NIBA Journal

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

NIBA Advisory Group Meeting Report
Member Announcements
December 14, 2017
2 min read

NIBA Advisory Group Meeting Report

The Advisory Group (AG) of the NIBA met Wednesday, November 29 at the Union League Club in Chicago. This group of industry experts meets once each year to evaluate NIBA’s programs and projects, and suggest ideas for making the Association more effective in our efforts to educate our members and represent their views on all issues which have an effect on our business lives. 2018 group members include: Rob DeMuria, Compliance Supervisors, Inc. Paul Georgy, Allendale, Inc. Mark Haraburda, Barchart Kelly Hartman, CME Group Dr. Carl Luft, DePaul University John Nelson, Applied Research John Roe, BTR Trading Mark Ruddy, Ruddy Gregory Law Firm Skip Sheen, 16Wells Mark Shore, Shore Capital Management Ginger Szala, Ginger Szala Ink This year, four topics generated the most discussion - (i) the introduction of bitcoin futures as part of an IB/CTA’s product offerings; (ii) updates to the NFA’s Enhanced Supervision Rule; (iii) targeted marketing and...

By NIBARead article
Housekeeping, Reminders & Updates - November 2017
Housekeeping
November 29, 2017
3 min read

Housekeeping, Reminders & Updates - November 2017

Written by: Mark E. Ruddy, Esq. Maria Fielding The National Futures Association (“NFA”) Requests Nominations for the NFA’s Board of Directors (“Board”) The NFA is reaching out to both NFA members and non-members for nominations to fill impending vacancies of Public Representatives serving on its Board. There are currently five Public Representatives whose terms will expire at the Board’s Annual Meeting in February of 2018. Nominees for the position must have no material relationship with the NFA, as the position is designed to bring a needed impartial, non-member perspective to issues. A Public Representative nominee should, however, be knowledgeable of both the markets and who is regulated by the NFA. The position consists of a two-year term and individuals are elected by a Board majority vote. The NFA asks that all nominations be submitted by January 10, 2018 via mail, email, or fax. The NFA issued Notice to Members I-17-23,...

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NIBA Cryptocurrency Trading Panel
Member Announcements
November 29, 2017
1 min read

NIBA Cryptocurrency Trading Panel

Bitcoin and cryptocurrency have become the hot topic in trading circles as the CME prepares to launch its Bitcoin futures contract.  NIBA featured a cryptocurrency trading panel at its Chicago conference this past September.  If you were not in attendance check out the video link below to hear thoughts and predictions on crypto trading and block chain from traders and experts - and yes the call in September was bitcoin is going higher. Featuring Brian Kelly of CNBCs Fast Money and CEO of BKCM a digital asset hedge fund, Chris Tanger - veteran crypto trader, Software Solutions Architect and Entrepreneur, Samuel Kramer - Partner at Baker & McKenzie and block chain expert and Moderated by Matthew Kluchenek - Partner at Baker & McKenzie and head of the firm's Global Derivatives and Hedge Fund practice. https://www.youtube.com/watch?v=tcJZmjfdJ9k

By NIBARead article
Relationship-Based Trading in Agricultural Products
Member Announcements
November 29, 2017
1 min read

Relationship-Based Trading in Agricultural Products

Effective January 8 pending regulatory approval, CME Group will expand relationship-based trading, in the form of block trades and certain types of crosses on Globex, to the full suite of CME and CBOT agricultural products. With relationship-based trading, participants can enter into conversations with other market participants that include discussion of the price, size and direction of an order that may lead to one of two very distinct types of transactions: crossing on CME Globex and block trades. Learn More

By NIBARead article
Ask NFA - November 2017
November 29, 2017
2 min read

Ask NFA - November 2017

As your industry advocate, the NIBA provides many services which help your business stay in compliance with NFA regulations. “Ask the NFA,” is the way you can ask questions about those regulations and compliance requirements without having to call NFA directly. Just email us at nfacomments@theniba.com and we will get the answers for you. Please keep in mind the purpose of this contact is to keep the lines of communication between the NFA and NIBA members. This month’s questions were selected from those submitted by NIBA members. The answers were supplied by NFA staff. Q: A colleague recently forwarded an NFA Notice to Members to me. How can I sign up to receive these communications? A: To sign up for NFA's email communications, scroll to the bottom of any page on NFA's website (www.nfa.futures.org), enter your email address, and click subscribe. You'll be directed to a subscriptions page. On this...

