US IBs step up to the NFA – petitioning for an effective IB representative

US IBs finally had it enough with the NFA and they would like to pick a candidate that will step

US IBs finally had it enough with the NFA and they would like to pick a candidate that will step up to the NFA and fight for IBs rights. NFA in general simply ignores what forex brokers and forex IBs want or need and does whatever it sees fit.

Back in 2011 the IBs formed a US Introducing Brokers Coalition trying to fight some of NFA requirements – they lost. Forex brokers too tried to form such a lobby – the result is evident.

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We wish them more luck this time.

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It’s been a rough year for introducing brokers. Between the MF Global bankruptcy and fraud at PFGBest, investors have had their faith shaken in a system that had, for years, been considered beyond reproach. These events didn’t just unnerve investors, though. It also highlighted what many in the industry have known for years- the NFA needs a shakeup.

We don’t need to be audited by recent college grads who may or may not understand how to calculate a compounded rate of return. We don’t need to be subjected to promotional material reviews that have all the consistency of Russian Roulette. We don’t need the client facing members of the industry to be represented by large firms focused on institutional business and unmotivated to improve the efficiency and efficacy of the organization. We don’t need to be led by people who missed fraud being perpetrated by PFGBest for twenty full years.

What we need is someone who not only knows the business, but isn’t afraid of a fight when necessary. Jeff Malec is that fighter.

But before we can take the fight to their doorstep, we need to get Jeff on the ballot. To have his name added, we need 50 firms registered as Introducing Brokers to send us an email requesting his inclusion. To show your support, all we need is for you to sign your name to the cause. If you’re using a mail client like Outlook, simply click here for an email petition to be populated for you.

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