NIBA Journal

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

NYC Conference Follow Up: Oil & Gas: All Stored Up with Nowhere to Go
Member Announcements
May 12, 2016
4 min read

NYC Conference Follow Up: Oil & Gas: All Stored Up with Nowhere to Go

Market followers are divided on when global oil prices will recover to a higher plateau after tumbling to a 13-year low during the first quarter while a majority observing the US natural gas market maintain a bearish disposition, with both markets under pressure from too much supply. In New York late April, we reviewed the global outlook for supply and demand drivers for oil, and then turned for a closely examination of the domestic market, with US crude production the critical component in not only a recovery from unsustainably low oil prices, but also in creating the oversupplied market in the first place. It was through technology that the United States upended the world oil market, with hydraulic fracturing joined with horizontal drilling pushing US crude production to the highest point since the early 1970s. US production peaked in April 2015 at nearly 9.7 million bpd while Russia and members...

By NIBARead article
May’s Chairman Letter
Member Announcements
May 12, 2016
2 min read

May’s Chairman Letter

Membership: * Being a part of a group or an organization * All the people that are a part of an organization - Merriam-Webster’s Dictionary The first recorded use of the word “membership” is during the English Civil War in 1643. (OnThisDay.com) Membership in the NIBA has only been available since 1991, but in those 25 years we’ve been on the frontline -- educating derivative professionals, and representing your opinions on matters of regulation and other industry issues. NIBA is premiering our “Members Only” Portal this summer. Members will have access to industry resources, in-office intern programs, white papers and more through a special section of the NIBA website. Throughout 2016, NIBA conferences will present the latest information available on cybersecurity requirements, as well as Automated Trader registration, margin requirements for uncleared swaps and other issues NIBA members need to understand in order to keep their businesses growing. In addition,...

By NIBARead article
Global AML Webinar Series
Member Announcements
May 12, 2016
2 min read

Global AML Webinar Series

How to manage global AML/CTF obligations The Global Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) team at Baker & McKenzie is embarking on a new webinar series for 2016 to guide you through the complex AML/CTF landscape and how it impacts you and your business. The first session of our Global AML/CTF Webinar Series, titled "How to manage global AML/CTF obligations", will be held on Thursday 26 May 2016. Emma Hunter (Sydney), Karen Man (Hong Kong), Brian Whisler (Washington DC) and Arun Srivastava (London) will discuss US extraterritorial reach and cross-border compliance. gister by clicking this link. Kind regards, Astrid Raetze and Emma Hunter On behalf of Baker & McKenzie's Global AML Practice astrid.raetze@bakermckenzie.com emma.hunter@bakermckenzie.com About Our Global AML Practice Money laundering and terrorism financing are global problems. As the concern about terrorist threats continue to thrust anti-money laundering and counter-terrorism financing (AML/CTF) to the forefront, regulators across the world are...

By NIBARead article
CME Group/Purdue Ag Economy Barometer
Member Announcements
May 12, 2016
1 min read

CME Group/Purdue Ag Economy Barometer

We’re pleased to announce that CME Group and Purdue University have partnered to introduce a new economic indicator to measure the health of the U.S. agricultural economy – the Purdue/CME Group Ag Economy Barometer. Each month, the Ag Economy Barometer will provide a sense of the agricultural economy’s health with an index value based on a survey of 400 agricultural producers on economic sentiment. We’re working with Purdue to provide this new tool to agricultural customers, agribusiness thought leaders, academics, members of the press and other market participants as we believe it will provide an essential resource for monitoring the health of the food industry and vital insight into the global economy. The Purdue/CME Group Ag Barometer will be available on a monthly basis at www.purdue.edu/agbarometer. Some additional resources: USA Today: Conditions improve, but farmers not optimistic. Video explainer: Introducing the Ag Economy Barometer News release: http://cmegroup.mediaroom.com/2016-05-03-Purdue-CME-Group-to-take-monthly-barometer-of-confidence-in-agricultural-economy

By NIBA
NIBA-DePaul Arditti Center Intern Program Announcement
Member Announcements
May 12, 2016
2 min read

NIBA-DePaul Arditti Center Intern Program Announcement

NIBA Joins with DePaul’s Arditti Center on an Intern Program NIBA is excited to announce our joint effort with DePaul University’s Arditti Center to develop and implement an Intern Program for NIBA members. The purpose is to provide mutual value through appropriate matches of a student’s interest and capacity, with the specific interest and needs of a NIBA member. The Arditti Center has a strong record of attracting high quality students to their program(s), and most candidates for interning at our firms will be students at the financial/risk management Center. As such, NIBA members can expect the student to be highly competent and driven to “get things done.” DePaul is committed to the success of this program, and will assist in selecting candidates most likely to deliver value to the Member office. NIBA is committed to assuring a rewarding learning and growth experience for each student. This benefit is available...

