NFA Aims to Bolster Protection for Futures Customers

The National Futures Association’s board of directors has approved rules that would require futures brokerage to provide regulators with view-only online access to customers’ account information. If the Commodity Futures Trading Commission approves the rules, they will apply to all futures commission merchants. Reuters (8/16), Bloomberg (8/16)  src: FIA SmartBrief   The Opinions expressed are the opinions of the author. The opinions, the trading styles, trading information and trading programs are not endorsed by the NIBA, but are the individual opinions, styles, information and programs of the author....

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The Plan, Stan—Moving Forward on a Futures Insurance Fund

Statement of Commissioner Bart Chilton on the Futures Investor and Customer Protection Act (FICPA) Proposal August 9, 2012 Last November, in the wake of the MF Global debacle, I called for a futures insurance fund. It made no sense to me that banking customers had insurance (up to $250,000) through the Federal Deposit Insurance Corporation (FDIC) and that security customers had similar protections up to $500,000 through the SIPC Fund. The support for such a futures insurance fund, at the time, was essentially zero. Nobody said they liked it. A few folks said they didn’t like it. Perhaps it would…...

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Giddens seeks $160 million deal between CME and MF Global unit

James Giddens, the trustee liquidating the broker-dealer unit of MF Global Holdings, has asked Bankruptcy Judge Martin Glenn to approve a deal where CME Group would return $160 million to the division’s estate. Glenn said he will rule later. The settlement deal is backed by the Commodity Futures Trading Commission. » Read Full Article on Reuters   The Opinions expressed are the opinions of the author. The opinions, the trading styles, trading information and trading programs are not endorsed by the NIBA, but are the individual opinions, styles, information and programs of the author....

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Drought Pattern Appears Well-Established

» Drought Monitor Presentation Omaha (DTN) – What a season the crop year 2012 has turned into. A season which began with bright hopes for good production, which were bolstered by rapid planting progress, has instead turned into a nightmare of disastrously hot and dry conditions. The Drought of 2012 has carved itself a huge niche in history–alongside the droughts of 1988, the mid-1950s, and the mid-1930s. The scope of this drought is mind-boggling. As of July 19, about 80 percent of the U.S. was experiencing some form of drought conditions. This was a stunning reversal of fortune from just…...

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Wake Up Call– Rule 1.71 Effective Date August 3

CFTC Rule 1.71, applies to conflicts of interests within a brokerage operation, among other things. 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 turn interact with their clients and often suggest the trade. Admittedly, there is some overlap with the commodities world, but not as much as one may suppose, leading to a conclusion that trying to replicate this concept in our industry is like comparing apples and oranges. This Rule…...

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NIBA Chicago Conference Registration Now Open

The NIBA Fall Membership Meeting is scheduled for the afternoon of September 12, 2012 at the UBS Center in Chicago. The Agenda includes: Business Sessions: Weather – the effects of this year’s extreme weather on the markets The Economy – the Federal Reserve Bank of Chicago will share their take on the economic outlook, nationally and locally Assessing the Risks of Doing Business with your FCM – a panel discusses how to spot distress signals, and how to protect yourself and your clients. Legal Update – among the topics: implementation of CFTC Rule 1.71 – Conflicts of Interest, NFA rule…...

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Register for Kansas City Marketing & Sales Event Now!

The Summer NIBA Meeting, co-sponsored by the Kansas City Board of Trade is scheduled for Thursday, June 21 at the KCBT. Coffee and registration begins at 1:15pm. Business sessions begin at 2pm. A networking/cocktail reception will follow immediately. Program details are found here, and include 3 great presentations by 4 great speakers – Bryce Anderson | Meteorist for Telvent DTN, Kelly Edmiston | Sr. Economist for the Federal Reserve Board, KC, Jennifer Sunu | Director, Audits & Investigations, NFA and Neal Stevens | Attorney, Schuyler, Roche & Crisham Early registration for NIBA and KCBT Board Members is complimentary. After Monday, June 18 there is a…...

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New SAR Filing Requirements

The Financial Crimes Enforcement Network (FinCEN) recently made some changes to its Suspicious Activity Report (SAR) filing requirements that will likely impact an IB’s AML program. Specifically, beginning July 1, 2012, any financial institution, including an IB, filing a SAR must do so electronically through FinCEN’s BSA E-Filing System. According to FinCEN, E-Filing will enhance the quality of FinCEN’s electronic data, improve its capabilities in supporting law enforcement and increase cost efficiencies. There is no charge for using the BSA E-Filing System. FinCEN has indicated, however, that firms that file a SAR in paper form after the July 1 deadline…...

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An Economic Overview & Outlook: Kansas City and the Nation | Summer Conference Presentation Summary

Kelly Edmiston will present “Economic Conditions in the U.S. and Kansas City Region.” The presentation will begin with a discussion of recent output in the U.S. economy and provide a near-term outlook based on publicly available Federal Reserve projections and a consensus of leading forecasters across the country. The discussion will then turn to a detailed discussion of labor market trends and outlook in both the U.S. as a whole and in the Kansas City area specifically. A number of interesting trends are shaping the labor market outlook, and several of these are rather unique to the recent recession, aptly…...

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The Vanishing FCM…

Opinion piece by Richard Strait | Strait, LLC Over the past 7-10 years the FCM community has contracted exponentially to just a handful of providers. While many reasons for this can be cited, those that stand out are the increased costs of the regulatory compliance and increased capital requirements, coupled with skyrocketing regulatory haircuts levied on that capital and lower revenues. While the electronic market place has increased the cost efficiency of the Exchanges and their member firms, Capital “haircuts” on customer segregated funds alone may reach 10% in the near future while only five years ago they were as…...

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