NIBA Journal

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

NIBA Comments to the NFA's Proposals for CTA/CPO Capital Requirements
April 17, 2014
5 min read

NIBA Comments to the NFA's Proposals for CTA/CPO Capital Requirements

In Re: Notice to Members I-14-03 Request for Comments - CPO/CTA Capital Requirement and Customer Protection Measures April 14, 2014 National Futures Association: The following comments regarding the above captioned Notice to Members are submitted by the National Introducing Brokers Association (NIBA). The NIBA, founded in 1991 is a membership association of Introducing Brokers (IBs), Commodity Trading Advisors (CTAs), Futures Commission Merchants FCMs) and other registered professionals who transact futures and options business primarily in, and for, the retail sector of the industry. These comments represent the opinion of our IB and CTA members only. The NFA should not impose a minimum capital requirement on CTA members. By definition, a CTA holds no funds and cannot control funds. The CTA’s client funds are held on deposit with an FCM. Since many CTA customers have a primary relationship with either an IB or FCM, that IB or FCM is monitoring the...

By NIBARead article
MF Global customers to be fully reimbursed, trustee says
MF Global Updates
April 4, 2014
1 min read

MF Global customers to be fully reimbursed, trustee says

Today marks the beginning of a $6.7 billion payout to the former customers of MF Global Holdings. The process is expected to take several weeks but will return all the money that is owed to the approximately 26,500 former commodities and securities customers of the failed brokerage. "Checks are going in the mail that will make all public customers of MF Global Inc. 100% whole," trustee James Giddens said in a statement. Read Full Article at FIA SmartBrief

By NIBARead article
FinCEN Issues an Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies
April 3, 2014
1 min read

FinCEN Issues an Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies

Notice to Members I-14-09 April 2, 2014 FinCEN Issues an Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies On March 25, 2014, the Financial Crimes Enforcement Network (FinCEN) issued an advisory announcing that the Financial Action Task Force (FATF) had updated its list of jurisdictions with strategic anti-money laundering and counter-terrorist financing (AML/CFT) deficiencies. NFA Member FCMs and IBs should review this Advisory to ensure that their AML programs have the most current information on FATF-identified jurisdictions with AML/CFT deficiencies, and revise their AML programs accordingly. A copy of the Advisory is available through FinCEN's website.

By NIBARead article
Peregrine Bankruptcy Trustee Settles Dispute With JPMorgan
March 28, 2014
1 min read

Peregrine Bankruptcy Trustee Settles Dispute With JPMorgan

Peregrine Financial Group Inc.’s trustee agreed to settle a dispute with JPMorgan Chase & Co. in a deal that will bring more than $15 million to creditors of the commodities firm, which filed for bankruptcy after its founder looted client accounts. Read full article at Business Week.

By NIBARead article
NFA Proposal for CTA/CPO Capital Requirements
Member Announcements
March 24, 2014
5 min read

NFA Proposal for CTA/CPO Capital Requirements

In Re: Notice to Members I-14-03, Request for Comments - CPO/CTA Capital Requirement and Customer Protection Measures For the past seven years, NIBA membership has been open to CTAs and CPOs. Nearly one-quarter of current members are registered as CTAs - - either as their primary registration or in addition to the IB registration. We count among them established CTAs, as well as emerging managers. During the past couple of weeks we have had numerous comments from members regarding the NFA proposal for capital requirements, and additional customer protection measures for CPOs and CTAs. Virtually 100 percent of the comments we received to date oppose the minimum capital proposal for CTAs. Even IIBs who currently operate under a minimum capital requirement regulation, oppose the NFA’s proposal. At this time, there are not enough comments/suggests regarding CPO capital requirements/alternative customer protection measures for NIBA to take an Association position. The most...

