MarketsWiki.tv

Debby Hallett of Arthur Bell CPAs on Performance Reporting for CTAs & Managed Accounts

MarketsWiki — Wed, 15 May 2013 11:48:58 +0000

Debby Hallett is director of performance analysis for Arthur Bell Certified Public Accountants, a firm specializing in audit, tax, accounting, and advisory services for the alternative investment sector. Hallett, a licensed CPA, focuses on CTA and fund manager reporting procedures. She spoke with John Lothian News Editor-at-Large Doug Ashburn about presenting performance when a managed account is a fund, the differences between fund performance and CTA program performance, performance record examinations, and why more CTAs are outsourcing performance reporting services to a third party provider.

Raj Mahajan, Allston Trading CEO, Talks HFT and the Business of Prop Trading

MarketsWiki — Wed, 17 Apr 2013 10:37:10 +0000

Raj Mahajan took the reins at Allston Trading as CEO in September 2012 and has spent a good deal of his time looking at the issue of high frequency trading (HFT). Allston has been one of the proprietary trading firms who has been willing to publicly discuss HFT, regulation and the future of that form of trading. Mahajan spoke with JLN’s editor-in-chief Jim Kharouf about HFT as well as the business challenges and opportunities for prop firms.

Raj Mahajan Resources

Raj Mahajan on MarketsWiki (link)
Allston Trading on MarketsWiki (link)
High Frequency Trading on MarketsWiki (link)
High Frequency Trading Regulation on MarketsReformWiki (link)
Raj Mahajan on LinkedIn (link)
Raj Mahajan on Twitter (link)

World Federation of Exchanges CEO Huseyin Erkan Shares His Perspective on the Global Economy

MarketsWiki — Wed, 10 Apr 2013 18:51:03 +0000

Huseyin Erkan is CEO of the World Federation of Exchanges (WFE) and was formerly Chairman and CEO of the Istanbul Stock Exchange (ISE) from 2007 to 2012. Before becoming CEO of WFE, he was a member of the WFE’s Board of Directors from 2008 to 2011.

Erkan spoke with JLN Editor-in-Chief Jim Kharouf about the WFE’s current restructuring process, what the end of regulatory reform means for exchanges, potential drivers for growth in 2013, and what impact the global economy will have on exchanges.

Huseyin Erkan Resources

Huseyin Erkan on MarketsWiki (link)
World Federation of Exchanges on MarketsWiki (link)
World Federation of Exchanges website (link)

NFA Chairman Chris Hehmeyer Talks Bankruptcy Reform

MarketsWiki — Mon, 01 Apr 2013 15:22:28 +0000

One of the issues that emerged from the MF Global collapse was the complex and often frustrating US bankruptcy process. In the case of MF Global, futures customers’ claims were lumped in with other creditors. As such, it took more than a year for customers with segregated accounts to get their money back through the bankruptcy trustee. Chris Hehmeyer, CEO of HTG Capital Partners and chairman of the National Futures Association (NFA), spoke with JLN editor-in-chief Jim Kharouf about the need for bankruptcy reform for the futures industry. It’s a tall order, he says, but Hehmeyer believes it is critical to the future of the industry.

Chris Hehmeyer Resources

Chris Hehmeyer on MarketsWiki (link)
CFTC Final Rule: Protection of Cleared Swaps Customer Contracts and Collateral; Conforming Amendments to the Commodity Broker Bankruptcy Provisions (link)
National Futures Association (NFA) on MarketsWiki (link)
HTG Capital Partners on MarketsWiki (link)

Chris Ferreri of ICAP on SEFs, IDBs and the Futurization of Swaps

MarketsWiki — Mon, 25 Mar 2013 15:08:24 +0000

Chris Ferreri is a managing director at ICAP North America, where he oversees ICAP ETC, the company’s hybrid brokered OTC solution. He was the first chairman of the Wholesale Markets Brokers’ Association Americas Inc. (WMBA Americas), and served again as chairman in 2012.

Ferreri spoke with John Lothian News Editor-at-Large Doug Ashburn at the Futures Industry Association Boca 2013 conference about the CFTC’s delay in finalizing rules on swap execution facilities (SEFs), the futurization of swaps, and the future of inter-dealer brokerage. Ferreri stresses the need for voice broking services alongside electronic order books, and reminds that the migration from voice to electronic platforms is not seamless among asset classes. He also requests regulatory consistency among modes of execution. Finally, Ferreri discusses the history of innovation among IDBs and suggests that, after a period of transition to the new regulatory regime, the industry will continue to innovate and evolve.

Chris Ferreri Resources

Chris Ferreri on MarketsWiki (link)
ICAP on MarketsWiki (link)
ICAP ETC website (link)
SEF regulation on MarketsReformWiki (link)
Inter-dealer brokers on MarketsWiki (link)
Wholesale Markets Brokers’ Association Americas Inc. on MarketsWiki (link)

Profiles: Neal Kottke

MarketsWiki — Tue, 19 Mar 2013 09:54:23 +0000

Neal Kottke, chairman of Kottke Associates in Chicago, is one of those industry veterans who has done it all in his career, from the commercial side to clearing, to starting his own clearing firm to proprietary trading. His contributions to the futures industry also included a term as chairman of the Board of Trade Clearing Corporation as well as two terms as vice chairman of the Chicago Board of Trade.

Kottke has seen more events and trends than most during a career that now spans four decades. In this John Lothian Profile, JLN explores Kottke’s experiences, how the markets have changed and evolved and how “discipline” is the key feature for successful trading. He also talks about how to manage volatility in the markets, managing risk and Black Swan events.

