NIBA Journal

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

NFA announces Dashboard webinar on February 25
February 17, 2016
1 min read

NFA announces Dashboard webinar on February 25

announces Dashboard webinar on February 25 In preparation for the launch of the NFA Dashboard, the new entryway to NFA's Online Registration System (ORS), NFA will conduct a webinar on Thursday, February 25, 2016, at 10:00 a.m. CST. ORS is the web-based application that allows firms and individuals to apply for CFTC registration and NFA membership, and to manage their numerous filing requirements. Given that ORS is primarily a tool for Members, NFA staff solicited and received valuable Member feedback to improve the system's usability and efficiency. The new Dashboard will summarize all of a firm's outstanding compliance and registration filing requirements so it can quickly determine what items require action. During this 60-minute webinar, NFA senior staff will explain the functionality of the Dashboard, provide screenshots, and answer your questions. This webinar is geared toward NFA Member firms and CFTC registrants, but anyone with ORS access is welcome to...

By NIBARead article
Why Hackers Hack Websites: Securing Your Website for Compliance and to Protect Your Business
Trading Technology
February 11, 2016
4 min read

Why Hackers Hack Websites: Securing Your Website for Compliance and to Protect Your Business

With the upcoming cybersecurity requirements by the NFA and nearly every regulatory body overseeing financial service industry participants, it’s important to not only comply with cybersecurity regulations but to use this as an opportunity protect your business’ website. Many businesses believe their website isn’t important enough to require website security for the following reasons: My company is too small My website doesn’t store sensitive client information My website is not that important to their business Hackers don’t discriminate by business size, may or may not target your client information directly, and will damage your brand reputation. Here are reasons why hackers hack websites: 1. Vandalism and activism By switching out your home page with messages supporting questionable organizations such as hacker or terrorist groups, hackers are able to spread their message on your website. 2. To host illegal or objectionable content Media such as photos, video, or audio are stored...

NIBA Member Testimonials
Member Announcements
February 11, 2016
1 min read

NIBA Member Testimonials

The NIBA is going to begin soliciting testimonials from current and new members to be included in monthly newsletter and highlighted online and in social media.  The NIBA represents your interests and is always looking for ways to add value to your membership.  The NIBA's board appreciates your comments and looks forward to hearing more about your thoughts and experiences throughout the year.  Current Member Testimonial: "The NIBA has been a wonderful resource for me.  The content of their conferences, along with the connections I make with other attendees make it well worth my time. These resources have paid results in a better understanding of regulations and industry direction."              -Carla Peterson, Chief Administration Officer, Stewart-Peterson

By NIBARead article
NIBA-DePaul University Joint Program Announcement
Member Announcements
February 11, 2016
2 min read

NIBA-DePaul University Joint Program Announcement

The NIBA is proud to have DePaul University as its educational partner. NIBA is always looking for ways to add value to your membership and provide you with the resources, tools and education to further your business interests. The NIBA Board of Directors has recently formed a committee to work with DePaul University on promoting a joint program that focuses on placing qualified interns at firms within the industry. We have spoken to firms who have utilized DePaul interns in the past and have had great success, where both the firm and the intern mutually benefited. One of the biggest non-compliance operational concerns to firms is a need for qualified individuals. This program offers the opportunity for firms to find qualified interns that for the right candidate could turn into a potential broker, analyst, compliance analyst, financial model programmer, etc. Please look out for additional information on this program as...

By NIBARead article
February Chairman's Letter
Member Announcements
February 11, 2016
2 min read

February Chairman's Letter

“To meet other IB and CTA owners.” “To attend the compliance sessions at the membership meetings -- I can understand what those guys are saying.” “To make sure the CFTC hears my opinion.” “To get first-hand knowledge of what the NFA and exchanges are doing.” When I asked members why they belong to the NIBA, I heard those four reasons most often. That makes me proud and very happy, because those objectives are exactly what the NIBA was founded to meet. During 2016, NIBA will celebrate its 25th Anniversary Year. Please renew or join now during our annual membership campaign. Your membership will “pay-it-forward” for: * Admission to all three membership meetings during the year * Your firm listing in the NIBA Online Directory * Representation with our regulators including CFTC, NFA and the exchanges * The NIBA electronic newsletter delivered to your in-box twice monthly * Access to “NIBA...

By NIBARead article
What's Included with my Membership?
Member Announcements
February 11, 2016
2 min read

What's Included with my Membership?

