NIBA Journal

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

August 28, 2019

NFA announces webinar to debut redesigned BASIC system

On Thursday, August 29, NFA will launch its redesigned BASIC system, a free tool that NFA Members and investors can use to research the background of derivatives industry professionals. To walk Members through the new system, NFA will conduct a brief webinar on Thursday, August 29, 2019 at 9:30 a.m. CT. NFA's BASIC system was launched in 1999 and is one of the most frequently-used systems on NFA's website. The system contains current and historical CFTC registration and NFA membership information, FCM Members' financial data and NFA, CFTC and Exchange-contributed regulatory actions, among other information. The BASIC redesign project was driven by feedback from NFA Members, investors and other BASIC users and incorporates enhanced search functionality, mobile responsiveness and a modern, streamlined user interface. There is no charge to attend the webinar; however, registration is required. If you've already registered, thank you. We look forward to your participation on August...

Join NIBA Sept 12th @ Illinois Tech

You’re Invited - September 12, Illinois Tech, Chicago NIBA Membership Meetings are focused on topics which: Help you serve your clients better Stay in compliance with changing industry rules Grow your business and enhance your income NIBA meetings are planned by NIBA members working together as a committee to focus on issues which effect your business every day. Starting with the first NIBA Member Meeting way back in 1991, experts from inside and outside the industry have delivered the most relevant, most recent and most actionable information about product offerings, regulatory developments and marketing. Information that is compliant, and -- very important -- affordable for every type of member office. This year’s fall conference continues the NIBA’s 28-year tradition. A great program includes six business sessions, an exhibit hall, one-on-one meetings in the quant corner and a cocktail reception. See old friends and make new ones at our 2019 location,...

Conference Exhibit Hall

Join Us in the Exhibit Hall @ Illinois Tech - September 12 NIBA presents a unique opportunity for one-on-one conversations in the Exhibit Hall at the 28th Annual NIBA Member Meeting, Sept. 12 at Illinois Tech, 565 W. Adams. Each of the following will have a representative available to answer your questions about products and services which will aid your client service, help you stay in compliance and grow your revenue. Barchart CME Group Michael Coglianese, CPA Main Street Data Small Exchange For more information about the September 12 Exhibit Hall or becoming a Service Provider Member of the NIBA, contact Steve, spetillo@straitsfinancial.com.

NIBA/DePaul Summer Symposium Videos

NIBA is pleased to share the video taping of this year's NIBA/DePaul Summer Symposium. Thank you again for those who were able to attend in person, we appreciate your support. If we missed you please enjoy the following videos at your leisure. Feel free to drop us a line with any comments or feedback. Watch Symposium Here

Tools to Help Grow New Business

CME Group is committed to providing you with tools to help you grow new business. We’ve customized educational offerings in the mediums most conducive to you, including webinars, podcasts, whitepapers, and other digital content that you can promote via your intranet, external website, or in your customer communications. Check out a recent Trader’s Edge video as an example of what we can offer. See everything we have to offer here.

NIBA Chicago Conference Sept 12th

Registration Open for September 12, Illinois Tech Registration is open for NIBA’s Annual Fall Meeting, September 12 at Illinois Tech. Our 28th annual meeting includes a full-day of information, education and networking specifically focused on the issues that you handle in your office daily. Business Sessions Include: 1. Real-Time Compliance - you choose the subjects for our team of experts 2. Industry Disruptors Revealed - threats to operations you need to be aware of 3. Politics in Trading - learn how politics influence the markets 4. Grains Gone Wild - no explanation needed! 5. The Future of Futures - armchair interview with Brian Durkin, CME Group 6. You’ve Been Hacked - now what? Join us at our new location, Illinois Tech, 565 West Adams from 8am-5pm to: Meet the Quants Review New Products with our exchange members Visit the Exhibit Hall Our networking reception, sponsored by Greenberg Traurig Law, Michael...

Chairman's Letter - Aug 2019

August Month-Long Food Celebrations: Goat Cheese & Kiwi Fruit NIBA welcomes Main Street Data as an Annual Supporter. Main Street Data was formed in 2017 to bring precise data to the agriculture world. While data has improved in many other industries, agriculture remains behind the curve – and Main Street Data is here to change that. You can meet representatives of Main Street Data in our Exhibit Hall, at NIBA’s 28th Annual Fall Members Meeting. To become an Annual Supporter, contact me or Mike Burke, mikeb@highgroundtrading.com. The effective date of amendments to compliance rules and NFA interpretive notices which expressly incorporate supervisory requirements for IBs, CTAs, CPOs and FCMs who engage in swaps activities is September 30, 2019. Visit the NFA website for more information or check with your compliance officer. In July, FinCEN updated the list of FATF-identified jurisdictions with AML/CFT deficiencies. You should review the listings and make...

NIBA Chicago Conference 2019

Summertime in Chicago is hard to beat and something that everyone looks forward to after a long hard winter. While the boating and patios are in full force the NIBA is charging ahead focused on its annual fall conference. We of course enjoy our fair share of patio time too! This year's program is shaping up to be another one for the record books and we are excited to share it with the entire membership. First up is we will be in a new location this year. The CME has been kind enough to share their space with us for a number of year's but due to scheduled construction this year we will be enjoying a new facility just down the street. The Stuart School of Business at Illinois Tech is hosting us this year at their downtown Chicago campus. We will have larger capacity, auditorium seating and electrical outlets...

NIBA welcomes the American Financial Exchange to the Association

Cboe Futures Exchange and American Financial Exchange Announce Planned Launch of AMERIBOR® Futures Cboe Global Markets, Inc. (Cboe: CBOE), one of the world’s largest exchange holding companies announced plans to launch futures on the AMERIBOR® (American Interbank Offered Rate) interest rate benchmark on Cboe Futures ExchangeSM (CFE). The new futures will launch on trade date August 16, in honor of the 42nd anniversary of the launch of Treasury bond futures. AMERIBOR futures will be cash-settled and are designed to reflect the market expectations of either compounded daily annualized AMERIBOR interest or average simple daily annualized AMERIBOR interest. CFE plans to initially offer two AMERIBOR futures products: three-month and seven-day contracts, followed by other short-term products. AMERIBOR, disseminated by the American Financial Exchange, LLC (AFXTM), is a transparent, transactions-based interest rate benchmark that represents market-based borrowing costs. The AMERIBOR rate is calculated daily as the transaction volume-weighted average interest rate of...

By NIBARead article

July 25, 2019

2 min read

CFTC Grants Certain AML Relief to IBs that do not introduce customers to FCMs

Written by: Ansley Schrimpf, Mayer Brown This week the Commodity Futures Trading Commission’s (“CFTC”) Division of Swap Dealer and Intermediary Oversight (“DSIO”) issued interpretive guidance to clarify requirements for introducing brokers (“IB”) with respect to the Customer Identification Program (“CIP”) [1] and Beneficial Ownership (“BO”) [2] rules. [3] DSIO, in coordination with the Financial Crimes Enforcement Network (“FinCEN”), is granting relief from CIP and BO rules to IBs that do not “introduce” customers to a futures commission merchant (“FCM”). Background The CFTC and FinCEN have authority to administer and enforce compliance with CIP and BO requirements under the Bank Secrecy Act. FinCEN requires financial institutions, including IBs, to establish anti-money laundering (“AML”) programs and sets forth minimum requirements. IBs are required to establish AML programs that address the CIP and BO rules. Guidance Although traditional IBs introduce their customers to FCMs, there are registered IBs, including many voice brokers, that...

By NIBARead article

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