FIA EVENTS » 3/11 - 3/14 FIA 34th Annual International Futures Industry Conference - Boca 2009 » 6/9 - 6/10 IDX: International Derivatives Expo DIVISION EVENTS » 1/14 Tech Wednesday: Exchange Technology Leaders » 1/22 - 1/24 FSD & Chicago Division Planning Session » 4/7 OpTech 2009 » 5/13 - 5/15 L&C 2009 View FI Calendar FIA Responds to the Announcement of President-Elect Obama’s Choices for SEC and CFTC Chairmanships Washington, D.C.—Dec. 18, 2008—John Damgard, president of the Futures Industry Association, issued the following statement in response to President-elect Barack Obama’s announcement today that he will nominate Mary Schapiro to lead the Securities and Exchange Commission and Gary Gensler to lead the Commodity Futures Trading Commission.     In choosing Mary Schapiro and Gary Gensler to serve as the heads of the Securities and Exchange Commission and the Commodity Futures Trading Commission, respectively, President-elect Barack Obama has sent a strong message to the public and the world of finance that intelligent reform will be the order of the day.  The choice of Mary Schapiro, a tried and tested regulatory official with years of experience at the CFTC, the SEC and FINRA, will bring strong leadership to the SEC at a critical moment in its history.  And the choice of Gary Gensler, with his distinguished background in both public policy and the private sector, will reaffirm the stature of the CFTC and its importance to the U.S. economy.   When the U.S. economy is contracting at an alarming rate, when financial markets all over the world are suffering through extraordinary turmoil and serious questions are being raised about investor protection and market oversight, it is critically important to have strong leadership at these two agencies.  We are very encouraged by the fact that President-elect Obama is moving swiftly to fill these important positions, and we look forward to working with both officials once they are confirmed.   Today’s announcement provides further confirmation that the President-elect is assembling a team of officials with an outstanding combination of experience, expertise and seasoned judgment, and we anticipate that the incoming administration will move quickly to restore confidence in the financial system. FIA Testifies on Credit Derivatives Clearing Washington, D.C.—Dec. 8, 2008—FIA President John Damgard discussed several issues related to the clearing of credit derivatives in testimony today before the U.S. House Agriculture Committee. Damgard made three main points in his written testimony. First, the interests of clearing firms must be recognized in the proper structure of any successful CDS clearing operation. Second, government agencies should not make CDS clearing a “jurisdictional football.” Third, merging the Commodity Futures Trading Commission and the Securities and Exchange Commission will not answer the financial market regulatory concerns raised by Congress in recent months. Download PDF version of Damgard testimony Hearing schedule and list of witnesses http://agriculture.house.gov/hearings/schedule.html FOX Business TV interview with FIA President John Damgard   FIA Submits Comment Letter on JAC Operating Agreement Washington, – Nov. 13, 2008 – The Futures Industry Association has submitted a comment letter to the Commodity Futures Trading Commission on the Joint Audit Committee Operating Agreement that would change the system for auditing futures commission merchants for compliance with industry regulations. This system, an important component of self-regulation, determines which exchange has the responsibility for conducting audits as an FCM’s “designated self regulatory organization” or DSRO. The proposal was submitted by the Joint Audit Committee, a voluntary organization comprised of representatives of the financial surveillance staff of designated contract markets and the National Futures Association that coordinates the monitoring and examination of their member firms. The JAC proposal, if approved by the CFTC, would replace the current operating agreement, which has been in effect since 1984.  The Futures Industry Association’s letter calls for the CFTC to reevaluate the mission of the JAC and the methodologies set forth in the Operating Agreement for fulfilling that mission in light of the current structure of the futures industry. Download PDF Version of the letter FIA Joins Coalition Urging President-Elect Obama to Continue China Dialogue The FIA has joined with a coalition of U.S. financial services trade associations in urging President-Elect Barack Obama to continue the framework of regular communication with senior Chinese officials that has been established by the Bush administration. In a letter sent to Obama on Nov. 6, 2008, the coalition asked him to show his support for the continuation of this policy by sending a senior advisor to participate with Treasury Secretary Paulson at the fifth round of the Strategic Economic Dialogue on Dec. 4-5 in Beijing. The letter was sent by the Engage China coalition, which includes in addition to the FIA the American Bankers Association, American Council of Life Insurers, American Insurance Association, Bankers Association for Foreign Trade, Council of Insurance Agents and Brokers, Financial Services Forum, Financial Services Roundtable, Investment Company Institute and Securities Industry and Financial Markets Association. To view the PDF  version of the letter to President-Elect Obama click here eClips Everyday by 9AM EST   Monday, January 05 Credit Default Swamp  180  SEC Must 'Defend Its Existence' After Madoff Lapses  92  Chicago Fed Chief Cites Weakness in Regulatory System  83  One Fund in 1700 Made Money in '08  64  Cox's reign seen denting own image, SEC's future  47  AIG's new swaps expanded Wall St. risk  46  Hedge Funds Meet Their Match  35  Banks reportedly face action over Italy bond scandal  34  Pellegrini to Leave Paulson & Co. to Start Own Fund  28  Renaissance Waives Fees on Fund That Gave Up 12%  22  The 'Alternatives' Route Was Tough Going in 2008  21  Futures trade helps India comexes' surpass $1-trillion turnover  18    Friday, January 02 SEC, CFTC Agree on Joint Fed Committee  193  Success of managed futures is a mixed bag  133  CME swaps to get SEC OK 'soon'  123  Ripple effects of last year will rock 2009  69  Madoff complying with assets disclosure deadline  63  VIX Declines Below 40 as ‘Sheer Panic’ on Wall Street Recedes  57  Citi executives and Rubin forgo bonuses  48    Wednesday, December 31 CDS Central Clearing Platforms Approved by Regulators  166  Did those people at AIG not understand anything about financial risk?  151  The Lessons to Be Learned From the Madoff Scandal  108  Market goes go cuckoo for cocoa  93  Stew Leonard’s Sues Dairy Farmers, Claims Price Fix  89  Money flows out of hedge funds at record rate  84  Merrill Vice Chairman Edwards Leaving Firm in January  79  Lehman Vet Preps $100M Market Neutral Hedge Fund  78  New SEC Rule on Reserves May Benefit Oil, Natural-Gas Producers  73  SEC Chief Accountant to Leave  71  SEC to Congress: Don't Suspend Mark-to-Market Accounting  68  Read More E-clips » E-clips users: Please note that these news stories are drawn from independent sources. 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