Difference between revisions of "Futures Industry Association"

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Futures Industry Association
Founded	1955
Headquarters	Washington D.C.
Products	Advocacy association for futures (and options) industry, reports, publications, conferences
Key People	Michael Yarian, Walt Lukken
Twitter	@FuturesIndustry
LinkedIn	Profile
Web site	www.futuresindustry.org

Futures Commission Merchant Regulation

FIA Comment Letters

Position Limits

High Frequency Trading Regulation

The Futures Industry Association (FIA) 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 also has an arm in Asia called FIA Asia.

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 impacting the futures and derivatives industry.

In June of 2011, the FIA announced the formation of the FIA European Principal Traders Association, a forum established for firms that trade their own capital to identify and discuss issues confronting their trading community. The group was expected to work to define common positions on public policy issues, improve the public’s understanding of the constructive role played by principal trading groups in the exchange-traded markets and promote cost-effective, equal and transparent access to European markets.^[2]

In June of 2013, the FIA announced an agreement in principle with the Futures and Options Association to form an affiliation of the two organizations under a new structure called FIA Global. This new structure is intended to enable the two associations to strengthen their influence on cross-border issues, increase coordination between regions, and express the views of FOA and FIA members. Both organizations will continue to operate with their own leadership and staff, separate boards of directors, and distinct membership.^[3]

On August 27, 2015, the boards of FIA, FIA Europe and FIA Asia announced that they had agreed to formally merge the three associations in the first quarter of 2016.^[4]

The FIA has been a Contributor-level sponsor of MarketsWiki since 2008.

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 U.S. 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.^[5]

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^[6], the FIA has expanded its global reach, creating FIA Asia in 2006 and increasing co-operation with the European-focused Futures and Options Association^[7] 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

• Walt Lukken President and CEO
• John M. Damgard, Senior Advisor to the Board
• Barbara Wierzynski, EVP & General Counsel
• Mary Ann Burns, EVP, Industry Relations
• Will Acworth, Senior Vice President, Communications
• Allison Lurton, Senior Vice President & Deputy General Counsel
• Guy Sheetz, Senior Vice President, Chief Financial Officer & Chief Administrative Officer
• Dawn Stump, Senior Vice President and Head of Government Affairs
• Adoncia Boykins, Director of Member Services
• Joanne Morrison, Director of Communications and Deputy Editor
• Marsha Saunders, Director, Conferences & Tradeshows

In January 2012, Walt Lukken was named as the president and CEO of the FIA.^[8][9][10]

Bill Herder is the executive director of FIA Asia. He was named to the position in February of 2012.

Board of Directors

The FIA in March of 2014 announced the election of board directors of FIA Global, 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. The board of FIA global comprises nine elected directors and the chairs of the three underlying organizations. In addition, the chief executive officer of FIA, the chief executive officer of FIA Europe, and the chief executive director of FIA Asia serves as non-voting director of FIA Global.^[11]

FIA Board:

Officers:

• Michael Yarian, Managing Director, Head of Agency Derivatives Services, Barclays, Chairman
• Gerald Corcoran, Chairman and Chief Executive Officer, R.J. O’Brien & Associates LLC, Vice Chairman
• Emily Portney, Global Head of Agency Clearing, Collateral Management and Execution, J.P. Morgan Securities LLC, Secretary
• Malcolm Clark Hutchison, Managing Director, Head of North American Listed Derivatives, Deutsche Bank Securities Inc., Treasurer.

Public Directors:

• Michael R. Schaefer, Public Director
• Alice P. White, Public Director

Regular Member Board Members:

• Antoine Babule, Chief Executive Officer, Newedge USA, LLC, and Head of Newedge Americas
• Patrice Blanc, President, Futures Brokerage Division, Jefferies & Company, Inc. and Chief Executive Officer, Jefferies Bache LLC
• Gerald Corcoran, Chairman and Chief Executive Officer, R.J. O’Brien & Associates LLC
• Michael Dawley, Managing Director, Global Co-Head of Futures and Derivatives Clearing Services, Goldman, Sachs & Co.
• Malcolm Clark Hutchison, Managing Director, Head of North American Listed Derivatives, Deutsche Bank Securities Inc.
• Najib Lamhaouar, Global Head of Exchange-Traded Derivatives and OTC Clearing, HSBC Securities (USA) Inc.
• Edward Pla, Global Head of Clearing and Execution, UBS Investment Bank
• Michael Yarian, Managing Director, Head of Agency Derivatives Services, Barclays
• Craig Abruzzo, Managing Director, Morgan Stanley
• Jeffrey Howard, Global Head of Prime Services, RBS Securities Inc.

