Futures Industry Association

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Futures Industry Association
Image:FIA_logo.gif
Founded 1955
Headquarters Washington D.C.
Products Advocacy association for futures (and options) industry, reports, publications, conferences
Web site www.futuresindustry.org

The Futures Industry Association is a U.S.-based industry advocacy and education organization, providing a range of products and support for members in domestic regulatory affairs and, increasingly, for the global futures and options industry.

The FIA's regular members are futures commission merchants, while derivatives exchanges, individuals and other affiliated organizations are classed as associate members. Regular members are account for more than 80 percent of customer business transacted on U.S. futures exchanges.[1]

The FIA Law & Compliance Division monitors legal and regulatory developments affecting the futures and derivatives industry.

In April 2008, the FIA became a Contributor-level sponsor of the MarketsWiki project.

Contents

History

The FIA was founded in New York in 1955 as the Association of Commodity Exchange Firms to provide a discussion forum and means for improving the operating efficiency of the US futures industry, as well as an educational and informational interface with the public. The association expanded in 1973 to include Chicago-based FCMs and changed its name to the Futures Industry Association in 1978, relocating to Washington D.C.[2]

While continuing to focus on domestic issues, such as Commodities Futures Trading Commission reauthorization and industry consolidation - including a high-profile stance in the merger of the Chicago Mercantile Exchange and the Chicago Board of Trade[3], the FIA has expanded its global reach, creating FIA Asia in 2006 and increasing co-operation with the European-focused Futures and Options Association[4] The FIA's Futures Hall of Fame, stablished in 2005, annually recognizes those who have made a mark on the industry.

The FIA also offers educational books and courses, ethics and anti-money training, and historical and static industry data through its affiliated nonprofit foundation, the Institute for Financial Markets or IFM.

Leadership

Board of Directors

The Futures Industry Association in March of 2010 announced the election of board directors at its annual meeting in Boca Raton, Fla. Following the election, the new board elected the association’s officers and public directors. All directors will serve two-year terms unless otherwise noted.[5]

The following individual was elected as a public director by the new board:

Seven directors were elected for two-year terms in the regular member category:

Five directors were elected for two-year terms in the associate member category:

One director was elected to fill the remainder of a two-year term expiring in 2011 in the regular member category:

One director was elected to fill the remainder of a two-year term expiring in 2011 in the associate member category:

  • Andy Milnes, head of supply and trading, Global Oil Americas, BP Corporation North America, Inc.

The new board re-appointed Richard Berliand, global head of prime services and chairman, Futures and Options, J.P. Morgan; Gary DeWaal, senior managing director and global general counsel, Newedge Group; John G. Gaine, special advisor to the Managed Funds Association; and Steve Sparke, chairman of the Futures and Options Association, as special advisors. In addition, the board re-appointed Peter F. Borish, as chairman of the Institute for Financial Markets, the non-profit educational and training affiliate of the FIA.

The FIA’s board of directors holds elections each year at the annual meeting in March, with terms staggered so that approximately half of the directors are elected each year. In addition to John Damgard, president of the Futures Industry Association, who serves on the board ex officio, the continuing board directors are:


Industry Advocacy

The FIA serves as a liaison between the industry and Congress, the CFTC and other regulators whose activities affect the derivatives markets. FIA staff monitors legislative and regulatory developments, attends CFTC meetings and Congressional hearings, testifies before Congress and regulators and writes comment letters on proposed rules and other issues that impact the industry.

In March of 2008, the FIA published a white paper, "Market Participant’s Perspective: Status of Transaction (Clearing and Exchange) Fees on a Global Basis,"[6][7] prepared for the FIA by Mark Connelly of RSM McGladrey.

