What’s at Stake in the NFA Board of Directors Election: A Voter’s Perspective

As the IB voting for the NFA Board of Directors gets underway, we have been overwhelmed by the flood of responses we’ve received expressing the very frustrations we’ve struggled with, and a desire for reform. One response in particular really drove home why we believe it’s so important to get Jeff Malec and those like him fighting on behalf of the industry and investors onto the NFA Board, and we certainly hope you’ll agree. We thought we’d share, with a few edits to protect the identity of the individual from their concern of a potential retaliatory audit (the fact such concern exists is reason enough for change):

When I read the platforms that were included with the NFA ballot it was a “no-brainer.” Thank you for the stand you have taken for IB’s in our industry. It’s past time for someone to stand up with a voice to be heard. You articulated so well the issues and concerns we have to deal with in our interaction with NFA and their complex interpretative rules and regulations and especially, their audits with inexperienced staff.

We still use some order tickets and during an audit last November the NFA kids were clueless what to do with them. They didn’t know how to read them, and even after I taught them how to read, they had no idea what the data provided, what the problem areas may be, etc. I had to tell them. Their audit at our firm was a ‘fault’ finding mission not ‘fact’ finding. MF Global had just happened and they needed to find something wrong. If it weren’t available they could conjure up  something.”

I had copied material to my website direct from [an FCM] website and from a brochure printed by the CME. The kids required me to either take it down or make so many ridiculous changes that it wasn’t worth it.  And as much as we want to, that is the reason we do not use social media.

We need your platform at NFA—full of insight, truth, integrity, change, energy and powerfully written. […] I cast my vote for change in the next day’s mail. Wanted to make sure it got there on time. Thank you.

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Disclaimer
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.