Dodd-Frank Wants Other Markets to Be More Like Futures Markets – And That’s A Good Thing!

Written By: Leslie Sutphen, President, Financial Markets Consulting, LLC There has been much talk about repealing most of the Dodd-Frank act now that we have a change of party in the Presidency. To many in the futures industry, this seems like a good thing; however, in determining whether the Volcker Rule and Title VII of Dodd Frank should be repealed, it is important to remember why Dodd-Frank was passed to begin with. The act was designed to address very real issues with lack of regulation, lack of transparency, and poor risk management practices that brought about the Financial Crisis of…...

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Illinois Financial Services “Privilege” tax?

By: Scott Kruse – Turnkey Trading Partners The State of Illinois is bankrupt. Whether anyone will acknowledge that or not is up for debate. Readers who are not familiar with the perilous state of financial affairs in Illinois need look no further than any major news publication over the last two weeks. The situation has gotten so dire that even the Chicago Tribune, Illinois’ very own reporting establishment, has gotten in on the action. Just this past week this tongue and cheek article about “Dissolving the Land of Lincoln” was run.  All of this would be funny if things in…...

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Senate Agricultural Committee Confirms Giancarlo as Chairman for the CFTC

The U.S. Senate Committee on Agriculture, Nutrition, and Forestry this morning voted overwhelmingly to confirm the nomination of J. Christopher Giancarlo as Chairman for the U.S. Commodity Futures Trading Commission. He has served as Acting Chairman since January. This paves the way for his nomination to move forward to consideration on the Senate floor. Read full CFTC Press Release Here...

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DOL Fiduciary Rules

Recently, a new rule went into effect at the Department of Labor that may have some implications on your business.   To the extent that you recommend trading systems, CTAs or make investment recommendations to clients with retirement accounts, you should carefully review this information and possibly consult with an attorney on the implications to your business. On a high level, the rule generally requires financial professionals of all types, including brokers, financial advisors or wealth managers, who provide investment advice to retirement investors to act as fiduciaries, meaning that they must act in the best interests of their clients.  It…...

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Thinking of Starting a Fund? Here’s 10 Things For You to Consider

Written by: Matt Kluchenek, Patricia McDonald & Michael Sefton, Baker&McKenzie If you’ve been thinking about starting a hedge fund, you’ve likely encountered a byzantine array of options and requirements. Sorting through these options and requirements can be overwhelming. However, planning ahead and identifying key issues can clear a path and help you efficiently achieve your goal. In this article, we identify 10 of the most common considerations that arise for emerging fund managers. The Approach: Fund or Managed Account? Initially, most traders focus on forming a fund simply because it is the most common investment vehicle. That often makes sense.…...

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Ask NFA – June 2017

As your industry advocate, the NIBA provides many services which help your business stay in compliance with NFA regulations. “Ask the NFA,” is the way you can ask questions about those regulations and compliance requirements without having to call NFA directly. Just email us at [email protected] and we will get the answers for you. Please keep in mind the purpose of this contact is to keep the lines of communication between the NFA and NIBA members. This month’s questions were selected from those submitted by NIBA members. The answers were supplied by NFA staff. If I am executing non-cleared swaps…...

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CFTC/NFA Cyber Security: One Year In

By: Greg Baracy, Turnkey Trading Partners As everyone in the Commodity Futures Industry surely knows during March of 2016 the CFTC and NFA implemented cyber security obligations which were applied to all member firms. At that time Futures Commission Merchants (“FCMs”), Commodity Pool Operators (“CPOs”), Introducing Brokers (“IBs”), and Commodity Trading Advisors (“CTAs”) were all obligated to put in place and maintain a written Information Systems Security Program (“ISSP”) specifically tailored to their unique operations. This article intends to identify areas that NFA has focused on during regulatory examinations Turnkey Trading Partners has assisted with during 2017. Ongoing Risks and…...

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Housekeeping, Reminders and Updates – May 2017

Written by:    Mark E. Ruddy, Esq. Jessica I. Brown, CAMS COMMODITY FUTURES TRADING COMMISSION  Revisions to Form 8-R The Commodity Futures Trading Commission (“CFTC”) has revised Form 8-R, at the request of the National Futures Association (“NFA”).  Form 8-R is the application form for individuals registering as an associated person (“AP”), floor broker, floor trader or to be listed as a principal of an NFA Member firm. The following is a summary of changes to Form 8-R: “Floor Trader Order Enterer” has been added to the list of registration categories. “Floor trader order enterer” is defined as an individual responsible…...

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Ask NFA – May 2017

As your industry advocate, the NIBA provides many services which help your business stay in compliance with NFA regulations. “Ask the NFA,” is the way you can ask questions about those regulations and compliance requirements without having to call NFA directly. Just email us at [email protected] and we will get the answers for you. Please keep in mind the purpose of this contact is to keep the lines of communication between the NFA and NIBA members. This month’s questions were selected from those submitted by NIBA members. The answers were supplied by NFA staff. Have there been any enforcement related…...

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NFA NYC Workshop May 10th 2017

Seats are still available for NFA‘s Member Regulatory Workshop in New York on May 10 and Chicago on May 11 Seats are still available for NFA‘s upcoming Member Regulatory Workshops for commodity pool operator (CPO) and commodity trading advisor (CTA) Members. If you’ve already registered, thank you. We look forward to your participation. The half-day workshops will be held at the New York Marriott Downtown in New York, N.Y. on Wednesday, May 10, 2017, and Summit West in Chicago, Ill., on Thursday, May 11, 2017. Each workshop includes two sessions—one on NFA Members’ regulatory obligations regarding cybersecurity and one on…...

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