Neal Kottke Resources

Neal Kottke on MarketsWiki (link)
Kottke: A lifetime in grain markets – Futures Magazine — November 2010 (link)
Harvesting Knowledge – CME Group Magazine – May 2011 (link)
Kottke Associates website (link)

Jill Sommers Reflects on the CFTC, Dodd-Frank, and Her Future

MarketsWiki — Mon, 11 Mar 2013 10:51:04 +0000

Jill Sommers, Commissioner of the Commodity Futures Trading Commission (CFTC), is stepping down after the first quarter of this year. Sommers spoke with JLN editor-in-chief Jim Kharouf about the progress of Dodd-Frank, position limits, and what the future holds for the CFTC after her resignation.

Sommers discussed how the CFTC has changed over the last five years — including their increased budget and staff, moving from principles-based to rules-based rulemaking and their greatly increased public profile.

She also reflected on the Dodd-Frank rulemaking process, saying she wished the CFTC had defined swap-related terms first and delayed compliance with any rules until the rulemaking process was completed.

Sommers was sworn in as a CFTC commissioner on August 8, 2007 and served until April 13, 2009. President Barack Obama nominated her on July 20, 2009 to serve a five-year second term. Before becoming a CFTC commissioner, Sommers worked on several over-the-counter derivatives issues as policy director and head of government affairs for ISDA, as well as working closely with congressional staff drafting the Commodity Futures Modernization Act of 2000.

Jill Sommers Resources

Jill E. Sommers on MarketsWiki (link)
CFTC on MarketsReformWiki (link)
Dodd-Frank on MarketsReformWiki (link)
Swaps Definitions Regulation on MarketsReformWiki (link)
Swaps Regulation on MarketsReformWiki (link)

FIA Boca Preview: Walt Lukken on the 2013 Outlook for the Futures Industry (Part 1)

MarketsWiki — Thu, 07 Mar 2013 10:13:10 +0000

Walt Lukken has had his hands full since taking the top spot at the Futures Industry Association (FIA) in March 2012. With FIA Boca set to start on March 12, JLN editor-in-chief Jim Kharouf spoke with him about the industry over the past year, including the fallout and reaction to MF Global and Peregrine Financial Group, the outlook for brokers and why the president and CEO of the FIA believes 2013 will be better than 2012.

In advance of the FIA Boca 2013 conference next week, John Lothian News traveled to Washington D.C. this week to interview Walt Lukken, president and CEO of the Futures Industry Association, to get his comments on the state of the futures industry today and what is in store for the rest of the year.

This two-part interview focuses on the key issues facing exchanges and brokers, as well as a rundown on the Dodd-Frank regulatory process.

Watch Part 2 of the interview:

FIA Boca Preview: Walt Lukken on the Impact of Regulation on the Futures Industry (Part 2)

FIA Boca Resources

Event Page (link)
Program (link)
Registration (link)
Walt Lukken on MarketsWiki (link)
Futures Industry Association (FIA) on MarketsWiki (link)
MF Global on MarketsWiki (link)
PFGBest on MarketsWiki (link)

FIA Boca Preview: Walt Lukken on the Impact of Regulation on the Futures Industry (Part 2)

MarketsWiki — Thu, 07 Mar 2013 10:13:01 +0000

Walt Lukken knows regulation. As a former Commodity Futures Trading Commission (CFTC) acting chairman and commissioner, he has seen the Dodd-Frank rulemaking process first hand. Now, after completing his first 12 months as president and CEO of the FIA, he’s trying to ensure that all those regulations make sense and work for industry participants. With FIA Boca set to start on March 12, Lukken spoke with JLN editor-in-chief Jim Kharouf about where we are in the Dodd-Frank rulemaking process, costs associated with the new rules, and his thoughts on some of the most controversial moves by regulators and exchanges.

This two-part interview focuses on the key issues facing exchanges and brokers, as well as a rundown on the Dodd-Frank regulatory process.

Watch Part 1 of the interview:

FIA Boca Preview: Walt Lukken on the 2013 Outlook for the Futures Industry (Part 1)

FIA Boca Resources

Event Page (link)
Program (link)
Registration (link)
Walt Lukken on MarketsWiki (link)
Futures Industry Association (FIA) on MarketsWiki (link)
Dodd-Frank on MarketsReformWiki (link)

Confirmations: NFA and CME’s Financial Match.com

MarketsWiki — Mon, 04 Mar 2013 22:15:11 +0000

The fraud at Peregrine Financial Group was uncovered in July 2012 by the National Futures Association (NFA) which used an electronic bank account confirmation system. (See Confirmations: Plugging Into Electronic Confirmations)

In November 2012, the NFA and CME Group announced they would implement an electronic confirmation system for futures brokers. The system, operated by AlphaMetrix, provides a comprehensive check and match of what FCMs say they have in customer funds with what banks say they have.

Chris Hehmeyer, CEO of HTG Capital Partners and chairman of the NFA, says the new system will help regulators and customers assure such a fraud does not occur again.

Electronic Confirmation Resources

Chris Hehmeyer on MarketsWiki (link)
National Futures Association (NFA) on MarketsWiki (link)
Customer Protection Regulations on MarketsReformWiki (link)
NFA Proposed Rule on Protection of Customer Funds, August 2012 (link)
Study: Analysis of NFA Audits of Peregrine Financial Group, January 2013 (link)
CFTC Final Rule: Reporting, Recordkeeping, and Daily Trading Records
Requirements for Swap Dealers and Major Swap Participants (link)
Confirmation.com (link)
PFGBest’s Wasendorf Arrested – The Audit Confirmation that Caught Him (link)