National Futures Association (Inc) Presents at 6th Annual Capital Link Global Commodities Energy & Frieght Forum, Sep-17-2014 12:00 PM
Sep 6 14
National Futures Association (Inc) Presents at 6th Annual Capital Link Global Commodities Energy & Frieght Forum, Sep-17-2014 12:00 PM. Venue: The Metropolitan Club, One East 60th Street, New York, United States. Speakers: Thomas Sexton III, VP, General Counsel and Secretary.
National Futures Association Announces Executive Appointments
Feb 21 14
The Board of Directors of National Futures Association announced that following individual was newly elected by the Board as a public director: Jill E. Sommers, Former Commissioner, Commodity Futures Trading Commission. All Board members serve two-year terms. The Board also elected the following individuals to serve one-year terms on NFA's Executive Committee: Douglas L. Bry, Northfield Trading LP, Gerald F. Corcoran, R.J. O'Brien & Associates Inc., Michael C. Dawley, Goldman Sachs & Co., Ronald H. Filler, New York Law School, David S. Goone, IntercontinentalExchange Inc., Douglas E. Harris, Promontory Financial Group L.L.C., James L. Koutoulas, Typhon Capital Management LLC, Charlotte B. McLaughlin, PNC Capital Markets LLC, Michael H. Moskow, The Chicago Council on Global Affairs, Ronald S. Oppenheimer, Vitol Inc., Todd E. Petzel, Offit Capital Advisors LLC, John F. Sandner, CME Group Inc. and Don Thompson, JPMorgan Chase & Co. Mr. Hehmeyer and NFA President Daniel Roth also serve on the Executive Committee.
Interactive Brokers LLC Agrees to Pay Fine of $300,000 in Connection with Two Pending Matters
Jul 9 13
Interactive Brokers LLC recently agreed with the National Futures Association to pay a fine of $300,000 in connection with two pending matters: First, NFA found that of the hundreds of hedge funds that use Interactive Brokers to execute and clear their U.S. and global securities and futures trades, a small number of these funds were not properly registered with NFA or had not filed the appropriate exemption from registration. Through NFA Bylaw 1101, NFA imposes strict liability on any brokerage firm that does business with a commodity pool that has not registered with NFA or has not taken the proper steps to take advantage of an exemption. The settlement also covers an administrative error regarding reporting of futures brokers' bank accounts to NFA. Earlier this year a new NFA rule went into effect requiring futures commission merchants electronically to report the balances of their segregated accounts containing customer funds to a third party vendor, which then provides such information to NFA. Because of a temporary administrative error in implementing the new rule, a single, newly-opened bank account used by Interactive Brokers was not reported to NFA for several days. The account was otherwise completely in accordance with NFA requirements. As NFA noted in the settlement: "Although the account was property titled and had the correct acknowledgment letter. indicating that the account contained customer funds, Interactive inadvertently failed to authorize [the bank] to report to [NFA's vendor]." The error was fixed immediately.