Calling All Introducing Brokers- Let’s Shake Up the NFA

November 13, 2012 Attain Capital 2 Comments  Like
Macro Commentary

It’s been a rough year for the futures industry. Between the MF Global bankruptcy and fraud at PFGBest, investors have had their faith shaken in a system that had, for years, been considered beyond reproach. These events didn’t just unnerve investors, though. It also highlighted what many in the industry have known for years- the NFA needs a shake up.

We don’t need to be audited by recent college grads who may or may not understand how to calculate a compounded rate of return. We don’t need to be subjected to promotional material reviews that have all the consistency of Russian Roulette. We don’t need the client facing members of the industry to be represented by large firms focused on institutional business and unmotivated to improve the efficiency and efficacy of the organization. We don’t need to be led by people who missed fraud being perpetrated by PFGBest for twenty full years.

What we need is someone who not only knows the business, but isn’t afraid of a fight when necessary. Jeff Malec is that fighter.

I’ve known Jeff for 14 years, and we founded Attain together in 2002. He is a consummate professional with a peerless understanding of our industry, but that’s not why you want him on the NFA Board of Directors. You want him on the Board because he knows your frustrations all too well, and is determined to see progress made where it counts. Whether it’s arguing for stronger customer protections, demanding clarity in the rules, insisting on higher standards for auditors, or giving voice to the concerns of small, independent brokerage firms, Jeff has been a voice calling for change for years now. If elected to the Board of Directors, he’ll keep fighting the good fight on your behalf.

But before we can take the fight to their doorstep, we need to get Jeff on the ballot. To have his name added, we need 50 firms registered as Introducing Brokers to send us an email requesting his inclusion. If you are a registered IB using a mail client such as Outlook, simply click here for an email petition to be populated for you. If you are using webmail, copy and paste the text below into the body of your email, and send to info@attaincapital.com.

I hereby petition, pursuant to Article VII, Section 3(b) of the National Futures
Association (NFA) Articles of Incorporation, and NFA Bylaw 406, for the upcoming
election to the National Futures Association Board of Directors, to nominate in the
IB category:

Jeff Malec, Founder and CEO, Attain Capital Management, LLC
for the position currently held by:
John A. Vassallo, President, Coquest Incorporated

Date:
Name:
Firm:

Please email the petition at your earliest convenience as we are under a time limit, and forward this message to any other IBs you may know. Thank you for your help!

Sincerely,

WALTER J. GALLWAS
PRESIDENT, FOUNDING PARTNER | ATTAIN CAPITAL MANAGEMENT, LLC.
1 E. Wacker Dr., 30th Floor, Chicago, IL 60601
800.311.1145 (toll free) | 312.604.0926 (d) | 312.277.0912 (f)

2 comments

  1. James Towne
    November 13, 2012

    HOPE AND CHANGE

    HOPE: Jeff Malec would be an excellent choice for the NFA Board of Directors. While were at it, the addition of James Koutoulas and John Roe as well would bring NFA to a level never seen.

    CHANGE: NFA CEO Dan Roth has proven he has no idea on how to effectively run the organization. While were at it, CFTC Chairman Tim Geithner must go as well. Just to replace these two individuals would add greatly to the trust of the system.

  2. Bringoing a New level of Arrogance and Incompetence | nfaonline
    June 7, 2015

    […] Calling All Introducing Brokers- Let’s Shake Up the NFA … […]

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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.

Limitations on RCM Quintile + Star Rankings

The Quintile Rankings and RCM Star Rankings shown here are provided for informational purposes only. RCM does not guarantee the accuracy, timeliness or completeness of this information. The ranking methodology is proprietary and the results have not been audited or verified by an independent third party. Some CTAs may employ trading programs or strategies that are riskier than others. CTAs may manage customer accounts differently than their model results shown or make different trades in actual customer accounts versus their own accounts. Different CTAs are subject to different market conditions and risks that can significantly impact actual results. RCM and its affiliates receive compensation from some of the rated CTAs. Investors should perform their own due diligence before investing with any CTA. This ranking information should not be the sole basis for any investment decision.

See the full terms of use and risk disclaimer here.

Disclaimer
The performance data displayed herein is compiled from various sources, including BarclayHedge, 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.

The programs listed here are a sub-set of the full list of programs able to be accessed by subscribing to the database and reflect programs we currently work with and/or are more familiar with.

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. Individuals cannot invest in the index itself, and actual rates of return may be significantly different and more volatile than those of the index.

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.

Limitations on RCM Quintile + Star Rankings

The Quintile Rankings and RCM Star Rankings shown here are provided for informational purposes only. RCM does not guarantee the accuracy, timeliness or completeness of this information. The ranking methodology is proprietary and the results have not been audited or verified by an independent third party. Some CTAs may employ trading programs or strategies that are riskier than others. CTAs may manage customer accounts differently than their model results shown or make different trades in actual customer accounts versus their own accounts. Different CTAs are subject to different market conditions and risks that can significantly impact actual results. RCM and its affiliates receive compensation from some of the rated CTAs. Investors should perform their own due diligence before investing with any CTA. This ranking information should not be the sole basis for any investment decision.

See the full terms of use and risk disclaimer here.

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