CTA’s and CPO’s: Vote for Bry and Jaffarian

One of the few good things to come out of the MF Global and PFG scandals in the futures industry was a renewed interest in good people trying to get involved with the National Futures Association at the Board of Director level – (the other would be the various customer protections since put in place).

Two such good eggs are Doug Bry and Ernest Jaffarian, who were concerned enough about the industry response to MF Global that they petitioned to get placed on the ballot for NFA Director to do something about it (before that, nobody had ever been elected via such petition – since that, James Koutoulas, John Roe, and Attain’s own Jeff Malec were all elected via petition).

Well, they’re now facing a contested election, and we at Attain would like to see them continue the efforts and work that are underway to bring needed reforms to NFA.

Doug and Ernest are owners of dedicated futures firms running against two lawyers from hedge fund giants AQR and Citadel. Don’t get us wrong, the two contenders are extremely well qualified – nearly to the point of being over qualified.  But being a registered CTA and CPO ourselves – We would rather have the people who do 100% futures and whose main business lines are running a CTA and CPO, than the people who do futures as just a part of a global investment company empire.  It also occurs to us that the AQRs and Citadels of the world will make their mark on the futures industry whether in this role or not. AQR’s rep is heavily involved with the Managed Funds Association, for example.

So our recommendation is to go with the guys who’ve been there on the job for the past two years, and who have gained some momentum in the role. Our recommendation is to vote for Douglas Bry and Ernest Jaffarian. But more than anything,  please take the time to vote for your representative to the NFA Board of Directors. You don’t get to complain about the regulations if you don’t vote!

Related:  Commodity Customer Coalition Recommendation for Bry and Jaffarian



Write a Comment

The performance data displayed herein is compiled from various sources, including BarclayHedge, RCM's own estimates of performance based on account managed by advisors on its books, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor's disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor's track record.

Benchmark index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.

Managed futures accounts can subject to substantial charges for management and advisory fees. The numbers within this website include all such fees, but it may be necessary for those accounts that are subject to these charges to make substantial trading profits in the future to avoid depletion or exhaustion of their assets.

Investors interested in investing with a managed futures program (excepting those programs which are offered exclusively to qualified eligible persons as that term is defined by CFTC regulation 4.7) will be required to receive and sign off on a disclosure document in compliance with certain CFT rules The disclosure documents contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA, as well as the composite performance of accounts under the CTA's management over at least the most recent five years. Investor interested in investing in any of the programs on this website are urged to carefully read these disclosure documents, including, but not limited to the performance information, before investing in any such programs.

Those investors who are qualified eligible persons as that term is defined by CFTC regulation 4.7 and interested in investing in a program exempt from having to provide a disclosure document and considered by the regulations to be sophisticated enough to understand the risks and be able to interpret the accuracy and completeness of any performance information on their own.

RCM receives a portion of the commodity brokerage commissions you pay in connection with your futures trading and/or a portion of the interest income (if any) earned on an account's assets. The listed manager may also pay RCM a portion of the fees they receive from accounts introduced to them by RCM.

See the full terms of use and risk disclaimer here.