NIBA Journal

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

Chairman's Message | June 2012
Member Announcements
June 7, 2012
3 min read

Chairman's Message | June 2012

Dear Members- The Answer: Communication, Communication, Communication. The Question: What’s the most important benefit of your NIBA Membership? The NIBA’s mission is to keep communication channels open between members, and between members and other industry participants, including regulators. The dialogue helps keep you informed and assures that your opinions are heard. This what the Association is doing this month: May 30 - NIBA filed a request for an extension of time to the CFTC for implementation and enforcement of Rule 1.71 - Conflict of Interest June 1 - CFTC granted NIBA’s request and extended enforcement for all IBs and FCMs for 60 days. (Request and CFTC letter found in this month's Newsletter.) June 2 - General Creditor Claims filing deadline in the MF Global Bankruptcy. June 5 - NIBA/CME Joint Webinar with Bryan Durkin, CEO of the CME Group as Guest Speaker and Mike Burke, Secretary of the NIBA as...

By NIBARead article
An Economic Overview & Outlook: Kansas City and the Nation | Summer Conference Presentation Summary
Marketing
June 7, 2012
2 min read

An Economic Overview & Outlook: Kansas City and the Nation | Summer Conference Presentation Summary

Kelly Edmiston will present “Economic Conditions in the U.S. and Kansas City Region.” The presentation will begin with a discussion of recent output in the U.S. economy and provide a near-term outlook based on publicly available Federal Reserve projections and a consensus of leading forecasters across the country. The discussion will then turn to a detailed discussion of labor market trends and outlook in both the U.S. as a whole and in the Kansas City area specifically. A number of interesting trends are shaping the labor market outlook, and several of these are rather unique to the recent recession, aptly termed the “Great Recession” by many, and its anemic recovery. The unemployment rate will be discussed, but also the inability of the headline unemployment rate to fully capture the state of the labor market. Alternative indicators will then be presented that Edmiston argues provide a more complete labor market picture....

New SAR Filing Requirements
Marketing
June 7, 2012
2 min read

New SAR Filing Requirements

The Financial Crimes Enforcement Network (FinCEN) recently made some changes to its Suspicious Activity Report (SAR) filing requirements that will likely impact an IB’s AML program. Specifically, beginning July 1, 2012, any financial institution, including an IB, filing a SAR must do so electronically through FinCEN’s BSA E-Filing System. According to FinCEN, E-Filing will enhance the quality of FinCEN’s electronic data, improve its capabilities in supporting law enforcement and increase cost efficiencies. There is no charge for using the BSA E-Filing System. FinCEN has indicated, however, that firms that file a SAR in paper form after the July 1 deadline may be subject to a civil monetary penalty of up to $500 for each improperly filed form. In order to file a SAR through FinCEN’s BSA E-Filing System, an IB must be enrolled as a BSA E-filer. Information on how to enroll, including an E-Filing webinar, is available at http://www.fincen.gov/forms/e-filing/index.html....

By NIBARead article
Register for Kansas City Marketing & Sales Event Now!
Marketing
June 7, 2012
1 min read

Register for Kansas City Marketing & Sales Event Now!

The Summer NIBA Meeting, co-sponsored by the Kansas City Board of Trade is scheduled for Thursday, June 21 at the KCBT. Coffee and registration begins at 1:15pm. Business sessions begin at 2pm. A networking/cocktail reception will follow immediately. Program details are found here, and include 3 great presentations by 4 great speakers - Bryce Anderson | Meteorist for Telvent DTN, Kelly Edmiston | Sr. Economist for the Federal Reserve Board, KC, Jennifer Sunu | Director, Audits & Investigations, NFA and Neal Stevens | Attorney, Schuyler, Roche & Crisham Early registration for NIBA and KCBT Board Members is complimentary. After Monday, June 18 there is a $25.00 late charge fee for everyone including walk-ins. For more information, contact Melinda Schramm, melinda@futuresrep.com. » REGISTER NOW

By NIBARead article
Webinar at the CME | Darin Newsom, Telvent DTN Senior Analyst
Member Announcements
June 6, 2012
1 min read

Webinar at the CME | Darin Newsom, Telvent DTN Senior Analyst

Date: Tuesday, 26 June 2012 Time: 2:00pm CT Location: Attend Online or In person at CME Group Visitor's Center Theatre, 141 W. Jackson Blvd., 5th Floor, Chicago Telvent DTN Senior Analyst Darin Newsom will take a look at the Prospective Plantings report along with Quarterly Grain Stocks numbers, evaluating what the figures might mean for the markets going forward. Darin can provide analytical insight and commentary on all commodity markets, as well as the international and national events that move them. His commentary has been featured on CNBC's Morning Call and The Wall Street Journal Online MarketBeat. » REGISTER NOW

