NIBA Journal

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

NIBA Comment Letter - CFTC Project KISS
October 26, 2017
7 min read

NIBA Comment Letter - CFTC Project KISS

NIBA - The Association for Derivatives Professionals 55 W. Monroe, Ste. 3600 Chicago, IL 60603 (312) 977-0598 www.theniba.com BY ELECTRONIC SUBMISSION Christopher Kirkpatrick, Secretary Commodity Futures Trading Commission 1155 21st Street, NW Washington, DC 20581 September 28, 2017 Re: CFTC Request for Public Input to Make Regulations(s) Simpler, Less Burdensome and Less Costly (Project KISS) Mr. Kirkpatrick: The NIBA appreciates the opportunity to provide suggestions and comments to the Commodity Futures Trading Commission (“CFTC” or “Commission”) as it reviews existing rules and regulations with an eye toward possible reevaluation of certain of them. We support the review, and look forward to working with the Commission to applying the reviewed rules in a less burdensome, less costly manner which is simpler to understand and implement. NIBA, established in 1991, is a membership association of registered derivatives professionals, primarily Introducing Brokers (IBs) and Commodity Trading Advisors (CTAs). Our mission has remained the...

By NIBARead article
Compliance Supervisors International Welcomes John Brand
October 26, 2017
3 min read

Compliance Supervisors International Welcomes John Brand

Compliance Supervisors International Inc. (“CSI”), is excited to welcome John Brand to lead our Chicago Compliance Division. John is an excellent addition to CSI, and we look forward to leveraging his extensive and deep industry knowledge, with the current and ever-changing compliance and regulatory policies to better help our clients. Mr. Brand's compliance and examination experience spans across two decades, where he served in numerous compliance roles, most recently as Managing Director of Compliance at the National Futures Association. Mr. Brand also held various compliance and Anti-Money Laundering Compliance positions in the FCM community and for a Derivatives Clearing Organization. He worked closely with futures industry participants in evaluating their internal controls, along with helping refine their processes and procedures as they relate to compliance, risk management and financial reporting. Mr. Brand has also supervised, trained, and developed compliance and risk management teams for those various institutions. A graduate of...

By NIBARead article
CME Group Russell 2000
Member Announcements
October 12, 2017
1 min read

CME Group Russell 2000

Register Today: The Russell 2000 Surge and Futures Trading Opportunities Webinar Small Cap, Big Opportunity With the likes of Alphabet, Apple and Amazon trading at lofty valuations, small-cap stocks, indices and futures are bringing back some edge to the market. Register for the CME Group upcoming webinar to learn how the Russell 2000® and E-mini Russell 2000 Index futures present trading opportunities for both institutional and individual traders. Register Today

By NIBARead article
Chairman's Letter - October 2017
Member Announcements
October 12, 2017
3 min read

Chairman's Letter - October 2017

Podcast: an episodic series of digial audio or video files which a user can download and listen to - Wikipedia, 2017 NIBA’s mission is to educate derivatives professionals so they can better serve their customers, stay in compliance and grow their businesses. One of the ways the mission is accomplished is through posting the video files of our member conferences on the NIBA website. You can sit back and relax at home to watch the sessions for the first time, or review them any time. Currently, you can access all the individual presentations through the member’s portal on the site from our September annual meeting and from last April’s meeting in New York City. CFTC Talks is a new podcast which will cover all topics impacting the markets regulated by the agency. The stated purpose of the podcasts is to help the CFTC “better understand the market narrative, what’s driving...

By NIBARead article
Ask NFA: October 2017
September 28, 2017
2 min read

Ask NFA: October 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: I heard NFA updated the individual application process. Where can I find more information? A: In September 2017, NFA launched an updated individual application process in its Online Registration System (ORS) as the second deliverable of a multi-year, multi-phase rebuild of the system. ORS is an NFA application that allows firms and individuals to apply...