It’s membership renewal time! And once again this year, there is no increase in membership fees. Introducing Brokers, Commodity Trading Advisors and Commodity Pool Operators can join or renew Association membership for $150. And what do you get for $150 annually? Admission for one member of the firm to all NIBA events A click-thru firm listing in the Online Broker Directory NIBA Newsletter delivered twice monthly directly into your email Your opinions represented in a strong, loud voice to the CFTC, NFA and with exchanges and FCMs Access to “Members Only” benefits through the new website portal (opening within the next few weeks) Education on compliance, marketing, technology and markets presented by industry experts Networking opportunities with your peers NIBA is celebrating its 25th Anniversary this year. We can be proud that many of our current IBs/CTAs have been members since our founding in 1991 . They have helped the...

By NIBARead article
NIBA Event- New York City -- April 20
Member Announcements
February 11, 2016
1 min read

NIBA Event- New York City -- April 20

The NIBA spring membership event will be held on April 20, 1:30-6:00pm at the New York Athletic Club (NYAC), New York City. Three business sessions and a networking reception are included. Tentative Program: 1:30pm -- Registration Desk Opens 2:00pm -- Welcome 2:15pm -- First Session: Jim Steele, HSBC 2:45pm -- Break 3:00pm -- Second Session 3:30pm -- Break 3:45pm -- Cybersecurity: Understanding the Regulations & Implementation: Panel: NFA; Rob DeMuria, Compliance Superviors; Ted Theisen, UnitedLex 4:45pm -- Program Closes 5:00pm -- Networking Reception at the NYAC Free admission to this meeting is a benefit of your membership. Registration will open online by approximately March 1. CTA Expo is scheduled in New York on the day following the NIBA -- April 21, 2016. Sponsors: CME Group. Additional sponsorships still available. Suggestions, comments or to volunteer to work on this event, please contact the 2016 NYC Meeting Committee: Chairman, Howard Rennell, hrennell@e-windham.com...

By NIBARead article
NFA Board of Director’s Election
Member Announcements
January 28, 2016
1 min read

NFA Board of Director’s Election

The NFA sent out its notice to members of the newly elected members to the NFA Board of Directors. This year the only contested election was in the CPO/CTA category. The results of those elections are as follows: CPO/CTA Representatives: Douglas L. Bry Senior Strategist Welton Investment Partners LLC Ernest L. Jaffarian CEO/CIO Efficient Capital Management LLC The NFA Board of Directors Introducing Brokers Representatives remained the same. Mike Burke will continue to represent as the IIB member and Paul Georgy will continue to represent as the GIB member. NIBA is excited and looking forward to working with Paul Georgy and Mike Burke as the representatives for GIBs and IIBs on the NFA Board of Directors. They have both shown a deep understanding of the IB community and its needs. Paul and Mike are respected by both the IBs they represent and the regulators, and will continue to be effective...

By NIBARead article
Housekeeping, Reminders and Updates
Housekeeping
January 28, 2016
4 min read

Housekeeping, Reminders and Updates

NATIONAL FUTURES ASSOCIATION 2015 Annual Pool Financial Statement Requirements The National Futures Association (“NFA”) has distributed reminder notices regarding filing requirements under Commodity Futures Trading Commission (“CFTC”) Regulations 4.7, 4.12 and 4.22 (“Annual Report Notice”) to Registered commodity pool operators (“CPOs”). Pursuant to CFTC Regulations, CPOs are required to distribute a certified audit (“Annual Report”) to investors within ninety (90) days after the fiscal year-end. Additionally, the Annual Report must be submitted to the NFA through the EasyFile system. For the December 31, 2015, fiscal year end, the Annual Report is due to the NFA and investors by March 30, 2016. CPO can request a due date extension, through EasyFile, pursuant to CFTC Regulation 4.22(f). An extension request must be submitted before the March 30th due date. Failing to comply with the filing deadlines may result in disciplinary action. CPOs will receive an Annual Report Notice with filing requirements specific...

By NIBARead article
It’s a Shield, not a Sword
January 28, 2016
3 min read

It’s a Shield, not a Sword

Brian Clark is the CEO of Ascent Technologies, Inc. (www.Ascent.is), a company that offers a compliance platform for users to help them identify, track, and manage the vast amount of regulations with which their firm has to comply. Businesses on the wrong side of the law often feel as if they’d been bludgeoned by instruments of jurisprudence, bearing a distinct scarlet letter from the administration of executive-based (re: administrative) and judicial-based (re: State/Federal Court) actions. Gone are the days of quiet settlements, and second chances: regulators in all industries increasingly look for large and small regulatory violations alike. Playing defense is more important than ever before. Creating a “culture of compliance” is a blunt phrase, the efficacy of which is up there with “it’s always in the last place you look” (duh). However, the conflict between allocating resources to a cost-side employees rather than its revenue-facing employees need not be...

By NIBARead article
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