By NIBARead article
Heritage West Financial | June 2012 Focus on the Membership
Focus on the Membership
June 5, 2012
5 min read

Heritage West Financial | June 2012 Focus on the Membership

How did you get started? How did the firm get started? I started by trading my own account at the San Diego branch of Conti-Commodity in 1979 when I was 20 years old. Those were wild and woolly days! About 20 traders came in to the office on a daily basis to hang out and watch the big quote board on the front wall in the office. With the noise from the mechanical numbers revolving with each price change and the board lighting up either green or red for new highs and lows along with the squawk boxes blaring and brokers furiously calling in orders (no computers back then) it was quite an electric atmosphere. I traded my own account for years and in 1990 became a broker at a former Heinold office that was owned and operated by its former branch manager. Just a month later the owner announced...

By NIBARead article
NIBA Summer Marketing & Sales Event Hosted at the Kansas City Board of Trade
Marketing
June 5, 2012
2 min read

NIBA Summer Marketing & Sales Event Hosted at the Kansas City Board of Trade

On June 21, 2012, the Kansas City Board of Trade will host the NIBA Summer Marketing and Sales Event. Registration and coffee open at 1:15pm and the business sessions begin at 2:00pm. A cocktail reception will follow immediately. The Kansas City Board of Trade, established near one of the world's most fertile growing regions, is the largest free market for hard red winter wheat. Prices negotiated at the KCBT are the benchmark for wheat prices around the world. The KCBT was founded in 1856 and 20 years later a "grain call," similar to wheat futures trading as it is known today, was established. The exchange has become an international market force, influencing wheat prices in Australia and Argentina as well as Kansas and Oklahoma. The exchange set new annual volume records in 2011 for Hard Red Winter wheat futures and for the exchange as a whole. A total of 6,582,673...

By NIBARead article
The Vanishing FCM…
Marketing
June 5, 2012
2 min read

The Vanishing FCM…

Opinion piece by Richard Strait | Strait, LLC Over the past 7-10 years the FCM community has contracted exponentially to just a handful of providers. While many reasons for this can be cited, those that stand out are the increased costs of the regulatory compliance and increased capital requirements, coupled with skyrocketing regulatory haircuts levied on that capital and lower revenues. While the electronic market place has increased the cost efficiency of the Exchanges and their member firms, Capital “haircuts” on customer segregated funds alone may reach 10% in the near future while only five years ago they were as low as 4%. Many FCMs, particularly those who are subsidiary companies of larger firms and banks, must now go back to the parent for additional capital. Although the cost of money to the banking community is at record lows, parent firms may require 5% or more for the regulatory capital...

By NIBARead article
CFTC Response Regarding the Request for No-Action Relief from Provisions of Regulation 1.71
MF Global Updates
June 4, 2012
1 min read

CFTC Response Regarding the Request for No-Action Relief from Provisions of Regulation 1.71

In response to the NIBA letter sent to the CFTC last week, the CFTC has replied with a no-action letter, issued by the Division of Swap Dealer and Intermediary Oversight pursuant to Commission Regulation 140.99. » View CFTC Response as PDF

By NIBARead article
It's Still a Weather Market | Summer Conference Presentation Summary
Marketing
June 4, 2012
1 min read

It's Still a Weather Market | Summer Conference Presentation Summary

In an era of surging world commodity demand and continual tight supplies, weather happenings both in the U.S. and in such global production areas as Brazil, Argentina, Ukraine, and China have the market’s attention on a day-to-day basis. DTN senior ag meteorologist Bryce Anderson will discuss the impact of such features as floods and drought on the market’s psyche. He will also review the latest trends in the Pacific regarding El Nino/La Nina and offer an up-to-date forecast for the rest of the 2012 growing season in northern hemisphere crop regions. A review of crop weather patterns in the southern hemisphere along with a first look at the 2012-13 growing season prospects in South America will also be covered in this wide-ranging session. Bryce Anderson will be speaking at the NIBA Conference, June 21 at the Kansas City Board of Trade. He can be contacted at Bryce.Anderson@telventdtn.com. The Opinions expressed...

By NIBARead article
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