By NIBARead article
Chairman Letter for March 2014
Member Announcements
March 24, 2014
2 min read

Chairman Letter for March 2014

Dear Members - Here’s a partial list of all the events NIBA will be involved in during the next thirty days: March 25: Risk Management Breakfast Meeting at Arditti Center, DePaul University in Chicago April 3: CFTC Roundtable in Washington DC for end users, including discussion of issues surrounding Recording Requirement 1.35 April 15: NIBA Opinion Letter Regarding the NFA Proposed CPO/CTA Capital Requirements May 1: NIBA Spring Member Meeting at the New York Athletic Club in New York City. Yes - this is a typical schedule! Every month the NIBA participates in or presents at least four or five activities which directly affect our members‘ business. Whether it is submitting an opinion on regulation or providing an educational program, NIBA members have a voice. Each of the four dates and events for the upcoming month are more fully discussed in this newsletter. Please contribute to the discussion by sending...

By NIBARead article
Ten Yard Capital, LLC | NIBA Member Spotlight
March 24, 2014
13 min read

Ten Yard Capital, LLC | NIBA Member Spotlight

Firm Name: Ten Yard Capital, LLC Principal: Adrian V. Fleisher, afleisher@tenyardcapital.com  Founded: May 2010, NFA Member Approval Dec 2011, Started Managing Monies Aug 2012  Number of Brokers: 1  NIBA Member Since: 2013  Address: 21381 Hawthorne Lane, Kildeer, IL  Web: www.tenyardcapital.com About the Firm: How did you get started? Do you provide additional services besides brokerage? From 2008 to 2010, I was employed with a firm as VP of Operations. There were three of us running the business. One partner was the face of the firm, the other partner managed monies. I was brought in to run the day to day operations thereby allowing the two partners to focus on their specific disciplines. As such, I spent a lot of time working on the nitty-gritty parts of the business. Website development, interviewing candidates, basic accounting, acting as the liaison with the NFA and our clearing firm, etc. Much of my time...

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NIBA Spring Meeting, May 1 -- New York Athletic Club by Rich Strait, Conf. Committee
Member Announcements
March 20, 2014
1 min read

NIBA Spring Meeting, May 1 -- New York Athletic Club by Rich Strait, Conf. Committee

The NIBA spring meeting is scheduled for the afternoon of May 1, 2014 at the New York Athletic Club. The full agenda will be available on the NIBA’s website, and will include presentations on product as well as compliance. This meeting is free to all NIBA members - you can register online. NYAC dress requirements (jackets for men, no sneakers) observed. Questions or suggestions, please contact NYC Conference Committee, Rich Strait - rich@straitllc.com or Kristie Aupperle, kaupperle@advance-trading.com.

By NIBARead article
Questions for the NFA? Comments for NFA? No problem just call the NIBA!
Member Announcements
March 20, 2014
1 min read

Questions for the NFA? Comments for NFA? No problem just call the NIBA!

The NIBA is now offering a premium service for its members and will be acting as a liaison between the association’s membership and the NFA. Do you have something you want to bring to the NFA but are hesitant to do so directly, let the NIBA do it for you. The NIBA is your advocate in the industry. We encourage all members to bring their issues to us. In turn, we will address each and every concern anonymously with the NFA. We have found all registrants periodically have questions on business practices, compliance, registrations, etc on which they would like NFA’s opinion. We have also found many members do not feel comfortable calling their regulator directly to ask something about which they may be unsure. We all appreciate a helping hand at times, and this is exactly what the NIBA will do for you, so please do not hesitate to...

By NIBARead article
NIBA and DePaul University Team-Up
Member Announcements
March 20, 2014
1 min read

NIBA and DePaul University Team-Up

We are proud to announce our professional relationship with The Fred Arditti Center for Risk Management at DePaul University in Chicago. Earlier this year, NIBA met with members of the DePaul facility to learn about several initiatives recently developed in their financial services department, and DePaul hosted the January meeting of our Board of Directors. We felt several of their newly developed programs would be of interest and value to NIBA members. The Arditti Center hosts a risk management-oriented breakfast meeting once a month on the downtown-Jackson Boulevard Campus. Those meetings are announced on the NIBA website and is free for all NIBA members, but require registration through DePaul. NIBA is also working with the Center to hold an afternoon session or two this summer focusing on the particular interests of our members, and we are discussing a possible work program in which DePaul students can get practical experience in...

By NIBARead article
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