Teacher and consultant to the futures industry since 1983
Teacher and consultant to the futures industry since 1983
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Steve's Words..
Items you need to improve and protect your FCM or IB... 1. Very important and useful forms and letters for different applications for the FCM and the Introducing Broker. Visit our "forms" page.
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NON-GUARANTEED IB PROCEDURESAs you read this, ask yourself if it is time that you have Investment Reference discuss this further with you and assist you with all these requirements... As your register to become an Independent Introducing Broker (IIB), you will be required to submit to the NFA all the procedures that you plan to us during your operation. Some of these procedures are quite simple to create and then again, others can be very difficult. You will not be approved as a member or registered with the CFTC until these procedures have been accepted by the NFA. Recently this process has taken from ten to twelve months. We do our best to reduce that time and have been able, in some cases, to cut that time in half. In one case we were able to assist the IIB in being registered in as little as three months. You will first have to submit your financial data on the Focus Report (1-FR). This in itself can be very involved and calls for a full, CPA certified, financial audit of your corporation or LLC. If you use your own CPA, even if he is a genius, if he does not know how to work with the NFA, you are in for a real headache. We can assist you with the proper accountant also. Then if you have legal questions, we also have an attorney that we work with to assist you there too. Remember, Investment Reference can always assist you because of our network of the most competent professionals in the business. Then, once the NFA has accepted your financial documents, they will begin telling you what procedures that you must submit to them for their approval. That in itself is a delay. If ALL the requirements would have been explained to you up-front, you could have been working on them concurrently. Well, that is what we do. We coordinate the whole process so as to get all the requirements in line at the same time. If you don't feel that your time is worth more than to waste it on re-inventing the wheel, we wish you luck, but if your time is money and you could put it to better use by implementing your business plan instead of writing, amending, and re-amending these procedures, then you should give us a call. As with all our services, they are superior in product and, as always, lower in price than any of our competition. Along with any of our services, you always get that extra assistance that is our hallmark and that will help you remain in compliance. Get in touch with us by email.
THERE IS RISK OF LOSS IN TRADING
FUTURES... LOTS OF IT!!
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