Teacher and consultant to the futures industry since 1983
Teacher and consultant to the
futures industry since 1983
Home Links Feedback Search IR Special / Awards
|
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. |
WHY
YOU SHOULD HAVE AN INDEPENDENT For the Futures Commission Merchant: With the NFA, CFTC and the Exchanges more strictly enforcing the annual Guaranteed Introducing Broker audit program, the work and expense for all FCMs has definitely increased. Auditing all GIBs with an "in-house" compliance officer does two things to cost you even more money. First, it takes your compliance person away from the home office where important compliance decisions are always waiting. Secondly, the cost of travel can be prohibitive because generally speaking your GIBs are scattered around the country and it is difficult to "batch" them together, meaning separate air fare and hotel costs for each office visited. It seems obvious from past actions of the BCCs that have required certain FCMs to have their audits performed by a third party, the NFA views an audit done by an "outside" auditor as having additional merit because of the lack of conflict of interest. All FCMs are looking for the best and most efficient auditors in local areas to help them cut the costs of expenses while continuing their adherence to the required annual GIB audits. With Investment Reference, this need not be a concern. You can have the same quality and consistency because at Investment Reference, we do field audits for several FCMs and we can usually "batch" your audits regionally with the others. This means audits performed by the same firm, and with a fixed cost. There is never a charge for expenses in connection with field audits when you use Investment Reference. Additionally, you are getting an auditor with at least 25 years experience in commodity trading, and 22 years experience in compliance consulting and GIB setup and management. With an Investment Reference audit you can rest assured the audit is complete, correct and reliable. Having performed GIB and Branch Office audits for several FCMs, Investment Reference has been complemented by the FCMs for the audits being thorough and forthright. One FCM even commented that in their recent CME audit, the auditors chose one of the Investment Reference audits as the way they would like to see all GIB audits completed and prepared. For the Independent Introducing Broker: As an Independent Introducing Broker, you too have to look forward to the regulators walking in for an audit. Since you are basically on your own, without the protection of the FCMs you clear through, you should consider an "outside" audit. You have your internal compliance person, but I am sure that you find ways to keep him or her busy. It can also give you additional piece of mind to know that your company, your livelihood, was audited by a firm trusted by several national FCMs. As with the FCM audits, there will never be fees for expenses in connection with a field audit. For the small audit fee, we do a very intense audit, and report to you in writing within a week. Our report will contain items that were not in compliance, and make suggestions as to how to correct them. We will also include other suggestions to help you with matters that may cause future problems. As always, confidentiality is foremost, so the audit report will be delivered only to the person ordering the audit. We also do all types of consulting, and will help you by interfacing with the NFA or CFTC for you. We will review your promotional material, and assist you in maintaining full compliance with the rules and regulations. Remember, when you place your trust in Investment Reference, it is well placed. We are committed to the best service at the most reasonable rates. We can handle most every problem and give you the proper solution. There is never a reason to call others. If we can't handle your request, or solve your problem, we will quickly assist you in finding someone who can. For any service you are in need of, we will give you the names of customers that have employed us in that capacity. Because of the satisfaction in the personalized service from Investment Reference, our customers frequently tell us that if someone requests a reference, they would be happy to speak with them. Get in touch with us by email.
|
