Clarence Thomas prior to serving as Assistant Secretary for International Markets in the current administration. At 42 years old, he is one of the youngest chairman to ever serve. NIBA has a good relationship with the office of the chairman, built through years of open, honest and consistent communications with the regulatory body, and we will work to see it continues. We accomplish that with meetings with the entire Commission and staff throughout the year, and by submitting comment/opinion letters to the Commission and its...

By NIBARead article
NIBA/DePaul University Annual Symposium - July 11th
Member Announcements
May 30, 2019
1 min read

NIBA/DePaul University Annual Symposium - July 11th

July is right around the corner and the DePaul symposium committee has been working hard to deliver an outstanding program once again this year.  Check the website for updates and for the full agenda to be announced in the coming weeks. Topics will include: "The State of Managed Business"  "Issue Briefings" on Regulation, Marketing and Product "Armchair chat with an industry Icon" Registration is now open and is filling up quickly so be sure to reserve your spot today! We greatly appreciate the support of our event sponsors:

By NIBARead article
CME Group to Launch Next Generation of CME SPAN Margin Methodology
CME Updates
May 30, 2019
2 min read

CME Group to Launch Next Generation of CME SPAN Margin Methodology

CME Group, the world's leading and most diverse derivatives marketplace, today announced it will launch the next generation of its industry-leading Standard Portfolio Analysis of Risk (SPAN) margin framework – CME SPAN 2. The new framework is slated for testing in the second half of 2019 and, pending regulatory review and approval, roll out in the first half of 2020. CME SPAN 2 will provide enhanced risk management capabilities in a single, unified interface by maintaining SPAN's current calculations and functions while incorporating several new modeling, reporting and margin replication enhancements. As with SPAN, CME SPAN 2 will continue to be based on a Value at Risk (HVaR) framework, using historical data to model how a position or portfolio may gain or lose value under various risk scenarios. CME SPAN 2 will enable implementation of granular and dynamic adjustments to margins at a product and portfolio level. In addition, CME...

By NIBARead article
CFTC Washington, DC Visit by Melinda Schramm
May 30, 2019
2 min read

CFTC Washington, DC Visit by Melinda Schramm

On Thursday, May 16, I visited the CFTC Washington DC office for a meeting with Matt Kulkin, Director of the Division of Swap Dealer & Intermediary Oversight, and Tom Smith, Deputy Director, Managed Funds & Financial Requirements Branch of the Division, along with several division staff members. Prior to the meeting, I gathered information from NIBA FCM and IB members in order to have a focused agenda of current issues that concern our community. Many topics were covered in DC -- those below are slated for follow-up with the Commission: • Bulk Transfers: Most FCMs and several IBs feel that bulk transfers take too long as paperwork can be incomplete, or because one firm “drags its feet” getting the transfer done. Having a time certain from the time the transfer is initiated to the time it must be completed was suggested as a possible solution. I have also seen some...

By NIBARead article
Fireside Chat About Futures
Member Announcements
May 16, 2019
1 min read

Fireside Chat About Futures

In conjunction with the Chicago Bar Association’s Futures & Derivatives Law Committee, Financial and Emerging Technology Committee and Regulatory & Compliance Committee, Mayer Brown invites you to a fireside chat with Leo Melamed, Chairman Emeritus of the CME Group. CLE credit will be provided. Thursday, May 23, 2019 3:00 p.m. – 3:30 p.m. Registration 3:30 p.m. – 4:30 p.m. Program 4:30 p.m. Cocktail Reception Location Mayer Brown 71 South Wacker Drive Chicago, IL 60606 +1 312 782 0600 Register HERE

By NIBARead article
US-China Trade War
Member Announcements
May 16, 2019
1 min read

US-China Trade War

U.S.-China Trade War: The Perils of Escalation Any failure of the US and China to amicably resolve their festering trade war could have serious consequences for the world's two largest economies. Click Here for Full Article

By NIBARead article
Association of Futures Markets (AFM)
Member Announcements
May 16, 2019
1 min read

Association of Futures Markets (AFM)

by Melinda Schramm Last week I had the pleasure of speaking at the annual meeting of the Association of Futures Markets (AFM). AFM is trade association open to exchanges, clearing houses, traders and other industry participants whose objective is to promote and encourage the establishment of new derivative and related markets. AFM accomplishes its mission through international conferences at which members strengthens their relationships by sharing information and experiences. Speakers at last week’s meeting included Dr. Richard Sandor, Leo Melamed, John Lothian, Terry Duffy and myself. Topics ranged from the changing landscape of derivatives to FinTech in the exchange space. To learn more about AFM, contact Krisztina Kasza, Head of Secretariat, krisztina@afmorg.net or AFM Chairman and Senior Vice President, CQG, Pat Kenny, patk@cqg.com.

By NIBARead article
NIBA/DePaul University Annual Symposium - July 11
Member Announcements
May 16, 2019
1 min read

NIBA/DePaul University Annual Symposium - July 11

Our DePaul University annual joint symposium is always standing-room-only--make your reservations today. This year’s program includes: • Armchair chat with an industry icon • The state of Managed Business • Issue Briefings - three 15-min presentation on the hottest topics in: 1. Regulation - The NFA 2. Marketing - 16Wells 3. Product - CME Group Of course, there will be plenty of time for networking and catching-up with old friends and colleagues throughout the afternoon and at the closing reception on the outdoor terrace at DePaul’s downtown Chicago campus. Registration is open now. Questions, suggestions - John Roe, event chair, jroe@btrtrading.com. Volunteer - Steve Petillo, spetillo@straitsfinancial.com or Melinda Schramm, melinda@futuresrep.com.

By NIBARead article
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