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NFA involved in IOSCO conference panel

NFA President Robert Wilmouth and Senior Vice President Karen Wuertz attended the annual conference of the International Organization of Securities Commissions (IOSCO) in Stockholm, Sweden on June 23-29. Wilmouth, who is also the Chairman of the IOSCO SRO Consultative Committee, was a speaker on a panel titled "Demutualization & Privatization of Exchanges." The panel was moderated by David Brown, Chairman of the IOSCO Technical Committee and the Chairman of the Ontario Securities Commission.

Wilmouth's speech and slide presentation was titled "How Demutualization and Emerging Electronic Markets Will Impact the Regulatory Landscape of the International Financial Services Industry." The speech outlined the rapidly accelerating global trend toward demutualization- exchanges converting to for-profit corporate status-and how this will impact the global exchange community; in particular, how demutualization may change the regulatory structure of the financial services industry.

NFA's conference attendance

NFA has had a presence at a number of conferences in June, hosting an informational exhibit booth at each as a way to meet NFA Members and answer any questions they might have. Among them: MAR Mid-Year Conference on Alternative Investment Strategies, in Lake Tahoe, June 12-14, and National Introducing Brokers Association Annual Conference in Chicago, June 22-24.

NFA also attended two conferences in June which have traditionally served as beneficial forums to network and exchange ideas with regulators on an international scale. The International Organization of Securities Commissions Annual Conference was held in Stockholm, Sweden, on June 23-29, and the FIA/FOA International Derivatives Conference took place in London June 18-20.

Advisory Committee Notes

The FCM, CPO/CTA and IB Advisory Committees met on June 13, 14 and 15 respectively. On the meetings' agendas:

  • NFA's Special Committee to Review Technology sought the Advisory Committees' comments on a draft interpretive notice regarding automated order routing systems (AORS) and what standards should apply to them.

  • The Advisory Committees discussed proposed changes to the arbitration rules to expedite and improve the process for smaller claims.

  • The FCM and IB Advisory Committees discussed how to regulate FCMs and their affiliates who engage in off-exchange foreign currency futures and options transactions with retail customers. NFA's Board of Directors recently adopted an anti-fraud rule, but staff is studying whether there is a need for additional requirements such as risk disclosure, record-keeping, reporting to customers and safekeeping of customer funds.

First-of-its-kind CD helps fulfill arbitrator training requirements

NFA recently distributed its new arbitrator training CD to the arbitrators on its roster. NFA created the first-of-its-kind interactive CD as an alternate training method since many NFA arbitrators live in remote areas and are unable to attend NFA's in-person seminars.

"By creating this cost-effective interactive CD, arbitrators from remote locations who have yet to serve are now able to learn about specific issues unique to futures industry arbitration," says Director of Arbitration and Mediation Cindy Cain. "Plus, experienced arbitrators will find this CD a valuable review tool."

The new CD also allows NFA to adopt a mandatory training requirement that can be satisfied in one of many ways-by attending an NFA in-person seminar, by attending a training seminar sponsored by another forum (e.g., NASD, NYSE) or by completing NFA's computer-based training program. For additional information about NFA's arbitrator training CD, contact NFA's Arbitration Department at: arbitration@nfa.futures.org.

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.
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