•  
• Tweet
•  
•        Print
•  
•         Track Keywords
•  
• 

Bailey McCann, Opalesque New York:

The Chicago-based National Futures Association, a self-regulatory body of the futures industry, finds itself in hot water over allegations of impropriety surrounding management's nominations for its public representatives.

The NFA board is meant to be a group of representatives from the futures industry that provides rulemaking and other supervisory guidance to the industry. There is also a group of public representatives that are meant to be independent. Nominees for this group have typically been selected by NFA management and voted on by the membership. However, the nominations are completed during an opaque executive committee meeting process and now, one member of the board is calling out management for its actions.

The fight started in January of last year, when nominees were initially being decided. At that time, board member James Koutoulas alleges that the slate that emerged after the meeting wasn’t announced at the meeting but was instead solidified over email after the fact – a violation of NFA bylaws. Koutoulas filed a complaint with the CFTC alleging that the NFA falsified meeting documents. The CFTC supervises the NFA and is reportedly investigating the complaint. The NFA disagrees with this version of events.

NFA Chairman Christopher Hehmeyer issued a statement to the membership on December 30, after Koutoulas allegations ......................

To view our full article Click here