NIBA Journal

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

October 7, 2014

NIBA Chicago Conference Videos

Thank you to everyone who made the September NIBA Membership Meeting a success. Over 220 IBs, CTAs and other futures professionals attended a day full of information and ideas on everything from tax issues to new regulation. Thank you to all our panel participants. Every session was presented by an industry expert who graciously shared time and knowledge with NIBA members. The CME Group, primary sponsor for September's Chicago meeting, recorded two of the day's five sessions. The videotapes are available below, and will be a available any time. Details for NIBA's 2015 meetings will be posted on our website, theniba.com within a few weeks. Three locations are currently Melinda Schramm, Founder & Chairman NIBA NIBA Catalysts for Changing Market Trends & Volatility NIBA Big Compliance Issues Panel

2014 NIBA Conference Preview

Floor Tour led by Ron Grossman & William Gallwas – Whether you have visited the trading floor, traded on the floor or passed through the visitors’ gallery, a tour guided by Ron Grossman and William Gallwas is an experience in itself. The trading floor at some point in time (always seems to be 5 years from now) will become history and the NIBA has enlisted two of the best to host an insiders’ guided tour of what was, what is and what is to come of the Chicago trading pits. 8:00 am – CBOT, Sponsored by: ADM Investor Services Compliance for Swaps IBs and CTAs – Jeff Barclay, Panel Leader – Swaps compliance is a hot topic among industry and regulators as legislation has led to registration requirements and regulations which some argue “don’t fit.” This panel of industry experts includes the latest information and perspective from the NFA, as...

NIBA/ DePaul Arditti Center Event | How CFTC Reg. 1.22 Changes your Customer Relationship [Video]

On July 8, 2014, the NIBA and DePaul University's Arditti Center for Risk Management presented an afternoon event on the University campus in Chicago. DePaul recorded the program. The first session, Introduction to the NIBA included a panel discussion of the effect of CFTC Reg. 1.22 on our customer relationships, led by Susan Osmanski of Turnkey Trading Partners. The panel included Mike Coglianese, Michael Coglianese, CPA; Jeff Henderson, Henderson Law Firm; and Dale Spoljaric representing the NFA. A second panel discussed managed futures as an alternate asset class, watch it here.

NIBA/ DePaul Arditti Center Event | Managed Futures: Perspectives on a Growing Asset Class [Video]

Part One Part Two On July 8, 2014, the NIBA and DePaul University's Arditti Center for Risk Management presented an afternoon event on the University campus in Chicago. DePaul recorded the program. The second panel discussed managed futures as an alternate asset class and included moderator Jason Turnipseed, Managed Account Research; Adrian Fleisher, Ten Yard Capital, Paul Sylvia, Aon Hewitt; and Mark Shore, Shore Capital Management and DePaul University. The first panel discussed CFTC Reg. 1.22 and how it changes your customer relationship, watch it here.

Risk Leadership Keynote Lunch, September 24th

The Arditti Center is pleased to announce that Michelle McCarthy will be the September 24th keynote speaker for the Risk Leadership Program. Michelle will discuss how risk management developed in banks, and how it differs when applied to other industries, particularly investment management. She will also highlight elements which derive from strong vs weak risk leadership, eg. risk-aware culture, healthy challenge, transparency, accountability, and reputation risk. The keynote lunch is free and part of the larger Risk Leadership Series. Find out more on the Arditti website, and RSVP for lunch on the Registration Page. Michelle McCarthy is a Managing Director and heads the Risk Management function at Nuveen Investments. Before joining Nuveen in 2010, she served as Chief Risk Officer at Russell Investments. From 2003 to 2009 she was the Chief Market and Operational Risk Officer at Washington Mutual Bank, responsible for measuring and monitoring interest rate risk limits on...

