NIBA Trustee Letter

September 10, 2012 Ira Bodenstein, Trustee for PFG Best By Email Only – [email protected] Mr. Bodenstein: I write on behalf of the National Introducing Brokers Association (NIBA). Founded in 1991, the NIBA is a membership association of futures and options professionals registered primarily as Introducing Brokers (IBs). I write with regard to a specific distribution method your office proposed last…...

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National Futures Association announces registration information webinar for swap FCMs, IBs, CPOs and CTAs

September 7, 2012 National Futures Association announces registration information webinar for swap FCMs, IBs, CPOs and CTAs The Commodity Futures Trading Commission (CFTC) recently published its final rule definitions for “swap,” “security-based swaps” and “security-based swap agreements.” As a result, firms that are not currently registered with the CFTC, but are acting as an FCM, IB or CTA with respect…...

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NFA Rule Submission Letters

NFA submitted the following rule submission letters to the CFTC: Recordkeeping – Proposed Amendments to NFA Compliance Rule 2-10 » View Letter (PDF) Protection of Customer Funds – Proposed Amendments to NFA Financial Requirements Section 4 To Provide OnLine View-Only Access to FCM Customer Segregated/Secured Amount Bank Account Information » View Letter (PDF)   The Opinions expressed are the opinions…...

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CME Group | Conference Session Overview

For CME Group, nothing is more important than the confidence customers have in our marketplace and the protection of our customers when using our markets. Earlier this year, CME Group launched the CME Group Family Farmer and Rancher Protection Fund, which is currently accepting applications from farmers, ranchers and cooperatives who traded in CME Group markets and suffered losses from the failure…...

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Rule 1.71 – Pay Attention, It’s Now in Effect

At the Kansas City Conference we discussed CFTC Rule 1.71, which among other things, applies to conflicts of interests within a brokerage operation.  That is to say that the “research” department and the “trading” desks must independently coexist.  The genesis of the rule really comes from the securities industry where research departments tout trade recommendations to the brokers who in…...

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New NFA Rules: Customer Protection and Others

Over the past several months, NFA has worked with the industry to develop a number of rules to strengthen the protection of customer segregated funds. We will describe these rules in detail, including the adoption of NFA Financial Requirements Section 16, and steps we are proposing to obtain real-time information from FCMs’ depositories. Additionally, the CFTC imposed new requirements under…...

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Risk Assessment – FCM Style

Today’s FCMs face not just one risk, but many. Regulatory changes may dramatically alter the business model and viability of some. For other, managing risk associate with outsourcing key operations to 3rd party technology providers poses a challenge. And, of course, the financial risks some FCMs are taking in response to both internal and external pressures to perform are compounded…...

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Economic Outlook – Macro, Micro and Agricultural

David Oppedahl is a business economist in the economic research department at the Federal Reserve Bank of Chicago, where he directs the Chicago Federal Reserve District’s survey of agricultural banks on agricultural land values and credit conditions. He regularly briefs the Chicago Federal Reserve on the state of our agricultural economy, including rural development, and other microeconomic research. The results…...

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The Drought of 2012 – What It Means To Your Business

U.S. corn and soybean yields were dramatically reduced by the drought and heat wave of 2012. Hints of the drought began in mid-May as the coverage of subsoil dryness rapidly increased. Drought conditions reached a breaking point in mid-June when it became apparent that unusual warmth dating to November 2011 would continue. Throughout 2012, the Pacific Ocean warmed and the…...

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Your FCM: Hero or Villain?

To put it lightly, selecting a futures commission merchant (“FCM”) has become increasingly difficult during the last year. With the failure of MF Global (“MFG”), Peregrine Financial Group (“PFG”), and the missteps of Knight Capital Group fresh in our memories it’s no longer as simple as selecting a name off of a list. It doesn’t matter how low commission rates…...

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