Teacher and consultant to the futures industry since 1983
Teacher and consultant to the
futures industry since 1983
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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. |
WHAT
THE IB SHOULD HAVE READY As a Guaranteed Introducing Broker, you will have a good start on a smooth and cooperative audit if you will have the following information ready for the auditors. Nobody likes to go through an audit, and when it is performed by the regulatory body of the industry you work for, it can be very intimidating to say the least. You should understand that an uncooperative or adversarial stance in these situations accomplishes nothing. The regulators, ok.. let's say it.. the NFA, performs a very important function. Those of you who were around before the NFA forced the Series 3 exam on all of us will certainly remember the reputation that futures representatives had. Much of that reputation was of course deserved since any and all persons could be "sales reps" in this business. My own opinion is that the institution of the Series 3 did begin to clean up our industry. In fact, With the "self regulation" in futures, I believe we have for the most part offered an opportunity to more people to invest, and for more people to have genuine careers in this business. So when your turn comes, just have the following things ready, and be as cooperative as you can. You may be supprised to find that under the gruff exterior of the auditor there lies a pussycat? Good luck with your audit, and may you be successful in your business and with your customers. 1. CLEARING AGREEMENT WITH FCM
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