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Board Report

The following actions were taken by NFA's Board of Directors at its meeting on February 21, 2002, in Chicago.

  • The Board re-elected Charles P. Nastro to serve a one-year term as chairman and Michael R. Schaefer to serve a one-year term as vice-chairman.

  • The Board elected the following individuals to serve as Public Directors: Alan J. Dixon, attorney, Bryan Cave; Thomas W. Ewing, of counsel, Davis & Harman LLP; Silas Keehn, past president, Federal Reserve Bank of Chicago; Todd E. Petzel, president and chief investment officer, Commonfund Asset Management, Co., Inc.; and Susan M. Phillips, dean, School of Business and Public Management, the George Washington University.

  • The Board elected the following individuals to serve one-year terms on the Executive Committee: Douglas Bry, George E. Crapple, Mark D. Fichtel, Scott Gordon, Douglas L. Kitchen, Ronald S. Oppenheimer, Todd E. Petzel and Michael R. Schaefer. Chairman Nastro and NFA President Robert Wilmouth also serve on the Executive Committee.

  • The Board approved the following Committee appointments:

      Appeals Committee: George E. Crapple, Alan J. Dixon, Paul J. Georgy, Bonnie Litt and Robert R. Peterson.
      Membership Committee: W. Robert Felker, James A. Gary, Silas Keehn, Douglas O. Kitchen, David M. Kozak, Robert E. Murray, Joseph J. O'Neill, Ronald S. Oppenheimer and Frederick G. Uhlmann.
      Finance Committee: Robert E. Murray and Susan M. Phillips.
      Audit Committee: Alan J. Dixon, Thomas F. Basso and John A. Vassallo.
      Special Committee on Funding: J. Dewey Daane, Joseph J. Murphy and Jan R. Waye.
      Business Conduct Committee: Charles S. Collier, Jeffrey D. Izenman and Scott W. Stewart.
      Hearing Committee: Jeff C. Borchardt, Richard A. Driver, Bryan T. Durkin, David R. Ganis, Joseph S. Geisel, Sr., Robert A. Kruchoski, Richard H. Lamm, Doris Lindbergh, Allan H. Marx, Gloria J. Matthews, Charles R. Mills, Paul O'Kelly, William H. Pauly, Edward P. Seibert, Frank B. Smith III, David J. Vogel and Phyllis A. Weaver.
      FCM Advisory Committee: Clarence B. Delbridge, Richard J. Horgan, Robert F. Klein, William F. McCoy, Jr. and John J. Ruth.
      CPO/CTA Advisory Committee: Mark H. Mitchell, Mark J. Powers and Rutherford R. Romaine.
      IB Advisory Committee: T. Michael Billings and Samuel Israel III.
      Educational/Testing Advisory Committee: Carla J. Eyre.

  • The Board approved a resolution to reduce the assessment fee from $0.12 to $0.10 per round-turn futures contract and $0.06 to $0.05 per options transaction effective April 1, 2002. This will be the lowest assessment fee in NFA's history.

  • The Board approved an amendment to NFA Compliance Rule 2-36, prohibiting NFA Members and Associates from engaging in fraudulent activities involving off-exchange foreign currency futures or options transactions (FOREX). The amendments address concerns voiced by the Futures Industry Association that the Rule would add an additional layer of unnecessary regulation to broker-dealer FCMs that offer FOREX as a limited portion of their business. The amended Rule 2-36 now states that "any NFA Member that is the counterparty to foreign currency futures and options transactions that are offered to or entered into with persons that are not eligible contract participants will also be subject to regulation (e.g., anti-fraud) as a FOREX Dealer Member if 35% or more of its gross revenue from financial market transactions (acting as a counterparty or agent) is generated from those foreign currency futures and options activities." To accommodate the new amendment, the Board adopted Bylaw 306, creating a separate NFA membership category for FOREX dealers. NFA currently has nine firms who are conducting FOREX business only.

  • The Board approved an Interpretive Notice to NFA Compliance Rule 2-9: Supervision of the Use of Automated Order Routing Systems. The approval of this Notice caps 18 months of work by NFA staff and NFA's Special Committee to Review Technology. In November 2000 the Board-responding to a letter from then CFTC Chairman William Rainer-asked the Special Committee to develop standards relating to security, capacity and controls for automated order-routing systems (AORSs) that route orders through an FCM. The Special Committee, chaired by Michael Schaefer and composed of representatives of FCMs, exchanges, end users and third-party vendors, presented a proposed Interpretive Notice to the Executive Committee in July 2001. Because of the subject matter and the divergent views in the industry, the Executive Committee asked the Special Committee to publish the Interpretive Notice for Member comment. The Special Committee met in December to consider the comments they had received and revise the Interpretive Notice in light of those comments. It was this revised Notice that was approved by the Board.

  • The Board approved changes to NFA's Registration Rules and NFA Bylaws to provide for the upcoming launch of the Association's Online Registration System. The Board also authorized the Executive Committee to make whatever changes the Commodity Futures Trading Commission requires in order to obtain approval of the proposed NFA Registration Rules and Bylaws in order to implement the Online Registration System.

  • The Board approved an amendment to NFA Compliance Rule 2-9 and the adoption of an Interpretive Notice Regarding Anti-Money Laundering Programs.

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