Notices to Members

October 23, 2023

NFA Announces 2023 Nominating Committee Nominations

Please Route To:
Compliance/Legal/Membership
Sr. Management

NFA's Board of Directors amended NFA's Articles of Incorporation to reduce the size of NFA's Board of Directors from 29 to 21 Directors. The new Board composition becomes effective at the Board's Annual Meeting on February 15, 2024, and all current Directors' terms expire on that date. Pursuant to NFA's Articles of Incorporation (NFA's Articles), NFA's 2023 Nominating Committee has provided NFA's Secretary with a list of its nominees for the open positions on NFA's Board of Directors and 2024 Member Category Nominating Committee. The list of nominees included with this Notice shall serve as notification to NFA Members of the candidates nominated by the 2023 Nominating Committee.

Article VII, Section 3(b) of NFA's Articles provides that other nominations may be made for elected FCM and LTM, IB; CPO and CTA; and SD, MSP and RFED Director positions as follows:

(i) Petition signed by 50 or more NFA Members* in the category for which the nomination is made (i.e., FCM and LTM; SD, MSP and RFED; IB; and CPO and CTA); or

(ii) Petition submitted by any organization or association recognized by NFA as fairly representing the category (See)(i) above) for which the nomination is made.

No petition may nominate more than one candidate for the same position.

Article X, Section 3 of NFA's Articles similarly permits nominations for the Nominating Committee by petition.

NFA Bylaw 406 requires that each petition identify the position to which the nomination pertains, and that petitions must be received by the Secretary within 21 days of the date of this Notice. Any petition received after November 13, 2023 will not be considered.

Petitions must be submitted by mail or email for receipt no later than November 13, 2023 to:

By Mail:
Carol A. Wooding
General Counsel and Secretary
NFA
320 S. Canal, Suite 2400
Chicago, Illinois 60606

By Email:
election2024@nfa.futures.org

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

NOMINEES FOR NFA BOARD OF DIRECTORS

FCM – Effective February 15, 2024, FCM representatives on the Board will be reduced from five Directors to four Directors. Two (2) representatives must be affiliated with a top-ten FCM based on the total amount of futures customer segregated funds, cleared swaps customer collateral and foreign futures or foreign options and secured amounts as of June 30 preceding the election and two (2) must be representatives of FCMs and LTMs that are not affiliated with a top-ten FCM. The nominees are:

Top 10 FCMs
Scott Andersen
SG Americas Securities LLC

Alicia Crighton
Goldman Sachs & Co. LLC

Non-Top Ten FCMs
Gerald F. Corcoran
RJ O'Brien & Associates LLC

Thomas Kadlec
ADM Investor Services, Inc.

IB – Effective February 15, 2024, IB representatives on the Board will be reduced from two Directors to one Director. The nominee is:

IB
Michael T. Burke
HighGround Trading LLC

CPO/CTA – Effective February 15, 2024, CPO/CTA representatives on the Board will be reduced from four Directors to three Directors reporting funds under management allocated to futures and swaps on NFA Form PQR and NFA Form PR as of June 30 preceding the election (Funds Under Management) as follows: at least one (1) representative ranked within the top 10 percent and at least one (1) representative ranked within the top 20 percent of CPOs or CTAs reporting funds under management and one (1) at-large representative with no restriction on its rank among CPOs and CTAs reporting funds under management. The nominees are:

CPO or CTA ranked within the top 10 percent
Constance R. Wick
Crabel Capital Management LLC

CPO or CTA ranked within the top 20 percent
Martin Lueck
Aspect Capital Limited

At-Large CPO or CTA
Ernest L. Jaffarian
Efficient Capital Management LLC

SD/MSP/RFED – Effective February 15, 2024, the SD/MSP/RFED representatives on the Board will be reduced from five Directors to four Directors. Two (2) must be representatives of SDs that are Large Financial Institutions** as of June 30 preceding the election and two (2) must be representatives of SDs, MSPs or RFEDs that are not Large Financial Institutions as of June 30 preceding the election. The nominees are:

Large Financial Institutions
Seth P. Bender
HSBC Bank USA NA

Don Thompson
JPMorgan Chase & Co.

Non-Large Financial Institutions
Mark L. Maurer
StoneX Markets LLC

Charlotte B. McLaughlin
PNC Capital Markets LLC

NOMINEES FOR 2024 NOMINATING COMMITTEE

FCM – There is one (1) open position on the 2024 FCM Nominating Subcommittee. The nominee is:

Ruth Arnould
BofA Securities, Inc.

IB – There is one (1) open position on the 2024 IB Nominating Subcommittee. The nominee is:

Steven L. Petillo
Paragon Investments LLC

CPO/CTA – There is one (1) open position on the 2024 CPO/CTA Nominating Subcommittee. The nominee is:

Dede Welles
PDT Partners LLC

SD/MSP/RFED – There is one (1) open position on the 2024 SD/MSP/RFED Nominating Subcommittee. The nominee is:

Dan Dan Liu
Credit Agricole Corporate and Investment Bank

* Section 2 of Article VI of the NFA's Articles provides that for purposes of signing nomination petitions, a Member will be deemed to be a Member "only in that single category to which its business activities primarily relate." Additionally, pursuant to NFA Bylaw 409, the Member's Executive Representative has the sole authority on behalf of the Member to sign petitions.

** Pursuant to Article XVIII (n) of NFA's Articles of Incorporation a "Large Financial Institution" is defined as a Swap Dealer included in a well-defined, publicly available and independent list of financial institutions that NFA's Board of Directors identifies by resolution from time to time. In August 2012, NFA's Board of Directors adopted a resolution defining the term "large financial institution" to be the over-the-counter (OTC) derivatives dealer signatories (primary dealers) on the commitment letters executed by the OTC Derivatives Supervisors Group.