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For Immediate Release
January 18, 2002
NFA announces Board of Directors election results
January 18, Chicago - Acting on its decision last August to decrease the size of its Board of Directors from 45 to 25 individuals, National Futures Association recently completed the election process for its new Board. Eight individuals were elected to represent Futures Commission Merchants (FCMs), four were elected to represent Commodity Pool Operators (CPOs) and Commodity Trading Advisors (CTAs), and two were elected to represent Introducing Brokers (IBs). The new Board members will serve either one- or two-year terms.
Futures Commission Merchants representatives from the top ten FCMs based on the amount of customer funds they hold:
Futures Commission Merchants representatives from FCMs other than the top ten:
Commodity Pool Operators and Commodity Trading Advisors representatives:
Guaranteed Introducing Broker representative:
Independent Introducing Broker representative:
The four largest futures exchanges based on volume in 2001 are entitled to one seat each on the Board for a one-year term. Those exchanges and the person they chose to represent them are:
In addition to the four largest exchanges, two exchanges not affiliated with any of the top four exchanges are entitled to seats on NFA's Board for a one-year term. These two seats will be drawn from the following three exchanges: the Kansas City Board of Trade, the Minneapolis Grain Exchange and the Cantor Financial Futures Exchange.
At the Board's first meeting on February 21, 2002, in Chicago, the Directors will elect five public Directors, satisfying the Commodity Futures Trading Commission's requirement that 20 percent of the Board must be public representatives.
"NFA will now be able to respond to the momentous changes occurring in the futures and financial services industries with a Board whose size supports quick and efficient decision making," said NFA Senior Executive Vice President Dan Roth.
NFA is a congressionally authorized self-regulatory organization for the U.S. futures industry. Since 1982, NFA has provided innovative regulatory programs and services that ensure futures industry integrity, protect market participants and help its members meet their regulatory responsibilities.