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NIBA Board Elections
Member Announcements
November 9, 2017
2 min read

NIBA Board Elections

The Executive Board of the NIBA has made the following recommendations for election to the Board of Directors. Due to the restructuring of Introducing Broker membership qualification, no individual ballots will distribute this year. Instead this posting acts as notice to the membership of nomination of the candidates. If no other recommendations are received by Nov. 25, 2018, the candidates below are deemed elected. For an initial 3-year term (expiring 2020): Mark Shore, Chief Research Officer of Shore Capital Research LLC www.shorecapmgmt.com has more than 30 years of experience in the futures markets and alternative investments. He publishes research, consults and conducts educational workshops on alternatives. Mr. Shore is an Adjunct Professor at DePaul University where he teaches the only known accredited course on managed futures. He is a contributing writer for global organizations and publications. He received his MBA from the University of Chicago and is a doctoral candidate...

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Trade the Top of Tech
Member Announcements
November 9, 2017
2 min read

Trade the Top of Tech

ICE LAUNCHES NYSE FANG+ INDEX FUTURE ON NOVEMBER 8 The NYSE FANG+ Index™ offers exposure to a select group of highly-traded stocks of tech-enabled companies. Beginning on November 8, 2017, ICE Futures U.S. will launch a new futures contract designed to help you gain or reduce exposure to this key group of growth stocks in a capital efficient manner. The NYSE FANG+ index includes 10 actively traded stocks that represent some of the top innovators across today’s tech-oriented companies. The index’s underlying composition is equally weighted and reconstituted on a quarterly basis, providing a unique performance benchmark that allows for an adaptive approach to trading, investing and hedging. The index constituent stocks are: Facebook, Apple, Amazon, Netflix, Google, Alibaba, Baidu, NVIDIA, Tesla and Twitter. Key Benefits Low-cost exposure to key components of the tech sector Hedging mechanism to efficiently increase or decrease tech exposure in equity portfolios A highly correlated...

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Bitcoin Futures are Coming to CME
Member Announcements
November 9, 2017
1 min read

Bitcoin Futures are Coming to CME

CME Group will launch Bitcoin futures, based on the CME CF Bitcoin Reference Rate (BRR), in Q4 2017, building off of the success of the BRR and demand for a regulated trading venue for the digital asset market. Subscribe to stay up-to-date on Bitcoin futures contract specifications and launch information. Keep Me informed

By NIBARead article
Chairman's Letter - November 2017
Member Announcements
November 9, 2017
3 min read

Chairman's Letter - November 2017

“Money, Money, Money” ----- ABBA, recorded and released 1976 Okay --I admit it. I’ve been eagerly waiting for the right time to mention ABBA for any reason in the Chairman’s Letter. Their 1976 release of “Money, Money, Money” was the second big hit for this Swedish pop group, following on the heels of “Dancing Queen.” Is it a stretch from money, money, money to Bitcoin and other forms of digital currency? Maybe. In the past week we have seen that the major futures exchanges believe in the development of cryptocurrency trading. Chris Concannon, COO and president of CBOE Global Markets is quoted by Reuters: ”...we do envision (our bitcoin) ETF coming to market once the regulated futures market is built...” Just days before, CME Group announced it would launch the Bitcoin futures contract in the fourth quarter of this year. Terry Duffy, CME Group Chairman & CEO said “Given increasing...

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Housekeeping, Reminders and Updates - October 2017
October 26, 2017
3 min read

Housekeeping, Reminders and Updates - October 2017

Written by: Mark E. Ruddy, Esq. Maria Fielding Increase in National Futures Association (“NFA”) Assessment Fee The NFA’s Executive Committee is recommending an increase in the NFA’s assessment fee beginning January 1, 2018. The Executive Committee voted in favor of recommending that the assessment fee increases from $0.01 per side to $0.02 per side for futures and options contracts, bringing the assessment fee back to its amount prior to being reduced in October 2014 to $0.01. The NFA maintains that an increase in the assessment fee is necessary in order to continue operations and maintain reserves properly. The recommended increase is currently pending approval by the NFA’s Board of Directors and the CFTC. The NFA issued Notice to Members I-17-20, which provides further information on assessment fee increase. NFA Releases Filing Instructions for Swap Dealer (“SD”) Dispute Notices and Monthly SD Risk Data Reports On October 2, 2017, the NFA...

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