Notices to Members

September 3, 2024

Board Director and Member Category Nominating Subcommittee Members Whose Terms Will Expire at the Board's 2025 Regular Annual Meeting

Each year, prior to October 15th, NFA's Secretary notifies NFA Members of the elected Board Directors and Member Category Nominating Subcommittee 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. Provided below is a list of the Directors whose terms expire at the Board of Directors' regular annual meeting on February 20, 2025. Also provided is a list of Member Category Nominating Subcommittee members whose terms expire in February 2025.

NFA's Secretary requests Members to recommend eligible persons to the Member Category Nominating Subcommittees for consideration to fill each open Director position and each open Member Category Nominating Subcommittee position. Eligible incumbent Directors may be recommended to the applicable Member Category Nominating Subcommittee. The specific criteria regarding the composition of the representatives in each Member category on the Board of Directors and the Member Category Nominating Subcommittees 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 Member Category Nominating Subcommittees.

Each Member Category Nominating Subcommittee will consider the names submitted for its Member category and nominate at least one person for each open Director position in its Member category and one person for its open Member Category Nominating Subcommittee position. NFA will issue a Notice to Members announcing the Member Category Nominating Subcommittee's nominations to fill the Board and Member Category Nominating Subcommittee vacancies. Thereafter, additional nominations may be made by petition pursuant to NFA's Articles and as described in the Notice to Members announcing the Nominees.

NFA's Board of Directors Open Positions as of the February 20, 2025 Board of Directors' Regular Annual Meeting

Two (2) FCM representatives of which one (1) representative must be affiliated with an FCM ranked as a top-ten FCM and one (1) representative must be affiliated with an FCM 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;

Two (2) CPO or CTA representatives 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 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 that report Funds Under Management; and

Two (2) SD/MSP/RFED representatives of which one (1) must be a representative of an SD that is a Large Financial Institution as of June 30 preceding the election and one (1) must be a representative of an SD, MSP or RFED that is a Non-Large Financial Institution 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 2025 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 must be affiliated with a Guaranteed IB;

• One (1) open position for a CPO/CTA Representative who must be affiliated with a CPO or CTA ranked within the top 20 percent based on Funds Under Management; and

• One (1) open position for a SD/MSP/RFED with no restriction on their affiliation with a Large or 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 Member Category Nominating Subcommittees and Board of Directors. The Member Category Nominating Subcommittees rely heavily on Member recommendations in making its nominating decisions. Please give this matter serious consideration and return your submission(s) to NFA for receipt no later than September 23, 2024 to:

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

By e-mail: election2025@nfa.futures.org

Should you have any questions, please contact Carol Wooding at (312) 781-1409.

BOARD DIRECTORS WHOSE TERMS WILL EXPIRE AT THE BOARD OF DIRECTORS' 2025 REGULAR ANNUAL MEETING

BOARD OF DIRECTORS
(Directors may succeed themselves)

FCMs
Alicia Crighton
Goldman Sachs

Thomas R. Kadlec
ADM Investor Services

IBs
Michael T. Burke
HighGround Trading LLC

CPO/CTA
Ernest L. Jaffarian
Efficient Capital Management LLC

Martin Lueck
Aspect Capital Limited

SD/MSP/RFED
Seth P. Bender
HSBC Bank, USA NA

Charlotte B. McLaughlin
PNC Capital Markets LLC

MEMBER CATEGORY NOMINATING SUBCOMMITTEE MEMBERS WHOSE TERMS WILL EXPIRE AT THE BOARD OF DIRECTORS' 2025 REGULAR ANNUAL MEETING

MEMBER CATEGORY NOMINATING SUBCOMMITTEE
(Member Category Nominating Subcommittee members may NOT succeed themselves)

FCM Subcommittee
David Allocco
Citigroup Global Markets, Inc.

IB Subcommittee
Trent Hurley
Hurley & Associates, Inc.

CPO/CTA Subcommittee
Simon Raykher
Kepos Capital LP

SD/MSP/RFED Subcommittee
Syed R. Ali
Barclays

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