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.
While on the Board, we have prioritized acting in our fiduciary capacity as Directors above maintaining consensus and the status quo. While we have acted professionally, we have not hesitated to raise difficult issues to NFA staff and have advocated for changes to executive compensation, audit practices, due diligence and nomination procedures for public Directors.
Vision will pay a $1.5 million fine in addition to the $2.053 million in restitution it paid to customers on March 15, 2014. Vision was also ordered to withdraw from NFA membership six months from today’s decision.
NFA's Board anticipates that the fee reduction may be sustainable for a few years. However, a change in trading volume could either shorten or lengthen the amount of time that this fee can be maintained.
2013 was a year of anticipation and perhaps disappointment. For those hoping the 2012 election would have settled some of the dysfunction in Washington, that did not happen. In fact, we doubled down on fights already settled as if there were no new business. Equity markets impressed, but few saw it as anything other than the hand of the Fed. Mercifully, the Fed signaled the beginning of the end of QE3 by year-end.
What was clear is that more than three years after the Dodd-Frank Act was passed and with many deadlines missed and more deadlines on the horizon there is a massive amount of confusion regarding how these products are to be regulated.