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Chairman's Letter - April 2018

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NIBA
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The Romans gave this month the Latin name Aprilis. While scholars debate the exact derivation of the name, traditionalists believe it is most commonly refers to the “season when trees and flowers begin to open.” In Finnish, April is huhtikuu, the time for burning and clearing farmland. In Slovene, recorded as far back as 1466, mali traven is the month when plants start growing. To “open” April, the CFTC has posted a new podcast on their website www.cftc.gov presented by Professor Scott Irwin, an expert in the importance of speculation and its effect on the markets. They also started out the month by issuing an order in a spoofing case originated in the CME wheat market which resulted in a $150,000 fine. NFA announced amendments to customer due diligence requirements which will become effective May 11, 2018. The rule will require the beneficial owners of legal entity customers be identified, obtained, verified and recorded so that your firm can identify the beneficial owner for each customer at the time a new account is opened. FCMs, IIBs and BDs are included in the financial institutions which must comply. While many IBs are already obtaining and verifying this information, you should contact your FCM or the NFA if you have questions. In mid-March the U.S. Senate voted to roll back some Dodd-Frank rules. Since its implementation in 2010, there have been concerns that Dodd-Frank had a negative impact on smaller banks and credit unions. The Senate vote exempts banks with less than $250M in assets from yearly Federal Reserve stress tests or higher capital requirements, among other things. NIBA will be monitoring the bill as it moves to the U.S. House. In the past the House wanted to make much more significant changes to Dodd-Frank on the whole, so we will see what happens. April is a member-meeting month for NIBA members. The Spring Event will be held on April 19 at the New York Athletic Club. NIBA began hosting our NY and other east coast members several years ago at the CME Exchange Building downtown, and moved to the NYAC about 5 years ago. We have grown considerably -- from about 85 people in 2009 to over 250 last year, all the while offering informative and actionable education to our members. Registration and full agenda are available here. Questions, contact event chairman Howard Rennell, hrennell@e-windham.com. Mark your calendars for our 5th Annual DePaul/NIBA Joint Symposium August 8, in Chicago, Il. To suggest a speaker or topic or volunteer for the planning committee, contact event chairman Tom Sandy, ts@ricedairy.com. See you in NYC - Melinda Melinda Schramm, Founder & Chairman NIBA  

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