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 CCC was founded by Koutoulas and John Roe shortly after MF Global declared bankruptcy when it became apparent that there was a lack of urgency inside and outside the industry to protect the sanctity of customer segregated funds.
The futures industry has had a tough couple of years, and with each storm there has been a dire warning that people will abandon it in droves. But the futures industry, particularly in Chicago, has faced many challenges and usually comes out the other end stronger through its ability to innovate.
Former MF Global CEO Jon Corzine faces an uphill battle if he ever wants to trade in the futures market again. At its quarterly meeting of board directors, the National Futures Association (NFA) discussed imposing on him a lifetime ban on Corzine on trading in the futures markets.
In a year dominated by crises — both natural and political — squeezing our annual list of largest influencers down to 20 was difficult. One thing this year highlighted was that money and power trump all as we learned that — at least in the banking world — there are some that are too-big-to-prosecute.