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A Message to Members from NFA President Dan Roth

To some, it might seem a daunting task to take the reins of an organization whose success has been forged by the energy, vision and commitment of a man like Robert Wilmouth. His amazing tenacity and unrivaled reputation have propelled NFA to the highest ranks of self-regulatory organizations around the world.

In fact, however, I consider it an honor to be appointed the president of an organization that has built such a solid foundation of success. It is my goal – and the goal of everyone at NFA – to build on that foundation and enhance NFA's role in the financial services industry.

One of the keys to NFA's success is the way we have defined the role of a regulator. We approach the business of regulation as a service provider. We define our customers as Members, the investing public, other regulators and law enforcement agencies. We aspire every day to provide them with the highest level of service at the lowest possible price.

We will continue to find new ways to add value to all of our customers. Last June we launched the Online Registration System, which has resulted in cost-savings to our Members in the areas of registration recordkeeping. We have also implemented an Online Dispute Resolution System, which allows investors and Members to file Arbitration claims electronically through our Web site. And just recently, the CFTC authorized us to review annual CPO financial statements, eliminating the need for CPOs to file duplicate financial reports with NFA and the CFTC.

We also place a lot of importance on the "self" in self-regulation. We create opportunities to discuss the issues that are important to our Members and solicit their feedback on upcoming rule proposals and interpretive notices. In the past few months alone, we have paid personal visits to many of our Members and we have just announced a Member outreach initiative that will consist of Member meetings around the country in 2003.

The financial services industry is changing dramatically, and the lines that have previously divided securities, futures, OTC and other products are blurring. These changes provide NFA with opportunities to provide its innovative and efficient regulatory programs to a wider range of customers and we will strategically pursue these opportunities as they arise.

I look forward to addressing these and many other issues as the new president of NFA. Fortunately, I am surrounded by a dedicated and experienced staff that is committed to excellence in everything they do. Together, we will strive to be the best possible self-regulatory organization for all of our constituents.

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