Insights, analysis, and updates from the National Introducing Brokers Association
Registration is now open for the upcoming NIBA Chicago Conference. Please click here to register for this event. The full agenda will be posted at the end of this week so be sure to check back for updates and announcements. This will be a full day program followed by a cocktail networking reception. EVENT PAGE
On August 13, the CFTC granted no-action and issued a no-action letter regarding certain FASB changes set to take effect as early as December 15, 2018 for certain IIBs, FCMs and other CFTC-registrants that are broker-dealers. The Lease Accounting Update as proposed would have resulted in a decrease in regulatory capital as compared to the current accounting treatment. NIBA submitted a request for no-action to the CFTC on this item in March. SIFMA and the FIA also submitted documentation. In support of our request, we noted that the Lease Accounting Update is purely a matter of accounting that does not alter the existing economic or legal characteristics of an operating lease and, further, that the impact on the capital computation of CFTC registrants is an unintended consequence of the manner in which FASB’s and CFTC’s regulations interact. Both our request and the CFTC no-action letter are posted on the NIBA...
CME Group has posted the latest edition of The Complete IB Handbook on its website at cmegroup.com/ibhandbook, written by Melinda Schramm, Founder & Chairman of the NIBA. Melinda has written the definitive guide on how to become an Introducing Broker and the state of the IB community today. If you want to open your own shop, if you need an attorney or accountant or if you’re preparing for your first audit -- this is the book for you. Based, in large part, on the responses received as a result of the survey of the IB community conducted by Melinda and CME Group, the guide includes registration and audit information, business planning, a service provider directory in addition to facts about the costs of operating an IB business. Download a copy of The Complete IB Handbook HERE or contact Barb Schmidt-Bailey barbara.schmidt-bailey@cmegroup.com for a hardcopy. For questions about the contents of...
In 8 BC, the eighth month of the year was named for Augustus Caesar, emperor of Rome, in honor of his several great battle triumphs, including the conquest of Egypt. August is “Happiness Happens Month,” in the U.S., a month-long celebration of sharing happy news. For a good start to NIBA members’ “happy month,” CFTC has notified NIBA it has issued a no-action letter in response to our request submitted in March with regard to the changing FASB rules. Those rules would have had substantial effect on IIBs and FCMs. NIBA requested relief in behalf of its IB members, and met personally with the CFTC division of swaps and intermediaries to discuss our request in full. On August 12, we were notified of CFTC’s grant of no-action. CFTC’s full letter is posted on NIBA’s website, and will post on CFTC’s in the next week or two. Pls contact your accountant...
Video of NIBAs annual spring NYC conference is available online for those who were unable to attend in person. Sessions included Marketing, Cryptocurrency, Quant Essentials and Compliance Clips. Please use the link below to enjoy the videos at your convenience. NYC Conference Videos
This new 4-part on-demand webinar series gives you the insights you want and a better understanding about trading liquid interest rate futures markets. Enjoy instructor-led education at your convenience. The series includes: Treasury Futures 1.0: Understanding the delivery process, basis, carry, net basis and cheapest-to-deliver (CTD) mean. Treasury Futures 2.0: A deeper dive into basis trading, how to use Treasury futures for duration adjustment, and applying futures for yield curve management. STIR Futures 1.0: Everything you need to know about the new 3-month SOFR, fixed nature of basis point value (BPV); contract specifications and the underlying market/index. STIR Futures 2.0: How to hedge interest rate exposure; using STIRS to create synthetic investments; trading Eurodollar-Fed Funds spreads. CLICK HERE FOR ON DEMAND WEBINAR SERIES
July was named by the Roman Senate in honor of Roman general Julius Caesar, the politician who played a critical role in the demise of the Roman Republic and the rise of Roman Empire. “Dog days” occur in early July, and refer to the time of year when the hot sultry weather of summer usually starts. In the U.S., we celebrate National Hot Dog Month and National Ice Cream Month throughout July. On July 18 and 19, LabCFTC will hold Office Hours at the NYC office of the CFTC focused on FinTech innovation. LabCFTC was designed to give the CFTC better understanding of changing technologies which may ultimately influence the agency’s policy development. To make an appointment to attend Office Hours, contact LabCFTC@cftc.gov. The CFTC’s NYC office is located at 140 Broadway. Have you ever taken a look at the NFA Enforcement and Registration Actions pages? Accessible at nfa.futures.org/news/EnforceRegActions, these...
Agricultural data have been around for almost as long as there have been markets, but the type of data and the amount have changed over time. Whether its data from the U.S. Department of Agriculture, satellite data that forecast weather or growing conditions, or any of the many daily, weekly or monthly reports, market participants sort through reems of information to give them insight on the market. Ken Morrison, editor of Morrison on the Markets newsletter, says he uses several types of market data to help confirm (or contradict) information he gathers from his contacts, helping him make decisions. A lot of the data he uses are quantitative, such as weekly export sales, monthly USDA supply and demand reports, the weekly Commitment of Traders report from the Commodity Futures Trading Commission and the CME Ag Daily Bulletin. But he says it’s also good to get qualitative information about other countries....
Educational Course: About Managed Futures Since the advent of investing, participants have always faced a dilemma: where, among the many asset classes, should an investor allocate their money. Layered on top of this important question are additional challenges facing the investor, like where to find global diversification, liquidity, non-correlation, transparency, and long and short strategies. Very few investments encompass all of these features, illustrated in figure 1 below. But managed futures satisfy many, if not all, of the prerequisites an investor needs. View Educational Course.
The 5th annual joint NIBA/DePaul University Symposium to take place on Wednesday, August 8, at the DePaul University’s downtown campus located at 1 E. Jackson Blvd, Chicago, from 2:00 p.m. to 5:00 p.m. Doors open at 1:30 p.m., and the program ends with a wonderful cocktail reception starting at 5:00 p.m., on DePaul’s beautiful rooftop patio. A line up of special guest speakers will discuss a variety current and relevant topics that you’ll find interesting and informative. Space is filling up quickly so Please register soon for this special event! REGISTER HERE