Associate Member Board Members:

• Robert Creamer, President, Geneva Trading
• Richard Gorelick, Chief Executive Officer, RGM Advisors LLC
• Arthur Hahn, Partner, Katten Muchin Rosenman LLP
• Kenneth Raisler, Partner, Sullivan & Cromwell LLP
• Clive Christison, Chief Executive Officer, Global Oil Americas, BP North America

Continuing Directors:

• George E. Crapple, Co-Chairman & Co-Chief Executive Officer, Millburn Ridgefield Corporation
• Maureen Downs, President, Rosenthal Collins Group LLC
• Thomas J. Erickson, Vice President, Director of Legal Affairs, Bunge Product Lines
• Christopher Hehmeyer, Managing Member, HTG Capital Partners LLC
• Jeffery Jennings, Managing Director, Global Head of Prime Derivatives Services, Credit Suisse Securities (USA) LLC
• Peter G. Johnson, Managing Director, Global Head of Futures, OTC Clearing and FX Prime Brokerage, Bank of America Merrill Lynch
• Jerome Kemp, Global Head of Exchange-Traded Derivatives Sales and Clearing, Citigroup Global Markets Limited
• Edward J. Rosen, Partner, Cleary Gottlieb Steen & Hamilton LLP
• Emily Portney, Global Head of Agency Clearing, Collateral Management and Execution, J.P. Morgan Securities LLC

The following individuals were elected as public directors to the FIA Global board by the new board:

• Craig Abruzzo, Managing Director, Morgan Stanley
• Michael Dawley, Managing Director, Global Co-Head of Futures and Derivatives Clearing Services, Goldman, Sachs & Co., Chairman
• David Escoffier,Chief Executive Officer, Newedge
• Jeffery Jennings, Managing Director, Global Head of Prime Derivatives Services, Credit Suisse Securities (USA) LLC
• Peter G. Johnson, Managing Director, Global Head of Futures, OTC Clearing and FX Prime Brokerage, Bank of America Merrill Lynch
• Jerome Kemp,Global Head of Exchange-Traded Derivatives Sales and Clearing, Citigroup Global Markets Limited
• Najib Lamhaouar,Global Head of Exchange-Traded Derivatives and OTC Clearing, HSBC Securities (USA) Inc
• Emily Portney,Global Head of Agency Clearing, Collateral Management and Execution, J.P. Morgan Securities LLC
• Ajay Singh, Global Head of Listed Derivatives, Deutsche Bank AG

The following individual will serve as the ex-officio directors of the FIA Global board:

• Michael Yarian, Managing Director, Head of Agency Derivatives Services, Barclays, and chairman, FIA
• Steve Sparke, Group Chief Operating Officer and Head of Financial Futures, Marex, and chairman, FIA Europe
• Jason Scott, Managing Director, Head of Listed Derivatives Asia, Deutsche Bank, and chairman, FIA Asia

The following individual will serve as ex-officio non-voting directors of FIA Global:

• Walt Lukken, chief executive officer, FIA
• Simon Puleston Jones, chief executive officer, FIA Europe
• Bill Herder, executive director, FIA Asia

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,"^[12][13] prepared for the FIA by Mark Connelly of SunGard.

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).^[14]

In September of 2009, John Damgard spoke to the House Committee of Agriculture on the proposed regulations in the OTC markets ^[15] and the FIA submitted their responses to the possible harmonization of the Securities Exchange Commission and the Commodity Futures Trading Commission. ^[16] The FIA also submitted to the Commodity Futures Trading Commission there perspective on the treatment of cleared only derivatives. ^[17]

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.^[18]

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^[19] 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^[19] are futures commission merchants.

Associate members^[19] 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. ↑ Press Release. FIA.
2. ↑ Press Release. FIA.
3. ↑ FIA press release. Futures Magazine.
4. ↑ FIA, FIA Europe and FIA Asia Announce Merger Plans. FIA.
5. ↑ Futures industry in USA and the role Chicago plays- Jerry Cedicci-Robin Trehan. PRLog.
6. ↑ Press Release. FIA.
7. ↑ Press Release. FOA.
8. ↑ FIA Announces Leadership Succession (PDF). FIA.
9. ↑ NYSE’s Lukken set to head futures association. Financial Times.
10. ↑ Walter Lukken front-runner for FIA top job. Financial Times.
11. ↑ FIA Global Elects Directors. FIA Global.
12. ↑ Market Participant’s Perspective: Status of Transaction (Clearing and Exchange) Fees on a Global Basis. Futures Industry Association.
13. ↑ Market Participant’s Perspective: Status of Transaction (Clearing and Exchange) Fees on a Global Basis, with Appendix. Futures Industry Association.
14. ↑ Account Ownership and Report. Futures Industry Association.
15. ↑ Testimony of John M. Damgard. Futures Industry Association.
16. ↑ Submission for the Record on Harmonization File Number 4-588. Futures Industry Association.
17. ↑ Seperate Account Class for Cleared Only Derivatives. Futures Industry Association.
18. ↑ Home page. Futures Industry Magazine.
19. ↑ ^{19.0 19.1 19.2} FIA Member Firms. Futures Industry Association.

External links

• Futures and Options Association