CTA Insights: Stockyard - An Overview of the Basics of Livestock

Stockyard Trading is a fundamental, discretionary program that trades strictly livestock - cattle and hogs. Like most fundamental agricultural traders, we spend a great deal of our time evaluating and formulating our outlook on these markets.  It is our experience and extensive knowledge of the commercial livestock industry that provides us an ongoing informational edge in trading these markets.  For those of you less versed on the commercial livestock industry, we thought we would take this opportunity to share some of the basics with you - structure and factors - that shape these markets. First, let’s talk about the cattle market. The first stage is cow/calf operations where the cows gestate for 9 months, calved [birthed] and kept until they are weaned - usually about 6 months.  The cattle are then transferred to a backgrounding operation where they are put out to pasture to grow and increase weight - approximately...

NIBA September Conference Annoucement

You're Invited! You're invited to the fall NIBA Membership Conference, September 22 in Chicago. This is a full day of education, information and networking designed to give you the tools for a successful business. The day begins with a floor tour at the historic Chicago Board of Trade, along with a continental breakfast. That's followed by a session on compliance issues specifically focused on swaps participants, and a panel of experts discussing tax issues and changes every IB and CTA needs to be aware of. Box Lunches will be served at the CME Group Building. We are happy to announce Blu Putnam, Managing Director and Chief Economist, CME Group as our luncheon speaker. The afternoon program includes a session on the BIG compliance issues we are all facing - CFTC Reg. 1.22 and Reg. 1.35; a panel presentation focused on marketing and compliance for CTAs and IBs who utilize CTA...

Chairman's Letter

Dear Members - Next week, I have appointments with our CFTC regulators. Steve Petillo, NIBA President, and I are going to Washington, DC to meet the three new members of the Commission along with Commissioner Weijen, the remaining member of the past group of five. Our agenda points include a discussion of Regulation 1.22 -- dubbed the "residual interest" rule, and Regulation 1.35 -- the recording rule which chiefly applies to cell phone use. The first phase of Reg. 1.22 is due to become effective in November. NIBA has not spoken to any registrant who believes this regulation is good for the industry, and that is what we will be telling the Commission. We have consistently opposed this regulation since it was proposed for reasons including that we do not believe it serves any customer protection goal, and will have the effect of making it more difficult for many of...

By NIBARead article

NIBA Member of the Month: Attain Capital Management

August 13, 2014

7 min read

NIBA Member of the Month: Attain Capital Management

FIRM PROFILE Firm Name: Attain Capital Management Founded: 2002 Number of Brokers: 6 IB Status: IIB NIBA Member Since: 2005 Address (City, State): Chicago, IL Number of Branch Offices: 3 Website(s): AttainCapital.com, AttainFunds.com, managed-futures-blog.attaincapital.com, ibroker.com, isystems.com   NFA Registration Number: 0322102 About the Firm: How did you get started? Do you provide additional services besides brokerage? After experience on the trading floors and with various other futures brokers, partners Walter Gallwas and Jeff Malec decided to set off on their own with the founding of Attain in 2002, focusing initially on opening trading system accounts executed by a team of brokers running TradeStation. From the beginning, we had a strong tie to technology, wishing to show the actual results of 3rd party trading systems which were often touted as having triple digit returns with no risk, or other such unrealistic performance. Our goal was to give clients considering investing in a...

By NIBARead article

August 13, 2014

3 min read

Ask the NFA

As your industry advocate, the NIBA provides many services which help your business stay in compliance with NFA rules. "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 over the last two months. The answers were supplied by NFA staff. Question 1: What IB-relevant rules and regulations apply to the use of a multi-CTA hypothetical composite performance portfolio for use as promotional material? Answer: Any measurement or description of or reference to a composite performance record showing what a multi-advisor account portfolio could have...

By NIBARead article

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NIBA Journal

NIBA Chicago Conference Videos

2014 NIBA Conference Preview

NIBA/ DePaul Arditti Center Event | How CFTC Reg. 1.22 Changes your Customer Relationship [Video]

NIBA/ DePaul Arditti Center Event | Managed Futures: Perspectives on a Growing Asset Class [Video]

Risk Leadership Keynote Lunch, September 24th

CTA Insights: Stockyard - An Overview of the Basics of Livestock

NIBA September Conference Annoucement

Chairman's Letter

NIBA Member of the Month: Attain Capital Management

Ask the NFA

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