In August of 2009, the FIA submitted a response to the CFTC about a proposed rule making with respect to the Commission's determination to collect certain data through a new Ownership and Control Report (OCR).[8]

In September of 2009, John Damgard spoke to the House Committee of Agriculture on the proposed regulations in the OTC markets [9] and the FIA submitted their responses to the possible harmonization of the Securities Exchange Commission and the Commodity Futures Trading Commission. [10] The FIA also submitted to the Commodity Futures Trading Commission there perspective on the treatment of cleared only derivatives. [11]

Data and Publications

Futures Industry Magazine is published six times a year by the FIA for brokerage firm management, futures professionals, active corporate, institutional and individual traders, members of Congress and their staffs, regulatory officials, and domestic and international press.[12]

The FIA collects and compiles daily trading volume and open interest data on all domestic and international futures, options on futures and stock indexes, interest rate and currency contracts traded on U.S. securities exchanges. Reports on volume and open interest are made available to FIA members and other industry participants.

In addition to monthly statistics, the volume report includes comparisons with previous year and year-to-date figures. The information is compiled both by exchange and by commodity group, highlighting significant changes. Each January, FIA creates a year-end report which provides information by commodity group for five years and graphically provides more than 20 years of data.

Industry Events

The FIA hosts a number of annual and single-session events and conferences in cities around the world. Events can have a broad industry focus, for example, the annual Futures & Options Expo showcases risk management products, trading tools, books and exchange and technology products as presented by more than 100 US. and international companies. The Expo also offers a variety of sessions that allow participants to discuss industry trends, hear experts' views on key issues, improve trading skills and learn about new products, systems and practices. The programs include sessions for business, operations and technology professionals, and traders. More than 4,000 people from more than 30 countries attend Expo in a typical year ranging from senior staff at brokerage firms and exchanges to professional traders, floor traders, CTAs and CPOs, and individual investors. The first Expo, in a trial run, was held on the CME trading floor in the 1980s.

FIA events can also be much more in-depth and specific, such as the annual Law & Compliance Division Workshop, which hosts compliance officers, attorneys and regulators to consider issues affecting the legal and regulatory framework of the derivatives industry.

Membership

The FIA's membership[13] includes nearly 250 corporate members. Regular members are Futures Commission Merchants. Associate members include U.S. and international exchanges and clearinghouses, banks, legal and accounting firms, Introducing Brokers, Commodity Trading Advisors, Commodity Pool Operators and other market users, and information and service providers headquartered in the US and abroad.

Regular members[13] are futures commission merchants.

Associate members[13] are U.S. and international exchanges and clearinghouses, banks, legal and accounting firms, introducing brokers, commodity trading advisors, commodity pool operators and other market users, and information and service providers headquartered in the U.S. and abroad.

References

  1. ↑ "FIA website. FIA. Retrieved on November 4, 2007.
  2. ↑ Futures industry in USA and the role Chicago plays- Jerry Cedicci-RObin Trehan. PRLog. Retrieved on December 12, 2008.
  3. ↑ Press Release. FIA. Retrieved on January 3, 2008.
  4. ↑ Press Release. FOA. Retrieved on January 3, 2008.
  5. ↑ Press Release. mondovisione. Retrieved on March 12, 2010.
  6. ↑ Market Participant’s Perspective: Status of Transaction (Clearing and Exchange) Fees on a Global Basis. Futures Industry Association. Retrieved on March 19, 2008.
  7. ↑ Market Participant’s Perspective: Status of Transaction (Clearing and Exchange) Fees on a Global Basis, with Appendix. Futures Industry Association. Retrieved on March 19, 2008.
  8. ↑ Account Ownership and Report. Futures Industry Association. Retrieved on October 6, 2009.
  9. ↑ Testimony of John M. Damgard. Futures Industry Association. Retrieved on October 6, 2009.
  10. ↑ Submission for the Record on Harmonization File Number 4-588. Futures Industry Association. Retrieved on October 6, 2009.
  11. ↑ Seperate Account Class for Cleared Only Derivatives. Futures Industry Association. Retrieved on October 6, 2009.
  12. ↑ Home page. Futures Industry Magazine. Retrieved on November 5, 2007.
  13. ↑ 13.0 13.1 13.2 FIA Member Firms. Futures Industry Association. Retrieved on October 15, 2007.

External links

Retrieved from "http://www.marketswiki.com/mwiki/Futures_Industry_Association"
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