By NIBARead article
Claim your Free NIBA Membership
Member Announcements
September 28, 2017
1 min read

Claim your Free NIBA Membership

In case you missed the announcement - the NIBA Board of Directors has announced a FREE one year membership to the association.  This comes to you as a thank you for your support and loyalty over the association's 25 year history.  If you have not already claimed your FREE membership please follow the instructions found in the video link below.  Once you have claimed your membership and reset your login password you will have access to the private members only portal area, attendance to all NIBA events this year, a listing in the NIBA directory (heaviest traffic area of the website) and the ability to bring your issues and concerns to the NIBA board for consideration. https://www.theniba.com/membership-sign-up-help/

By NIBARead article
NIBA September Conference Videos
Member Announcements
September 28, 2017
2 min read

NIBA September Conference Videos

NIBAs September conference in Chicago was a great success. The sessions were well attended, speakers were relevant and engaging and we had a few tricks up our sleeve throughout the day to keep things interesting as well. The association debuted two "firsts" for the annual conference - Quant Corner and Cryptocurrency Trading. Both were very well received. If you have any comments or suggestions on our conference please check your email for our post conference survey or feel free to email the conference chairman, Ryan Griffeth directly at ryan.griffeth@postrockbrokerage.com. The entire program was captured by video and is now available within our member portal. Part of our 25th anniversary offering and a thank you to our loyal members and the industry at large was a free one year membership to the association. This includes access to our members only portal. You should have receive an email confirming your free membership...

By NIBARead article
Housekeeping, Reminders & Updates - September 2017
September 28, 2017
3 min read

Housekeeping, Reminders & Updates - September 2017

National Futures Association (“NFA”) Updates Financial Statement Filings The NFA is adding additional questions to independent introducing brokers’ (“IBs’”) financial statement filings beginning with the September 30, 2017 filings. The additional questions do not concern new information being collected by the NFA, but rather information that had previously been collected by way of a follow up from the NFA to an IB after financial statements were submitted. The hope is that the financial statement filing process will be streamlined by asking these questions at the time of submission filings instead of the NFA having to call up the IBs after submission. The NFA issued Notice to Members I-17-18, which provides further information on the modification of the IB financial statement filings. Financial Crimes Enforcement Network (“FinCEN”) Updates Jurisdictions List On September 15, 2017, FinCEN released Advisory FIN-2017-A005, which highlights the June 23, 2017 update from the Financial Action Task Force...

By NIBARead article
NIBA Membership Offer
Member Announcements
September 20, 2017
2 min read

NIBA Membership Offer

The Board of Directors of the NIBA is pleased to announce that our 25th Anniversary gift to all registered IBs and CTAs is a complimentary 1-year association membership. Just click on https://www.theniba.com/set-password to obtain your member login password. The membership includes: • Complimentary attendance to networking events & conferences • Login access to the Members Only Portal, including research papers and industry related articles • Service provider announcements & discounts For more detailed instructions and help redeeming the offer, please head to https://www.theniba.com/membership-sign-up-help/ The 25th Anniversary Membership also includes a Basic Listing in the Online Broker Directory page of the NIBA website for all members who wish to provide basic firm information and a valid credit card in the enrollment section. There is NO COST for the Basic Listing and for your 1-year membership. The credit card information will only be used for membership renewal. You will be sent an...

By NIBARead article
Your Big Chance for Change
Member Announcements
September 20, 2017
2 min read

Your Big Chance for Change

On May 3, 2017, the CFTC voted to seek public comment regarding the simplifying of Commission rules. “Project KiSS” under Chairman Giancarlo’s guidance, intends to conduct an internal, agency-wide review of CFTC rules and regulations. The purpose is to identify areas where the rules can be simplified to make them less burdensome and less costly. NIBA will be submitting a response to the CFTC invitation for public comment in behalf of the Association. In order to ensure that our submission fully and accurately reflects the opinions of the membership, I’m requesting that you send me a quick note identifying the CFTC regulation which is most difficult for you as an IB or CTA to comply with, and why. The difficulty might be because the rule is hard to understand or because it costs your firm a lot to implement compliance, or any other reason you want to point out. CFTC...

By NIBARead article
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