Chairman’s Letter – December 2018

Not Completely Out-with-the-Old: Definitely In-with-the-New The NIBA has had a good year. New members, four great in-person events, over 20 newsletters, and a terrific year-end Advisory Group Meeting. Our partnership with member FCMs, member Service Providers, DePaul University and the CME Group has grown and flourished. NIBA’s voice and input on all types of industry issues including significant regulation, has been strengthened as we were included by the NFA and CFTC in roundtables and on advisory committees. In 2017, Association membership has been free for all registered IBs and CTAs. A firm only has to claim its listing on the…...

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Introducing Broker Survey 2018 – Response Deadline Jan 31st

NIBA Members & Colleagues – In 1999, the first year I partnered with the CME Group to write The Complete IB Handbook, there were 1,564 firms registered with the NFA as Introducing Brokers (IBs) — 404 as Independent (IIBs) and 1,160 as Guaranteed (GIBs). By 2012, while the industry was still reeling from the failures of MF Global and Peregrine Financial Group, and the IB community suffered terribly as a result, the NFA reported a total of 1,348 registered IBs — 497 IIBs and 851 GIBs. Throughout industry ups and downs, IBs have continued to play an essential role, bringing…

NFA Additional Reporting Requirements – Virtual Currency Products

Additional reporting requirements for IBs that solicit or accept orders in virtual currency products A number of CFTC-regulated trading venues have launched or announced plans to offer derivatives on virtual currency products, including bitcoin. Given the volatility in the underlying virtual currency products, NFA is requiring each IB to immediately notify NFA if it solicits or accepts any orders in virtual currency derivatives. Until further notice, this obligation will apply on a continuous basis—any IB that does not currently offer virtual currency derivatives must notify NFA if it begins soliciting or accepting orders in these products. Effective immediately, an IB…...

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Chairman’s Letter – Dec 2017

“Elections belong to the people…” Abraham Lincoln, 1809-1865 Abraham Lincoln was the 16th President of the United States from 1861 until he was assassinated in 1865, and stated the above during the Lincoln-Douglas debates of 1858 when he was a candidate for U.S. Senate. The NFA has announced candidates for various positions on its board of directors. The nomination for the Guaranteed Introducing Broker (GIB) position is Scott Stewart, CEO  of Stewart-Peterson Group in West Bend, WI.  Scott served as the Chairman of the NFA IB Advisory Committee for several years, and is a past president of the NIBA. Scott…...

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NIBA Newsletter Format

This year the NIBA has rolled out a number of exciting new changes including our 25th Anniversary “free” membership offer.  The NIBAs newsletter continues to be a consistent and reliable source of industry information published twice monthly and covering topics related to education, compliance and innovation.  Beginning in December the newsletter will only be accessible to registered members of the NIBA.  You will notice the new format in your inbox this month.  If you have not done so already be sure to claim your free membership which includes full access to the newsletter content....

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Bitcoin: Will the Rally Last?

Report by Erik Norland, Senior Economist at CME Group This paper examines why bitcoin is so volatile; its supply and demand drivers, and how the cryptocurrency compares to commodities. What is most striking about the economics of bitcoin is the certainty of its supply and the vagaries of demand. The rate at which bitcoin is mined has been highly predictable and unlike almost any other asset – currencies or commodities – its ultimate supply is a known quantity, fixed well in advance. There will never be more than 21 million bitcoins. This feature makes supply almost perfectly inelastic. No matter…...

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NIBA Advisory Group Meeting Report

The Advisory Group (AG) of the NIBA met Wednesday, November 29 at the Union League Club in Chicago. This group of industry experts meets once each year to evaluate NIBA’s programs and projects, and suggest ideas for making the Association more effective in our efforts to educate our members and represent their views on all issues which have an effect on our business lives. 2018 group members include: Rob DeMuria, Compliance Supervisors, Inc. Paul Georgy, Allendale, Inc. Mark Haraburda, Barchart Kelly Hartman, CME Group Dr. Carl Luft, DePaul University John Nelson, Applied Research John Roe, BTR Trading Mark Ruddy, Ruddy…...

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NIBA Cryptocurrency Trading Panel

Bitcoin and cryptocurrency have become the hot topic in trading circles as the CME prepares to launch its Bitcoin futures contract.  NIBA featured a cryptocurrency trading panel at its Chicago conference this past September.  If you were not in attendance check out the video link below to hear thoughts and predictions on crypto trading and block chain from traders and experts – and yes the call in September was bitcoin is going higher. Featuring Brian Kelly of CNBCs Fast Money and CEO of BKCM a digital asset hedge fund, Chris Tanger – veteran crypto trader, Software Solutions Architect and Entrepreneur,…...

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Relationship-Based Trading in Agricultural Products

Effective January 8 pending regulatory approval, CME Group will expand relationship-based trading, in the form of block trades and certain types of crosses on Globex, to the full suite of CME and CBOT agricultural products. With relationship-based trading, participants can enter into conversations with other market participants that include discussion of the price, size and direction of an order that may lead to one of two very distinct types of transactions: crossing on CME Globex and block trades. Learn More...

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NIBA Board Elections

The Executive Board of the NIBA has made the following recommendations for election to the Board of Directors. Due to the restructuring of Introducing Broker membership qualification, no individual ballots will distribute this year. Instead this posting acts as notice to the membership of nomination of the candidates. If no other recommendations are received by Nov. 25, 2018, the candidates below are deemed elected. For an initial 3-year term (expiring 2020): Mark Shore, Chief Research Officer of Shore Capital Research LLC www.shorecapmgmt.com has more than 30 years of experience in the futures markets and alternative investments. He publishes research, consults…...

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