By NIBARead article
NYC Conference Follow Up: Attaining a Viable Cyber Security Program at a Reasonable Price
May 12, 2016
4 min read

NYC Conference Follow Up: Attaining a Viable Cyber Security Program at a Reasonable Price

Attaining a Viable Cyber Security Program at a Reasonable Price; is it Possible? We’ve all heard about the hacks at Sony, Target, and even the U.S. Government. Fortune 500 companies and US government agencies getting hacked is exciting news. Well, actually – it’s terrifying. And even more disturbing is the complexity associated with solving this problem. For a Fortune 500 company, the solution involves throwing money at the problem by hiring another 25-50 cyber security experts and investing another $50-$100m in cyber security. But what if you’re a smaller firm, but no less meaningful to its owners or stakeholders, with a limited IT budget and little to no cyber expertise? So if you’re Sony or Target or some other global goliath, stop reading now. This article is not about how to protect a multi-billion company from a North Korean or Chinese Advanced Persistent Threat; it is about how to develop...

By NIBARead article
NYC Conference Follow Up: NFA Cybyersecurity Interpretive Notice
May 12, 2016
4 min read

NYC Conference Follow Up: NFA Cybyersecurity Interpretive Notice

In light of the almost daily news about cybersecurity breaches, including at financial institutions, and the significant threat and damage these breaches could cause to NFA's Member firms, customers, and the U.S. derivatives industry, NFA developed guidance requiring Members to adopt and enforce procedures to secure both customer data and access to their electronic systems. With ongoing technological advancements, it is important to ensure Members have supervisory practices in place that are designed to identify cybersecurity risks, implement appropriate safeguards, and respond accordingly should an attack occur. Cybersecurity Interpretive Notice The Cybersecurity Interpretive Notice became effective on March 1, 2016. In developing the Interpretive Notice, NFA received input from Members, other regulators, cybersecurity experts, and NFA Advisory Committees. After approval by NFA's Executive Committee and Board of Directors, NFA submitted the Interpretive Notice to the CFTC in August 2015, and the CFTC approved it in October. NFA's Cybersecurity Interpretive Notice...

By NIBARead article
NYC Recap
Member Announcements
April 28, 2016
1 min read

NYC Recap

Thank you to NYC Speakers/Sponsors Thank you to the Speakers and Sponsors of last week’s Member Event in New York City. For the third year, NIBA members met at the New York Athletic Club for an afternoon of business sessions and networking. Thank you to our Event Sponsors CME Group and Straits Financial. Thanks also to last week’s speakers. In the coming weeks, we will be featuring articles written by the speakers - each one an expert in the industry. Please feel free to contact directly anyone with whom you would like to follow-up. Product Sessions: James Steel, james. steel@us.hsbc.com (Metal update & statistics) Al Helmig, helmig.albert@gmail.com (Changing Ownership of Crude Futures) Brian Milne, brian.milne@dtn.com (Oil & Gas: All Stored Up w/Nowhere to Go) Cybersecurity: Rob DeMuria, rdemuria@compliancesupervisors.com Amy McCormick, AMcCormick@nfa.futures.org Michael Brice, michael@bwcyberservices.com Ted Theisen, ted.theisen@unitedlex.com Howard Rennell, The Windham Group and NIBA Board Member was the chairperson of...

By NIBARead article
HOUSEKEEPING, REMINDERS AND UPDATES
Housekeeping
April 28, 2016
4 min read

HOUSEKEEPING, REMINDERS AND UPDATES

NATIONAL FUTURES ASSOCIATION CPO and CTA Quarterly Reporting Requirements for Period Ending March 31, 2016 Each commodity pool operator (“CPO”) Member and commodity trading advisor (“CTA”) Member with reporting requirements under Commodity Futures Trading Commission (“CFTC”) Regulation 4.27 is required to comply with National Futures Association (“NFA”) quarterly reporting requirements. NFA Compliance Rule 2-46 imposes quarterly reporting requirements on CPOs operating commodity pools and on CTA that direct trading of commodity trading interests. The CTA quarterly report (“Form CPR”) is used to collect general information about the reporting CTA and its trading program(s). For the period ending March 31, 2016, CTAs are required to submit Form CPR by Monday, May 16, 2016. A CPO must report specific information about the firm and the pools it operates on the CPO quarterly report (“Form PQR”). For the period ending March 31, 2016, CPOs are required to submit Form PQR by Tuesday, May...

By NIBARead article
Ask the NFA
April 28, 2016
3 min read

Ask the NFA

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 NFA and NIBA members open, not to fix any specific individual concerns. This month's questions were selected from those submitted by NIBA members. The answers were supplied by NFA staff. "If I restructure my corporation i.e. change from LLC to S-Corp, does that require re-registration with NFA or is there a simple process to update company info on website?" Newly created companies, sole proprietors becoming corporations, or corporations becoming sole proprietors need to register. If you restructure an existing...

By NIBARead article
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