Insights, analysis, and updates from the National Introducing Brokers Association
The 5th annaul joint DePaul/NIBA Summer Symposium is set to take place on August 8th. Registration is now open! Be sure to secure your spot now as space will be limited. Check back as we announce more detail about this year's program. REGISTER HERE
Written by: Mark E. Ruddy, Esq. Maria Fielding National Futures Association (“NFA”) Stays Virtual Currency Reporting Requirements NFA announced on December 14, 2017 that it would require additional reporting requirements from commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) who are involved in virtual currency transactions and introducing brokers (“IBs”) who accept orders in virtual currency derivatives. On March 27, 2018, NFA released Notice to Members I-18-07 to inform CPOs, CTAs, and IBs that they are currently not required to file the additional reporting requirements previously announced in December 2017. NFA cautioned, however, that it may contact individual firms for additional information. The NFA announced the additional reporting requirements for CPOs and CTAs in Notice to Members I-17-28 and the additional reporting requirements for IBs in Notice to Members I-17-29. Financial Crimes Enforcement Network (“FinCEN”) Updates Jurisdictions with Deficiencies On April 27, 2018, FinCEN released an advisory updating their...
CME Group's Market Regulation Department works to protect the market integrity of all four of its Exchanges - CME, CBOT, NYMEX & COMEX. Take a look at the "Meet the Team" video below produced by CME. These videos are very informative and make for great content when educating new brokers or market participants. NIBA will be publishing more video content on a regular basis and we encourage our members to utilize these tools on their websites and other mediums. Watch embedded video
CME Group: Now Available: SOFR Futures Based on extensive customer input, CME Group has launched 3-Month and 1-Month SOFR futures contracts. Endorsed by the Alternative Reference Rate Committee (ARRC) in June 2017, the Secured Overnight Financing Rate (SOFR) is a broad Treasuries overnight repo financing rate published by the Federal Reserve Bank of New York in cooperation with the U.S. Office of Financial Research starting April 3, 2018. SOFR Futures trade alongside highly-liquid Eurodollar, Fed Fund and Treasury futures to offer enhanced spread trading capabilities via CME Globex intercommodity spreads and capital efficiencies through margin offsets. Launched May 7, in the first two days of trading, sixty global firms participated in trading activity and open interest reached 2,500 contracts. Learn more
During the late Russian Empire (about 211-476 CE), May or “mayovka” literally referred to a picnic in the countryside in the early days of the month. Will complying with NFA Anti-Money Laundering regulation changes be a “picnic in the countryside” for registrants? Under the changes FCMs and IBs must identify, and be able to verify the identity of the beneficial owners of legal entity customers opening new accounts after the effective date of the rule change, May 11, 2018. Additionally, FCMs and IBs must include risk-based ongoing Customer Due Diligence (CDD) procedures in their AML programs. Many FCMs began modifying systems and requirements to implement these changes from approximately August, 2016 when they were announced by FinCEN, so for many IBs, rule change will not cause difficulties. Contact your FCM for assistance in understanding the requirement and implementation. Also on May 11, NFA issued a Notice to Members regarding a...
Your NIBA representatives will be travelling to Washington D.C. next month to meet with our industry's top regulators to discuss issues that are important to our membership. If you have a topic or concern you would like to discuss with NIBA please reach out to us at membership@theniba.com. Part of the NIBAs mission is to be a voice to the brokerage and trading communities and to raise awareness on issues that directly affect the way you conduct business. Look for a report on our trip in an upcoming compliance edition of NIBAs newsletter.
Mark your calendar now for the 5th Annual NIBA/DePaul University Joint Symposium on August 8th at DePaul University's Downtown Chicago Campus. Registration is now open so be sure to secure your spot now. REGISTER HERE
NIBA at NYAC Over 360 individuals registered for last week's NIBA Event at the New York Athletic Club, making the biggest meeting NIBA has ever presented in New York. Thank you to all our sponsors and expert speakers who provided a program that educated and informed, alongside a wonderful reception where colleagues networked and old friends met to catch up. Thank you also to Traders Fulcrum who directly reached out to industry professionals in the New York area to include them in the event. The University of Chicago and Columbia University attended NIBA's New York meeting for the first time. These universities, along with several others, will be in the Quant Corner again at our September 13 Annual Membership meeting in Chicago. Program sessions from this NYC meeting will be posted on the NIBA website in the next few weeks. For follow-up, questions or suggestions for next year's program, contact...
New Whitepaper: What is SOFR? This note offers an introduction to the Secured Overnight Financing Rate (SOFR) and CME One-Month and Three-Month SOFR futures. It compares the underlying interest rate exposures for SOFR futures versus those for other short-term interest rate futures, both to indicate normal spread relationships and to highlight characteristics that futures users should bear in mind when hedging or spreading. Read Paper
The second session of this year’s NYC meeting will concentrate on three areas of compliance which are most often queried by our members. The session will begin at 2:35pm, and will consist of three 15-minute presentations on the following issues: (i) Recording - I need to record that? Presented by Rob DeMuria, President, Compliance Supervisors Intl., Inc. (CSI). CSI, established in 1994, provides full compliance and financial services, as well as online training courses in ethics, AML and Cybersecurity to NFA Members. CSI is headquartered in New Jersey, and maintains an office in Chicago. rdemuria@compliancesupervisors.com Rob will focus on the extreme challenges our community faces with supervising, recording and storing various forms of communications/solicitations between brokers and leads/customers. He’ll offer some reasonable compliance solutions for small to mid-size firms. (ii) Cybersecurity - What you need to know about NFA Interpretive Notice 9070. Presented by Arthur Kenigstain, Manager, New York Compliance...
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