NIBA Journal

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

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Member Announcements

October 13, 2016

1 min read

Save the Date: SoCal Conference Feb 23, 2017

Newport Beach, CA - February 23, 2017 Mark your calendar now for the NIBA winter event February 23 at the Newport Beach, CA Marriott! After taking a year away, members told the board they wanted the Association to meet in southern California again. More than 75 members attended each SoCal meeting in 2013-2015. February 23 will be an afternoon of two-three business sessions followed by an open reception very similar to the NIBA forums presented annually in New York City and at DePaul University, Chicago campus. Program agenda and registration will be open @theniba.com about the first week in December. John Jensen & Ralph Preston are NIBA co-chairs for this event. To suggest topics or speakers, or to volunteer to help plan and implement the meeting, contact John, jjensen@hwfi.com, Ralph, rpreston@hwfi.com or Melinda, melinda@futuresrep.com Sponsorship opportunities are available. Contact Melinda or Mike, mikeb@highgroundtrading.com.

Chairman's Letter - Oct 2016

“Don’t cry because it’s over, smile because it happened” -- Dr. Seuss, aka Theodor Geisel (1901-1991)   Don’t you just love Dr. Seuss? His quote above perfectly sums up my feelings about our 25th Anniversary Conference held in Chicago at the CME Group, September 14. With over 240 registered members on hand to help celebrate, NIBA presented some of the most valuable conferences we have held in our 25 year history. And we had fun while we learned.   Thank you to Ryan Griffeth, NIBA conference chairman and his entire committee: Steve Petillo, Brian Gaffud, Barbara Schmidt-Bailey, Mike Burke, Shane Stiles, Jerry Nolan, Tom Sandy and Ralph Preston. Each and every panel broke new ground to present educational, fully actionable information to NIBA members. Ryan assembled a terrific group of speakers and moderators. You can find articles/features on many of the session topics in the NIBA archives.   Special thanks...

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Focus on the Membership

September 8, 2016

1 min read

NIBA Website Launch

The NIBA is celebrating its 25th anniversary this year. The last 25 years have seen a number of changes within the industry and the association has been around for it all. Looking forward we are excited to be a part of the next chapters as well. Part of staying in front of relevant issues and topics is by keeping our commitment to being and educational resource to the industry. Our store front has been in the form of the NIBA website and this year it’s getting a full remodel. Gate 39 Media has done a wonderful job with the new website and we are excited to officially launch the site next week following our 25th anniversary conference. The site will feature an interactive timeline of the NIBA’s history, a members only portal containing a number of educational resources for our membership, a new and improved presentation of the NIBA Journal...

DePaul NIBA Conference Review

CTAs- do your Due Diligence priorities line up with those of your next prospective allocator? The NFA? What keeps CMEGroup’s Chief Security Officer up at night? Why does DePaul University include Cybersecurity in their Master of Science in Enterprise Risk Management program? These issues and more were addressed by at last month’s NIBA/ DePaul University conference. Valuable perspectives and harrowing experiences were shared by highly qualified panelists from legal, compliance, cap source as well as directors at the NFA. The NIBA will be launching its new members only portal mid September and will be featuring the video of this conference within the portal. If you missed the event or would like to review an topic that was discussed we invite you to sign up for the members portal and gain full access. Efficiently leverage your discovery through the NIBA.

August's Chairman Letter

Teamwork: Cooperative or coordinated effort on the part of a group of persons acting together in the interests of a common cause. Dictionary.com Teamwork is one of the great strengths of the NIBA. For 25 years, the Association’s team members have worked together to further the interests of the professional derivatives community -- to keep it strong, to make it’s voice heard and, at times, to even ensure its relevancy. Much of the success of the NIBA is due to the contributions of its team members. From the very first board meeting in May 1991, the CME Group has been one of NIBA’s most valuable team members. With their help and that of the Chicago Board of Trade, New York Mercantile Exchange and Kansas City Board of Trade - now all part of the CME Group, the NIBA presented our first member meeting. This September 14, the CME Group will...

