Notices to Members2023 | 2022 | 2021 | 2020 | 2019 | Show more years
September 8, 2023
Board and Nominating Committee Members Whose Terms Will Expire at the Board's 2024 Regular Annual Meeting and Executive Representative Reminder
On November 17, 2022, NFA's Board of Directors unanimously approved amendments to NFA's Articles of Incorporation (Articles)1. As a result, effective February 2024, NFA's Board will be reduced from 29 to 21 Directors, and the terms of all current Directors will expire at the Board's regular Annual Meeting on February 15, 2024.
Each year, prior to October 15th, NFA's Secretary notifies all Members of the elected Board Directors and Nominating Committee members whose terms will expire at the Board of Directors' regular annual meeting in the following categories: FCM and LTM; IB; CPO and CTA; and SD, MSP and RFED. Given NFA's Board's reduction, the attached list of Board members whose terms expire in February 2024 contains the names of all current Directors in the Member categories. Also attached is a list of Nominating Committee members in each of the Member categories whose terms expire in February 2024.
NFA's Secretary requests Members to recommend eligible persons to the Nominating Committee for consideration to fill each open Board position and the open Nominating Committee position for each Board category. Incumbent Directors, if otherwise eligible, may be recommended to the Nominating Committee. The specific criteria regarding the composition of the representatives in each Member category on the Board of Directors and the Nominating Committee is provided below. Please use the attached form to submit names of persons eligible to fill the vacancies on the Board of Directors and the Nominating Committee.
The Nominating Committee will consider the names that are submitted and nominate at least one person for each open Board position and one person for each open Nominating Committee position. Thereafter, additional nominations may be made by petition pursuant to NFA's Articles. Upon completion of its work, NFA will issue a Notice to Members announcing the Nominating Committee's nominations to fill the Board and Nominating Committee vacancies, which will also provide the procedures for filing a nomination by petition.
NFA's Board of Directors and Open Positions as of the February 15, 2024 Board of Directors' Regular Annual Meeting
Since all Directors' terms will expire at the February 2024 Board meeting, the following vacancies must be filled:
Four (4) FCM representatives of which two (2) must be FCMs ranked as a top-ten FCM and (2) must be FCMs not ranked as a top-ten FCM based on the total of futures customer segregated funds, cleared swaps customer collateral and foreign futures or foreign options secured amounts (customer segregated funds), as those terms are defined in the applicable Commission regulations, held as of June 30 preceding the election;
One (1) IB representative;
Three (3) representatives of CPOs or CTAs that are NFA Members reporting funds under management allocated to futures and swaps (as defined in Article XVIII) on NFA Form PQR or NFA Form PR as of June 30 preceding the election (Funds Under Management) of which one (1) representative must be a CPO or CTA ranked within the top 10 percent based on Funds Under Management; one (1) representative must be a CPO or CTA ranked within the top 20 percent based on Funds Under Management; and one (1) is an at-large representative from CPOs or CTAs with no restriction on its rank among CPOs and CTAs reporting Funds Under Management; and
Four (4) SD/MSP/RFED representatives of which two (2) must be representatives of SDs that are Large Financial Institutions as of June 30 preceding the election and two (2) representatives of SDs, MSPs or RFEDs that are not Large Financial Institutions as of June 30 preceding the election. NFA's Board of Directors has resolved to use the list of Participating Dealers on the Federal Reserve Bank of New York's website on a designated webpage "OTC Derivatives Supervisors Group" to define Large Financial Institutions.
Nominating Committee Open Positions
Nominating Committee open positions for the 2024 Member election:
One (1) open position for an FCM Representative who may be affiliated with either a top-ten FCM or a non-top ten FCM based on customer segregated funds as of June 30 preceding the election;
One (1) open position for an IB Representative who may be affiliated with either a Guaranteed IB or an Independent IB;
One (1) open position for a CPO/CTA Representative who must be affiliated with a CPO or CTA ranked within the top ten percent based on Funds Under Management; and
One (1) open position for an SD/MSP/RFED Representative who is affiliated with an SD/MSP/RFED of a Non-Large Financial Institution as of June 30 preceding the election.
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 for receipt no later than September 29, 2023 to:
Carol A. Wooding
General Counsel and Secretary
National Futures Association
320 South Canal Street, Suite 2400
Chicago, Illinois 60606
Should you have any questions, please contact Carol Wooding at (312) 781-1409.
Executive Representative Reminder
NFA uses an electronic voting process, administered by a third-party service provider, for contested Board Director elections, contested Nominating Committee member elections and approval votes for amendments to NFA's Articles of Incorporation. To facilitate the voting process, NFA requires each Member to designate an individual to act as the Member's Executive Representative, who has the sole authority on behalf of the Member to sign petitions to nominate candidates for Director or Nominating Committee positions, receive notices of Member meetings and proxy materials, complete proxy cards and provide voting instructions and cast votes on behalf of the Member. Members designate an Executive Representative through NFA's website by completing the Executive Representative Contact Form. Only firm personnel who are Security Manager(s) or are authorized to "view, update and file" information in ORS may complete this form.
If a Member fails to designate an Executive Representative by completing this form, NFA will deem the Member's membership contact listed in ORS as the Member's Executive Representative. Members that have already designated an Executive Representative are not required to again complete this form unless the information on the Executive Representative has changed.
BOARD MEMBERS WHOSE TERMS WILL EXPIRE AT THE BOARD OF DIRECTORS' 2024 REGULAR ANNUAL MEETING
Director & Head Listed Derivatives and OTC Clearing
Gerald F. Corcoran
Chief Executive Officer
R.J. O'Brien & Associates LLC
Maureen C. Downs
Phillip Capital, Inc.
Thomas R. Kadlec
ADM Investor Services
Michael T. Burke
Chief Executive Officer
HighGround Trading LLC
Scott W. Stewart
Stewart Peterson Group, Inc.
Douglas L. Bry
Augur Trading Company
Ernest L. Jaffarian
Efficient Capital Management LLC
Director of Research
Aspect Capital Limited
Constance R. Wick
General Counsel & Chief Compliance Officer
Crabel Capital Management
Seth P. Bender
Managing Associate General Counsel
HSBC Bank, USA NA
Mark L. Maurer
President and CEO
William F. McCoy
Charlotte B. McLaughlin
President and CEO
PNC Capital Markets LLC
JPMorgan Chase & Co.
NOMINATING COMMITTEE MEMBERS WHOSE TERMS WILL EXPIRE AT THE BOARD OF DIRECTORS' 2024 REGULAR ANNUAL MEETING
(Nominating Committee members may NOT succeed themselves)
FCM – Chief Compliance Officer and Chief Administrative Officer
SG Americas Securities LLC
Steven J. Georgy
Jason W. Slutsky
Chief Compliance Officer
Graham Capital Management LP
Royal Bank of Canada
1 The amendments were also approved by NFA's Membership and the Commodity Futures Trading Commission.