Notices to Members

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Notice I-18-17

September 24, 2018

Executive Representative Reminder and Board and Nominating Committee Members Whose Terms Will Expire at the Board's 2019 Regular Annual Meeting

Executive Representative Reminder

In August 2016, NFA's Bylaws were amended to implement an electronic voting process for Directors' elections, contested Nominating Committee member elections and Articles' amendments approval votes. If elections are necessary, NFA has engaged Corporate Election Services (CES), a third-party service provider, to administer the electronic voting process. To facilitate the electronic voting process, each Member shall designate an Executive Representative who will have the Member's sole authority to sign nominating petitions, receive notices of Member meetings and proxy materials, complete proxy cards and provide voting instructions and cast votes on behalf of the Member. Members may designate an Executive Representative through NFA's website. Only those firm personnel who are the Security Manager or are authorized to view, update and file information in ORS may complete the Executive Representative Contact form.

If a Member fails to complete this form and designate an Executive Representative, the Member's membership contact listed in ORS will be deemed to be the Executive Representative. If a Member has already designated an Executive Representative, it is not necessary to do so again unless the person designated as the Executive Representative has changed.

Board and Nominating Committee Members' Terms to Expire at 2019 Board of Directors' Regular Annual Meeting

Before October 15th of each year, NFA's Secretary shall notify all Members in the Futures Commission Merchant (FCM), Introducing Broker (IB), Commodity Pool Operator and Commodity Trading Advisor (CPO/CTA) and Swap Dealer, Major Swap Participant and Retail Foreign Exchange Dealer (SD/MSP/RFED) categories of the elected Directors and the members of the Nominating Committee whose terms shall expire at the Board of Directors' regular annual meeting and shall request that the names of eligible persons to fill those positions be submitted to the Nominating Committee.

Provided is a list of the FCM, IB, CPO/CTA and SD/MSP/RFED Board and Nominating Committee members whose terms shall expire at the Board of Directors' regular annual meeting on February 21, 2019. Please use the form provided to submit names of persons eligible to fill the vacancies on the Board of Directors and the Nominating Committee. For your reference, an explanation of the composition of the Board of Directors and the Nominating Committee is provided. The Nominating Committee shall consider names that are submitted and the membership will be notified of its nominations. Thereafter, additional nominations may be made by petition pursuant to NFA's Articles. The procedure for filing a nomination by petition will be contained in a subsequent Notice to Members announcing the Nominating Committees' nominations to fill the Board and Nominating Committee vacancies.

FCM and IB Open Board Positions

Two (2) open positions for FCM Representatives of which at least one (1) must be affiliated with an FCM ranked as a top ten FCM based on the total amount of segregated funds and secured amounts as of June 30 preceding the election.

One (1) open position for an Independent IB Representative.

CPO/CTA Open Board Positions

Two (2) open positions for CPO/CTA Representatives of which at least one (1) must rank within the top 5% of CPOs or CTAs reporting any funds under management allocated to futures and swaps on NFA Form PQR and NFA Form PR as of June 30, 2018.

SD/MSP/RFED Open Board Positions

Two (2) open positions for SD/MSP/RFED Representatives of which one (1) representative must be affiliated with an SD, MSP or RFED that is not a Large Financial Institution as of June 30 preceding the election.

Nominating Committee Open Positions

In addition to the Board of Director vacancies, there are the following open positions on the Nominating Committee in the 2019 Member election:

  • One (1) open position for an FCM Representative who must be affiliated with a top ten FCM based on the total amount of segregated funds and secured amounts held as of June 30 preceding the election;

  • One (1) open position for an IB Representative who may be affiliated with either an Independent IB or a Guaranteed IB;

  • One (1) open position for a CPO/CTA Representative who must be acting primarily as a CPO; and

  • One (1) open position for an SD/MSP/RFED Representative who is affiliated with either an SD of a Large Financial Institution as of June 30 preceding the election or affiliated with an SD/MSP/RFED that is a Non-Large Financial Institution as of June 30 preceding the election.

