NIBA Journal

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

May 16, 2019

Chairman's Letter - May 2019

May - National Burger Month Mint Juleps NIBA welcomes new members TriNet and Coquest Advisors, LLC, both in the Service Provider category. May has proven to be a busy month -- micro e-mini futures launched at the CME Group and appear to be well received. ICE Futures US announced it will begin trading Bakkt-developed bitcoin futures in mid-summer. During the month several notable market commented on the state and future of the industry, including with regard to cybersecurity and competition: - Louis Rosato, BlackRock Investment Operations Group at SIFMA in Boca Raton, FL, “optimal cybersecurity comes from combining human ingenuity with artificial intelligence, rather than focusing on one over the other.” - Christopher Giancarlo, CFTC Chairman before a U.S. Senate subcommittee in Washington, DC, “Cyber is the No. 1 risk to our markets and in some ways, the No. 1 risk to our own agency operations because of the amount...

CME Group Micro E-mini

CME GROUP: Something Big Is Coming to Equities Trading. Micro E-mini Futures. Launching May 2019. Meet Micro E-mini futures, the next big thing in equities trading. Discover the benefits of trading equity index futures for a fraction of the financial commitment, with contracts 1/10th the size of classic E-mini futures. Visit cmegroup.com/microemini for the latest details.

NYC Thank You!

Thanks to all our Event Sponsors and Speakers for their support and participation in our Annual New York City Meeting. NIBA members learned about everything from changes in tax laws and ISSP regulations to how tariffs are affecting our markets. The armchair chat with Dr. Richard Sandor interviewed by Sandra Smith of Fox News was both educational and really fun. A video of the afternoon’s sessions will be posted on the NIBA website. Event Sponsors: • CME Group • Dorman Trading • Greenberg Traurig Law Offices • Intl FCStone Speakers: • Mike Coglianese, Michael Coglianese, CPA, PC • Mike Philllips & John Falck, VSEC, LLC • Alison Coughlin,, CME Group • Dr. Richard Sandor, American Financial Exchange • Sandra Smith, Fox News If you would like to be a sponsor for an upcoming NIBA event, contact Melinda Schramm, melinda@futuresrep.com. To suggest a speaker or topic for the NIBA/DePaul Joint Symposium...

Save the Date - July 11th

Registration is now open for the Annual NIBA/DePaul Joint Symposium, July 11 at the downtown Chicago campus of DePaul University. This afternoon event is always standing-room-only -- please register early. Three business sessions focused on the latest industry developments including managed futures, and regulation updates are scheduled. Our “armchair icon” interview (TBA) is one of the most enjoyed sessions at all NIBA events. A networking cocktail reception on DePaul’s wonderful outdoor terrace is included. If you have any suggestions or want to volunteer to help out during the event, contact event chairperson John Roe, jroe@btrtrading.com. To become a sponsor of the event, contact Melinda Schramm, melinda@futuresrep.com. Please register now. NIBA Members are complimentary.

Chicago Welcomes AFM

The 2019 Association of Futures Markets (AFM) Annual Conference will be held in Chicago on May 9 & 10th at the Palmer House Hilton. AFM, established in 1998, promotes and encourages the establishment of new derivatives and related markets. Current members include the Indonesian Commodity & Derivatives Exchange, Euronext, FIA and the Federation of Euro-Asian Stock Exchanges, among many others. This year’s annual program includes fireside chats with Terry Duffy and Leo Melamed, and Keynote Presentations by Walt Lukken and Richard Sandor, as well as panel discussions with John Lothian and Melinda Schramm. Visit their website afmorg.net for registration or contact Pat Kenny, pkenny@cqg.com, Chairman AFM, USA with questions.

By NIBARead article

March 28, 2019

3 min read

NFA ISSP Amendments

Reminder: April 1 effective date for amendments to NFA's Interpretive Notice regarding Information Systems Security Programs—instructions for notifying NFA of applicable cybersecurity incidents In January 2019, NFA issued a Notice to Members announcing amendments to its Interpretive Notice entitled NFA Compliance Rules 2-9, 2-36 and 2-49: Information Systems Security Programs (Interpretive Notice). The amendments provide clarification on common questions related to training obligations and ISSP approval posed by Members to NFA, and impose a narrowly drawn notification requirement to ensure that Members notify NFA of certain cybersecurity incidents related to a Member's commodity interest activities. The amendments will become effective on April 1, 2019. Cybersecurity incidents discovered on or after April 1, 2019 must be reported to NFA. Notification Requirement The amendments require Members (other than futures commission merchants for which NFA is not the DSRO) to notify NFA of cybersecurity incidents related to their commodity interest business that: result...

Disruptive Trading Practices

Disruptive trading practices are prohibited and specifically addressed within CME rules and regulations. CME Group's Market Regulation team has created the following educational course on Distruptive Practices Prohibited. If you have a few minutes it's worth a look. Market Regulation: Disruptive Practices Prohibited - Spoofing

NYC April 10th

This year's spring conference is quickly approaching. The agenda has been set and registration is filling up quickly. Register here to reserve your spot now. Here is a peek at this year's program: [table id=10 /] Thank You to this year's Sponsors:

Nanhua-USA joins NIBA

Nanhua-USA is joining the NIBA because they see opportunity in Asia and the US for IBs and CTAs. Nanhua-USA is the first non-bank Chinese FCM to clear at the CME Group and ICE, as well as having full clearing memberships around the globe by its affiliated companies. With China opening its markets, Nanhua USA wants to play an important role in servicing clients on both sides of the Pacific. Nanhua-USA is a full clearing FCM that is starting a CTA incubator program for Asian traders and is open to IB relationships with those interested in the Asian and US market. The parent company, Hangzhou, China-based Nanhua Futures, has over 1.8 Billion USD in capital, with more than 30 offices worldwide, including Hong Kong, Singapore, London and Chicago. Lian Hao, Nanhua USA CEO, is a 20-year veteran in the derivatives industry, spending 11 years at the CME Group where he was...

NIBA Membership

We at the NIBA would like to say thank you to all of our members and to all the derivatives industry participants that have supported the NIBA over the past 27 years. A mission of the NIBA is to create a sense of community for the derivatives industry, which allows us all to share ideas and push forward to a productive and profitable future. We create this community through our three popular conferences each year, our newsletter that shares industry insights written by members and other industry experts, and lobbying on industry issues brought up by our members. To continue the growth of our association, we will need continued support from our members which we receive through annual memberships. To celebrate 25 years, we provided free membership to all IBs and CTAs. This promotion is now ending and annual dues will be charged to all of our members. Your contribution...

By NIBARead article

Page 17

NIBA Journal

Chairman's Letter - May 2019

CME Group Micro E-mini

NYC Thank You!

Save the Date - July 11th

Chicago Welcomes AFM

NFA ISSP Amendments

Disruptive Trading Practices

NYC April 10th

Nanhua-USA joins NIBA

NIBA Membership

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