The MF Global crisis is on the minds of many Futures industry participants and is beginning to have an impact on industry groups. The National Futures Association announced on Wednesday its newly elected board members, Ernest Jaffarian President and Chief Executive Officer Efficient Capital Management, LLC and Douglas L. Bry President Northfield Trading LP.
Jaffarian and Bry were elected to the NFA board as its CPO/CTA representatives. The handling of the MF Global crisis was a key issue. Jaffarian, who is attending the AlphaMetrix Summit in Miami Fl., says that NFA has taken a pretty passive role in the representation of members regarding MF Global and he would like to see that change. “We want the NFA to step up and take a more aggressive role,” Jaffarian says.
He said all parties involved in the MF Global crisis have a vested interest and that the NFA may be in a unique position to lead. “[NFA] is in a position where it can exert meaningful influence,” he says, adding, “Segregated funds were not protected as they should have been, we need more transparency.”