How to Submit Recommendations

NFA is a membership organization. NFA Members have a voice in NFA's governance through the exercise of the right to recommend candidates and to nominate and elect individuals to serve on NFA's Nominating Committee and Board of Directors. The Nominating Committee relies heavily on the recommendations of the membership in making its nominating decisions. Please give this matter serious consideration and return your submission(s) to NFA by mail, email or fax for receipt no later than October 15, 2018 to:

By Mail:
Carol A. Wooding
Secretary and General Counsel
NFA
300 South Riverside Plaza, Suite 1800
Chicago, Illinois 60606

By Email:
election2019@nfa.futures.org

By Fax:
Attn: Carol Wooding
312-781-1672

Should you have any questions, please contact Carol Wooding (312-781-1409 or cwooding@nfa.futures.org).



FCM

Thomas R. Kadlec
President
ADM Investor Services, Inc.

Antonio Reyes Miras
Managing Director and Americas Head-Futures, Clearing and Collateral
Citigroup Global Markets, Inc.

IB

Michael T. Burke
Chief Executive Officer
HighGround Trading LLC

CPO/CTA

Ernest L. Jaffarian
CEO/CIO
Efficient Capital Management LLC

Martin Lueck
Research Director
Aspect Capital Limited

SD/MSP/RFED

Charlotte B. McLaughlin
President and Chief Executive Officer
PNC Capital Markets LLC

Philip A. Olesen, CFA
Managing Director and Global Head of Credit Trading
UBS Securities LLC




FCM

Maria Chiodi
Managing Director and Counsel
Credit Suisse Securities (USA) LLC

IB

Ryan W. Griffeth
Postrock Brokerage LLC

CPO/CTA

Steven M. Felsenthal
General Counsel and Chief Compliance Officer
Millburn Ridgefield Corp.

SD/MSP/RFED

Seth P. Bender
Senior Vice President and Associate General Counsel
HSBC Bank PLC



  • Five (5) FCM Representatives At least two (2) representatives from top ten FCMs and at least two (2) representatives not ranked in the top ten FCMs based on the total of futures customer segregated funds and foreign futures or foreign options secured amounts held as of June 30 of the prior calendar year;

  • One (1) IB Representative Independent;

  • One (1) IB Representative Guaranteed;

  • Four (4) CPO/CTA Representatives At least one (1) representative of CPOs or CTAs ranked within the top five (5) percent and at least one (1) representative of CPOs or CTAs ranked within the top ten (10) percent of CPOs or CTAs reporting any funds under management allocated to futures and swaps on NFA Form PQR and NFA Form PR as of June 30 of the prior calendar year;

  • Five (5) SD/MSP/RFED Representatives At least two (2) representatives of SDs that are Large Financial Institutions as of June 30 of the prior calendar year and at least two (2) representatives of SDs, MSPs or RFEDs that are not Large Financial Institutions as of June 30 of the prior calendar year;

  • Three (3) Contract Market Representatives; and

  • Ten (10) Public Representatives.



  • Three (3) FCM Representatives At least one (1) representative of an FCM ranked in the top ten FCMs and at least one (1) representative of an FCM or LTM not ranked in the in the top ten FCMs based on the total of futures customer segregated funds and foreign futures or foreign options secured amounts, as those terms are defined in the applicable Commission regulations, held as of June 30 of the prior calendar year;

  • Three (3) IB Representatives At least one (1) representative of IBs required to maintain minimum adjusted net capital and at least one (1) representative of IBs not required to maintain minimum adjusted net capital;

  • Three (3) CPO/CTA Representatives At least one (1) representative that primarily acts as a CPO and at least one (1) representative that primarily acts as a CTA; and

  • Three (3) SD/MSP/RFED Representatives At least one (1) representative of SDs that is a Large Financial Institution as of June 30 of the prior calendar year and at least one (1) representative of SDs, MSPs or RFEDs that is not a Large Financial Institution as of June 30 of the prior calendar year.


A printable version of the Recommendation for Nomination is available here.

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