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.
The twin debacles of MF Global and PFG have damaged the reputation of the futures industry demanding an examination of customer protection rules. New rules are being implemented, which will add cost and complexity to FCM compliance.
The letter points out that the activity it was sanctioned for — the handling of cash residuals and trade break credits from trades resulting from bunched orders that Vision received for clearing from Ace — was discontinued two years prior to charges being filed.
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.