Insights, analysis, and updates from the National Introducing Brokers Association
Futures with a Stop vs Defined Outcomes with Options Compare using futures with a stop to defined outcomes with options on futures, including specific trade examples. Click here for more information
The NIBAs annual spring NYC conference was a great success. If you were not able to attend or if you would like to refresh some of the sessions please have a look at the conference videos. The videos can be found at the link below NYC Spring 2019 Conference Videos
“You’ve got to be very careful if you don’t know where you are going, because you might not get there.” -- Yogi Berra Almost everything in life has its corresponding Yogism. The NIBA/DePaul Symposiums are no different, as over the past six years the Symposium has offered a forum to ponder as an industry where we have been, where we are now and where we are going. The 2019 symposium will continue that tradition, as we try to figure out which way we’re headed so we know when we get there. If to know where we are going we have to know where we have been, Dan Roth is well suited to guide us. Dan’s 30 plus years at the National Futures Association covered everything from the introduction of equity index futures and transition from floor to screen to the collapse of Long Term Capital Management, Lehman, MF Global and...
On May 16, NFA held their Board of Directors Meeting and Annual Reception in Washington DC. I was asked to represent the NIBA. At the board meeting, the NFA reviewed its budget and goals for the year. Maybe more importantly to NIBA members, the board approved the amendments to the NFA interpretative notice addressing Rule 2-9 Supervision of Branch Offices and GIBs. In early March, NFA staff met with NIBA board member Steve Petillo and myself to discuss the updating of this policy, and to learn the opinions of our members.The final notice reflects that conversation resulting in a more flexible approach for FCMs and IBs who have GIBs and branch offices. The unique character of each branch or GIB, such as what type customer is served, how long the office has been doing business and prior disciplinary history can, and should be taken into consideration when developing and implementing...
June - National Smile Month Take Your Dog to Work Day (June 21) The U.S. Senate confirmed by an 85-9 voice vote on June 6, Heath Tarbert as incoming chairman of the CFTC, replacing current chairman Chris Giancarlo. Tarbert is a member of the Financial Stability Board, the international body established after the financial crisis to monitor global markets. He clerked for Supreme Court Justice Clarence Thomas prior to serving as Assistant Secretary for International Markets in the current administration. At 42 years old, he is one of the youngest chairman to ever serve. NIBA has a good relationship with the office of the chairman, built through years of open, honest and consistent communications with the regulatory body, and we will work to see it continues. We accomplish that with meetings with the entire Commission and staff throughout the year, and by submitting comment/opinion letters to the Commission and its...
July is right around the corner and the DePaul symposium committee has been working hard to deliver an outstanding program once again this year. Check the website for updates and for the full agenda to be announced in the coming weeks. Topics will include: "The State of Managed Business" "Issue Briefings" on Regulation, Marketing and Product "Armchair chat with an industry Icon" Registration is now open and is filling up quickly so be sure to reserve your spot today! We greatly appreciate the support of our event sponsors:
CME Group, the world's leading and most diverse derivatives marketplace, today announced it will launch the next generation of its industry-leading Standard Portfolio Analysis of Risk (SPAN) margin framework – CME SPAN 2. The new framework is slated for testing in the second half of 2019 and, pending regulatory review and approval, roll out in the first half of 2020. CME SPAN 2 will provide enhanced risk management capabilities in a single, unified interface by maintaining SPAN's current calculations and functions while incorporating several new modeling, reporting and margin replication enhancements. As with SPAN, CME SPAN 2 will continue to be based on a Value at Risk (HVaR) framework, using historical data to model how a position or portfolio may gain or lose value under various risk scenarios. CME SPAN 2 will enable implementation of granular and dynamic adjustments to margins at a product and portfolio level. In addition, CME...
On Thursday, May 16, I visited the CFTC Washington DC office for a meeting with Matt Kulkin, Director of the Division of Swap Dealer & Intermediary Oversight, and Tom Smith, Deputy Director, Managed Funds & Financial Requirements Branch of the Division, along with several division staff members. Prior to the meeting, I gathered information from NIBA FCM and IB members in order to have a focused agenda of current issues that concern our community. Many topics were covered in DC -- those below are slated for follow-up with the Commission: • Bulk Transfers: Most FCMs and several IBs feel that bulk transfers take too long as paperwork can be incomplete, or because one firm “drags its feet” getting the transfer done. Having a time certain from the time the transfer is initiated to the time it must be completed was suggested as a possible solution. I have also seen some...
In conjunction with the Chicago Bar Association’s Futures & Derivatives Law Committee, Financial and Emerging Technology Committee and Regulatory & Compliance Committee, Mayer Brown invites you to a fireside chat with Leo Melamed, Chairman Emeritus of the CME Group. CLE credit will be provided. Thursday, May 23, 2019 3:00 p.m. – 3:30 p.m. Registration 3:30 p.m. – 4:30 p.m. Program 4:30 p.m. Cocktail Reception Location Mayer Brown 71 South Wacker Drive Chicago, IL 60606 +1 312 782 0600 Register HERE
U.S.-China Trade War: The Perils of Escalation Any failure of the US and China to amicably resolve their festering trade war could have serious consequences for the world's two largest economies. Click Here for Full Article
