Introducing brokers (IBs) and commodity trading advisors (CTAs) join the National Introducing Brokers Association (NIBA) for many reasons. One of the most important is to remain current on issues that impact the day-to-day operation of our businesses. The National Futures Association (NFA) impacts every aspect of our business. That is the main reason it is important to have representatives that stand up for us, and contribute valuable insight, recommendations and methods to the regulatory process.
This NFA election is only the second time Board positions have been contested. The NIBA Board of Directors (BoD) believes the trend will continue, and contested elections will become the norm. As a result, NIBA members have asked the BoD to make recommendations for the contested positions.
This is the first time in our history that the NIBA has recommended nominees for NFA Board positions. To ensure the recommendations accurately reflect members’ opinions, BoD members (excluding non-registrants and FCM members) voted.
The BoD reviewed the industry records of the candidates, relied on members’ experiences and the NFA Nominating Committee nominations, and, in addition to their current position papers, gave considerable weight to the statements of the candidates themselves at NIBA member meetings held in September 2013 and 2014.
An NFA representative doesn’t only attend Board of Directors meetings a few times a year. The position includes committee assignments and attending numerous meetings with NFA staff. To be effective, the NFA rep must be well prepared, and his/her opinion must be respected by the NFA staff and the other members of the NFA Board.
Most importantly, our NFA representatives must be responsive to us - their constituency.
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