Life of a Brokerage Firm - Part 2

Ron Grossman and Ryan Griffeth conducted a series of interviews discussing the various stages of a brokerage firm. Interviews are presented here in Q&A form. There are a number of participants in this article series from brokerage firms, new individual brokers and industry professionals contributing their unique opinion and expertise. <Brokerage Firm> Scott Peterson, Stewart-Peterson How did you get started in the Commodity industry? At a previous employer, while writing market commentary and advice for a magazine, it occurred to me that many farmers and ranchers needed more than published comments. (This was before internet provided information at our fingertips.) They needed one-on-one advice that is specific to their situation. Can describe the type of business you specialize in?   We specialize in hedging. We enjoy helping our clients provide time for them to do what they love to do – producing commodities and products. Helping our clients with their...

Life of a Brokerage Firm - Part 1

Life of a Brokerage Firm <Part One> Ron Grossman and Ryan Griffeth conducted as series of interviews discussing the various stages of a brokerage firm. Interviews are presented here in Q&A form. There are a number of participants in this article series from brokerage firms, new individual brokers and industry professionals contributing their unique opinion and expertise. <Industry Professional> James Bibbings, Turnkey Trading Partners What is the background of new IBs or brokers entering the business today? I began my career in this industry when I moved to Chicago to work for NFA in 2005. At that time the CME and CBOT were still separate and both had active (albeit slowing) floor businesses. IBs were being created by guys who could see the end of floor brokerage was near. They were coming “upstairs” to broker and to do so needed to set up CFTC/NFA member IBs. From what I recall...

Housekeeping, Reminders, and Updates

COMMODITY FUTURES TRADING COMMISSION Guidance on Clearinghouse Recovery and Wind-Down Plans On July 21, 2016, the CFTC announced the publication of guidance to clearinghouses on recovery plans and wind-down plans, CFTC Letter No. 16-61 (“Letter 16-61”). The subject of Letter 16-61 is recovery plans and wind-down plans maintained by derivatives clearing organizations (“DCOs”) and tools for the recovery and orderly wind-down of DCOs. Pursuant to CFTC Regulation 39.39(b), DCOs are required to adopt and maintain recovery and wind-down plans. The purpose of the plans are to detail how the DCO intends to maintain a viable plan for: the recovery or orderly wind-down necessitated by uncovered credit losses or liquidity shortfalls; and for recovery or orderly wind-down necessitated by general business, operational or other risks that are a continued threat to the company. As stated by the CFTC in Press Release PR7409-16, the development of the recovery plan (“Recovery Plan”) and/or...

Customer Due Diligence

The Financial Crimes Enforcement Network issued a final rule, to clarify and strengthen customer due diligence requirements, which became effective on July 11, 2016 for which covered financial institutions must comply with by May 11, 2018. Covered financial institutions include banks, brokers or dealers in securities, mutual funds, and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions. Covered financial institutions are not presently required to know the identity of the individuals who own or control their legal entity customers (also known as beneficial owners). This enables criminals and others looking to hide ill-gotten proceeds to access the financial system anonymously. The beneficial ownership requirement addresses this weakness and provides information that will assist law enforcement in financial investigations, help prevent...

Industry Education Meeting

On July 19, the NIBA was invited to meet with representatives of the CFTC to discuss the status of customer education in the industry. NFA hosted the meeting in its Chicago office. Individuals from the NFA, ICE CME Group and CMC were also invited to meet the five staff members visiting from the CFTC Washington Office of Customer Education & Outreach (OCEO). The original purpose of the gathering was to share information on how various industry groups educate the customer against fraudulent practices, with a primary emphasis on how we make use of social media. The discussion eventually centered on how our groups communicate to our professional members using our websites and newsletters. I believe the CFTC learned that industry groups communicate often and well with our members. Generally, NIBA and CMC do not communicate through group-focused media directly with customers. CME Group, ICE and NFA construct websites with the...

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